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Digital Financial Literacy Survey Questions

Correct answers are in bold. These questions are reflected in the Digital Financial Education report.

Financial Literacy

  • True or FALSE: I need to carry a balance on my card to increase my credit score.
     

  • True or FALSE: It does not matter how much of my credit line is used; as long as I pay the balance in full, my score will go up.
     

  • TRUE or False: My debt-to-income ratio is all my monthly debt payments divided by my gross monthly income.
     

  • You lend $25 to a friend one evening and he gives you $25 back the next day. How much interest has he paid on this loan? (Source: OECD)
    A. $0
    b. $5
    c. $25
    d. Not sure
     

  • Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow? (Source: OECD)
    a. Less than $110
    b. Exactly $110
    C. MORE THAN $110
    d. Not sure
     

  • Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account? (Source: OECD)
    a. More than today
    b. Exactly the same as today
    C. LESS THAN TODAY
    d. Not sure

Digital banking

  • TRUE or False: The personal data that I share publicly online may be used to target me with personalized offers. (Source: OECD, modified)
     

  • True or FALSE: It is safe to share passwords with close friends. (Source: OECD, modified)
     

  • TRUE or False: It is unsafe to share personal information (e.g. financial info, housing info) online, even if my social accounts are private. (Source: OECD, modified)
     

  • True or FALSE: If I am making a transaction online, it safe to assume the website is secure. (Source: OECD, modified)
     

  • Where might someone encounter a phishing scam? (Source: Pew Research Center)
    a. In an email
    b. On social media
    c. In a text message
    d. On a website
    E. ALL OF THE ABOVE
    f. None of the above
    g. Not sure
     

  • Some websites and online services use a security process known as two-step or two-factor authentication. Which of the following images is an example of two-factor authentication? (Source: Pew Research Center)

Examples of non-two-factor authentications and a two-factor authentication

Answer: A

Financial Education Delivery

What personal financial management concepts or tips have you learned within the last 12 months?

  • Budgeting and making payments

  • Saving for the future

  • Managing debt and applying for loans

  • Applying for and monitoring credit

  • Other

You mentioned you have recently learned personal financial management concepts or tips. Which of the following have you used within the last 12 months to learn personal financial management concepts or tips?

  • Books

  • In-person instructor-led classes (e.g. in-person workshop, conference, class)

  • Virtual instructor-led classes (e.g. online webinars, online class)

  • Financial product comparison / review sites (e.g. The Points Guy, NerdWallet, Wirecutter)

  • Articles from news media (e.g. New York Times, Wall Street Journal, Bloomberg, Vox)

  • Social media (e.g. Facebook, TikTok, X/Twitter, etc.)

  • Online videos (e.g. YouTube)

  • Self-paced online course (e.g. Khan Academy)

  • Family or friends

  • Financial advisor

  • My bank’s website or mobile app

  • My bank’s branch / in-person services

  • A university/college course

  • Government-sponsored education (e.g. classes at a public library)

  • My employer

  • Military-provided education

  • Generative Artificial Intelligence (AI) tool (e.g. ChatGPT)

  • Podcasts

  • Credit monitoring tool (e.g. CreditKarma)

  • Online search engine (e.g. Google)

  • Other

You mentioned you have recently learned personal financial management concepts or tips. Which of the following best describe your motivation(s) for choosing to learn about these concepts recently?

  • I regularly try to learn new personal financial management concepts or tips

  • I was researching new financial products (e.g. credit card, savings/checking account, car loan, mortgage, etc.)

  • I recently experienced a major life change (e.g. lost my job, graduated from school, had a child, etc.)

  • I wanted to improve my credit score

  • I did not seek out new personal financial management concepts or tips but engaged with the content when I saw it (e.g on social media)

  • Other

 

Think about your knowledge of personal financial management. What are you interested in learning more about in order to better manage your personal finances?

  • Creating/sticking to a budget/spending plan

  • Setting aside money for an emergency savings

  • How credit scores are calculated and how to improve them

  • Techniques for paying off debt

  • Understanding options for investing my money

  • Tax savings strategies (e.g. understanding deductions/credits)

  • Tracking expenses

  • Understanding what financial products (e.g. credit cards, savings/checking accounts) are right for me

  • Understanding cryptocurrency (e.g. Bitcoin, Ethereum)

  • Peer-to-peer money payments (e.g. Venmo, Zelle, CashApp)

  • Using digital payment systems (e.g. PayPal, Apple Pay, etc.) to pay for purchases

  • Learning how to navigate digital banking (e.g. using website/mobile app to manage my finances)

  • How to increase my income or ask for a raise

  • Other

Think about your knowledge of personal financial management. What are you interested in learning more about in order to better manage your personal finances?

  • Creating/sticking to a budget/spending plan

  • Setting aside money for an emergency savings

  • How credit scores are calculated and how to improve them

  • Techniques for paying off debt

  • Understanding options for investing my money

  • Tax savings strategies (e.g. understanding deductions/credits)

  • Tracking expenses

  • Understanding what financial products (e.g. credit cards, savings/checking accounts) are right for me

  • Understanding cryptocurrency (e.g. Bitcoin, Ethereum)

  • Peer-to-peer money payments (e.g. Venmo, Zelle, CashApp)

  • Using digital payment systems (e.g. PayPal, Apple Pay, etc.) to pay for purchases

  • Learning how to navigate digital banking (e.g. using website/mobile app to manage my finances)

  • How to increase my income or ask for a raise

  • Other

You mentioned you have learned some personal financial management concepts or tips through social media. When did you last use each of the following social media platforms to learn personal financial management concepts or tips (e.g. budgeting, saving, paying bills, understanding and monitoring your credit score, managing debt)?

Note: Respondents selected “I have never used this”, “In the past week”, “In the past month”, “In the past six months”, or “In the past year” for the following options:

  • Instagram

  • TikTok

  • X (formerly twitter)

  • Facebook

  • LinkedIn

  • Reddit

You mentioned you have learned some personal financial management concepts or tips through TikTok in the last year. Please rate your level of agreement with the following statement: “I trust the financial concepts or tips I have learned on TikTok”

  • Strongly Disagree

  • Disagree

  • Neither Agree nor Disagree

  • Agree

  • Strongly Agree

You mentioned you have learned some personal financial management concepts or tips through your bank’s website or mobile app in the last year. Please rate your level of agreement with the following statement: “I trust the financial concepts or tips I have learned from my bank’s website or mobile app”

  • Strongly Disagree

  • Disagree

  • Neither Agree nor Disagree

  • Agree

  • Strongly Agree

Please rate your level of agreement with the following statement: “Content found on the internet is always correct”

  • Strongly Disagree

  • Disagree

  • Neither Agree nor Disagree

  • Agree

  • Strongly Agree