Money 101 Survey 2023 — Results
Here are the results from our Money 101 Survey 2023. Thank you to all who participated!
Which of the following do you own? (select all that apply)
- Checking Account (93%)
- Credit Card (90%)
- Debit Card (84%)
- Savings Account (79%)
- Other [please specify] (4%)
Out of the following choices, which is your preferred payment method?
- Credit card (69%)
- Debit card (24%)
- Cash (6%)
- Writing a check (1%)
Do you pay off your credit card in full every month?
- Yes (66%)
- No (11%)
- Sometimes (16%)
- I don’t have a credit card. (7%)
In the past six months, have you paid your credit card off in full every month?
- Yes (70%)
- No (23%)
- I don’t have a credit card. (7%)
What’s most important to you when choosing a credit card? (select all that apply)
- Cash back rewards (80%)
- Point rewards (44%)
- Travel rewards (29%)
- Store-specific rewards [i.e. Victoria’s Secret Angel Card, Target REDcard, etc.] (18%)
- I don’t have a credit card.(6%)
Have you ever opened a credit card just to get the sign-up bonus?
Have you changed your budget and saving habits due to inflation?
How do you save money? (select all that apply)
- Use a cash back website (81%)
- Credit card rewards (68%)
- Loyalty programs (67%)
- Budgeting (64%)
- Buying in bulk (48%)
- DIY [do-it-yourself] projects (41%)
- Other [please specify] (7%)
Are you currently in debt?
(if “yes”) What type of debt do you have to pay off? (select all that apply)
- Credit card bills (64%)
- Mortgage(s) (49%)
- Car loan(s) (40%)
- Student loan(s) (28%)
- Personal loan(s) (22%)
- Medical bills (22%)
- Tax bills (9%)
- Other [please specify] (2%)
What season does your spending increase the most (i.e. saving less)?
- Winter (49%)
- Summer (33%)
- Fall (12%)
- Spring (6%)
Do you change your budget depending on the season?
- Sometimes (39%)
- No (37%)
- Yes (24%)
In the past six months, have you taken a spending hiatus (i.e. major cut back on spending for at least two weeks)?
Do you feel like you’re financially prepared for retirement?
Do you have a side hustle or work overtime to make extra money?
- None of the above (59%)
- Yes, I have a side hustle. (25%)
- Yes, I work overtime. (8%)
- Yes, I do both. (8%)
Are you a parent?
(if “yes”) Do you give your children an allowance on a regular basis?
(if “yes”) How much do you give them?
- $1-$10 (27%)
- $11-$20 (26%)
- $21-$30 (20%)
- $51+ (17%)
- $41-$50 (8%)
- $31-$40 (2%)
(if “yes”) How often?
- Weekly (66%)
- Monthly (26%)
- Daily (6%)
- Annually (2%)
Have you ever been influenced to buy something you saw on social media?
Do you typically read product reviews before buying?
From whom/where did you learn about personal finance (i.e. loans, investments, interest rates, etc.)? (select all that apply)
- I taught myself (76%)
- My parent(s)/guardian (49%)
- A teacher [high school/college] (14%)
- My accountant (7%)
- Hired a personal finance expert (7%)
Do you have more or less savings than you did before the COVID-19 pandemic?
When you shop, do you buy generic brands to save money?
Have you cut back on any of the following expenses recently? (select all that apply)
- Dining out (63%)
- Buying new clothing (59%)
- Movies/concerts/sporting events (49%)
- Subscription services (46%)
- Travel/transportation (45%)
- Donations (29%)
- Other [please specify] (7%)
Have you canceled subscriptions after the free trial ended to save money?
Have you ever returned something you only wore once to save money?
Would you consider buying refurbished or used items (i.e. clothes, electronics, books, etc.) to save money?
Do you resell items you don’t use in order to make extra money?
Do you shop at thrift stores?
- Yes (39%)
- No (32%)
- Sometimes (29%)
Did you spend or save your first paycheck?
The survey polled a cross-section of 2,041 adults, aged 18 and over.
