A Survey Of High School SeniorsNationwide
for the
#8601
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Methodology
• N= 801 High School seniors across the country
• Interviews conducted February 4-11, 2001
• N= 401 males, 400 females
• White – 66%, African-American – 15%, Hispanic – 14%, Other – 4%
• Future plans: – College Bound 69%
– Vo-tech Bound 26%
– Employment Bound 5%
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Familiarity With
6%
55%
39%
0% 10% 20% 30% 40% 50% 60%
Very
Somewhat
Not at All
Impact on Your Life
20%
46%
33%
0% 10% 20% 30% 40% 50%
Strong
Moderate
Minor
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Access to Information/ Experience in Personal Financial Issues
35%
75%
87%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Employment Outsidethe Home
Financial Curriculumin School
Regular FamilyBusiness discusisonson Money Matters
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
What do you think is the number one problem facing the country today? That is, what is the problem that you are most concerned about?
R1
36%
5%
8%
9%
12%
15%
16%
0% 10% 20% 30% 40%
Crime/ Violence
Soft Social
Drugs
Economic
Education
Hard Social
Other
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Overall, how strong of an impact would you say that financial issues has on your life? What impact would you say that the national economy has on
your life?
Q2
33%
46%
20%
0%
10%
20%
30%
40%
50%
Very strong impact Moderate impact Minor impact
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
How often do your parents or guardians discuss family money matters with you or in front of you?
Q3
6%
21%
37% 35%
0%
10%
20%
30%
40%
Never Rarely Sometimes Often
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
How familiar would you say you are with the details and specifics of personal financial issues like savings, taxes, credit, loans, insurance, and
investing?
Q4
7%
32%
55%
6%0%
10%
20%
30%
40%
50%
60%
Extremelyfamiliar
Very familiar Somewhatfamiliar
Not at allfamiliar
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
What would you say has been your main source of information about the details and specifics about these
personal financial issues?
Q5
3%
3%
7%
13%
22%
45%
0% 10% 20% 30% 40% 50%
Parents & family
Classes
Personalexperiences
TV/ Radio
Internet
Newspapers
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which one of these areas of personal finances do you believe that you know the most about in
terms of understanding the details and specifics?
Q6
2%
4%
6%
8%
9%
33%
34%
0% 10% 20% 30% 40%
Budgeting
Savings accounts
Taxes
Investing
Credit cards
Loans
Insurance
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of these areas of personal finances do you believe that you know the least about in terms of
understanding the details and specifics?
Q7
3%
3%
8%
9%
15%
16%
45%
0% 10% 20% 30% 40% 50%
Investing
Taxes
Insurance
Loans
Credit cards
Budgeting
Savings accounts
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Personal Finance Characteristics
11%
13%
14%
32%
33%
36%
66%
77%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Savings account
Access to car asprimary driver
ATM/ Debit card
Checking account
Allowance
Stocks
Credit Card
Mutual funds
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Savings
8%
22%
48%
22%
0% 10% 20% 30% 40% 50%
Nothing
Less than $1,000
$1,000 to $5,000
Over $5,000
Monthly Expenditures
8%
4%
21%
67%
0% 10% 20% 30% 40% 50% 60% 70%
Mean
Under $200
$200 to $500
Over $500
Unsure
$191.68
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Results of Personal Finance Quiz
• Percentage of earnings that should be saved each month 6%• Vehicle which earns most money from savings 25%• Entity responsible for setting interest rates in US 30%• Financial service with the highest interest rate 34%• Financial service with the lowest interest rate 8% • Who is responsible for majority of funds for your retirement 46% • Least expensive way to purchase an automobile 66%• Impact of late/missed payment on your credit history 35%• Most cost effective type of credit card (based on interest rate
& Annual fee) 16%• Accurate description of “earned income” 78%• Accurate description of “passive income” 22%• Method of calculating your net worth 47%• Accurate description of “sales tax” 48%
Mean score (out of possible 13.00) 4.52
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Appendix
Personal Financial Issue Quiz
Questions And Results
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Do you receive a weekly or monthly allowance from your parents or a member of your immediate
family?
Q8
Sometimes5%
No68%
Yes27%
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Monthly allowance
Q9
68%
9% 13% 5% 6%0%
10%
20%
30%
40%
50%
60%
70%
80%
Noallowance
$50 to $100 Refused
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Are you required to pay your expenses and credit card bills, if you have them, out of your
allowance?
Q10
Sometimes9%
No49%
Yes42%
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Of the following, which would describe the bank account you have?
Q11
17%
49%
5%
28%
0%
10%
20%
30%
40%
50%
60%
Don't have one Savings but nochecking
Checking but nosavings
Both checkingand savings
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Do you have any money in a checking or savings account, CD’s, or savings bonds?
Q12
Unsure1%
No21%
Yes78%
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following categories fits the amount of money that you have in savings accounts, CDs,
or savings bonds?
Q13
5%
3%
5%
5%
9%
19%
18%
18%
18%
0% 10% 20%
Under $250
$250 to $500
$500 to 1,000
$1,001 to $2,500
$2,500 to $5,000
$5,000 to $10,000
Over $10K
Refused
Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Do you have an ATM card or debit card?
Q14
No64%
Yes36%
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Who is in charge of managing the account and keeping track of the cash balance for this ATM or
debit card?
Q15
82%
12% 6%0%
10%20%30%40%50%
60%70%80%90%
Self Parents Both
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following is true about your ownership of stocks and mutual funds?
Q16
71%
6% 8% 5% 6% 4%0%10%20%30%40%50%60%70%80%
No stocksor mutual
funds
Stocks inmy ownname
Stocks inparent'sname
Mutualfunds in
my name
Mutualfunds inparentsname
Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Aside from ATM, debit or check cards, do you have any credit cards of your own?
Q17
No87%
Yes13%
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
How do you handle the payment of the bills for this credit card?
Q18
58%
33%
7% 1%0%
10%
20%
30%
40%
50%
60%
Self Parents Both Other
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
How many dollars do you spend each month in both cash and credit card expenditures, if you
have credit cards?
Q19
67%
21%
4% 8%0%
10%
20%
30%
40%
50%
60%
70%
Under $200 $200 to $500 Over $500 Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of these views comes closest to the view that your parents have had about you working
during high school?
Q20
63%
27%
4% 5%0%
10%
20%
30%
40%
50%
60%
70%
Encouragehaving a job
Discouragehaving a job
Both Neither
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Of the following, which best describes your employment history?
Q21
Occasional working student
21%
Non-working student
13%
Regular working student
66%
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
What percentage of the money you make do experts believe you should save each month?
Q22
11% 8% 4% 8% 4%
66%
0%
10%
20%
30%
40%
50%
60%
70%
1-10% 11-20% 21-30% 31-50% 51% ormore
Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following methods will allow you to earn the most money from your savings?
Q23
38%
15%
25% 23%
0%
10%
20%
30%
40%
Savings account Money marketaccount
CD or Certificate ofDeposit
Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following individuals or organizations is most responsible for setting
interest rates?
Q24
3%
9%
30%
3%
13%
6%
36%
0%
10%
20%
30%
40%
POTUS Congress FederalReserve Board
NYSE US Treasurer Secretary ofCommerce
Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following financial services typically has the highest interest rate?
Q25
10%
34%
18%14%
24%
0%
10%
20%
30%
40%
Car loan Credit card Mortgage loan Home equityloan
Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following financial services typically has the lowest rate of interest?
Q26
17%21%
8%
19%
35%
0%
10%
20%
30%
40%
Car loan Credit card Mortgage loan Home equityloan
Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Who is responsible for providing the majority of funds that you will need for your retirement?
Q27
27%
46%
14%
3% 1%9%
0%
10%
20%
30%
40%
50%
Federalgovernment
You, yourself Employers Parents All equal Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following do you think is the least expensive way to obtain a car?
Q28
66%
12%16%
6%0%
10%
20%
30%
40%
50%
60%
70%
Pay cash Finance Lease Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
How much of a negative impact does missing a payment or being late in paying credit card bills
have on your credit rating and history?
Q29
35%40%
12%4% 8%
0%
10%
20%
30%
40%
50%
Extremelynegative
Somewhatnegative
Only slightnegative
No negativeimpact
Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following types of credit cards is the most cost-effective type of card to have with a
balance owed of $1,000?
Q30
24%28%
16%
32%
0%
10%
20%
30%
40%
13% interest andno annual fee
10% interest and$50 annual fee
7% interest and$200 annual fee
Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following is the most accurate description of “earned income?”
Q31
9%
78%
6% 7%0%
10%
20%30%
40%
50%60%
70%80%
Stocks,investments,
interest
Wages, salary,tips
Gifts Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following is the most accurate description of “passive income?”
Q32
22%
15%
41%
22%
0%
10%
20%
30%
40%
50%
Stocks,investments,
interest
Wages, salary,tips
Gifts Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Which of the following is the right way to calculate your net worth?
Q33
5%9%
7%
47%
31%
0%
10%
20%
30%
40%
50%
Annual salaryover life
expectancy
Total of all assets Annual salaryover life
expectancyminus money
you owe
Assests minusdebts
Unsure
February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.
Please listen as I read four different statements regarding sales taxes and tell me which one is
correct.
Q34
10%
12%
8%
48%
22%
0% 10% 20% 30% 40% 50%
Government deductssales tax from your
paycheck
Sales tax makesproducts more
expensive
Low income Americansare exempt frompaying sales tax
National sales tax wascut to 5%
Unsure
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