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Financial Lives 2020 Survey: Questionnaire

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Financial Lives 2020 survey Questionnaire Contents Contents 2 Explanatory notes 4 Base and population descriptions table 6 1. Demographics 16 2. Attitudes 25 3. Product Ownership 39 3.1 Retail Banking 39 3.2 Retail Investments 54 3.3 Mortgages 71 3.4 Consumer Credit 79 3.5 General Insurance & Protection 109 3.6 Pension Accumulation and Decumulation 127 3.7 Cross-selling plus screener questions 153 3.8 AT18 & ESG 161 4. Assets and Debts 164 5. Advice – Incidence 177 6. Retail Banking 204 7. Mortgages 236 8. Consumer Credit 2 269 9. High Cost Credit 277 10. Consumer Credit 1 293 11. General Insurance and Protection 303 12. Pension Accumulation 326 13. Risk and Return 350 14. Pension Decumulation (decumulated since pension freedoms – last 4 years) 358 15. Advice and Guidance 393 15.1 A2d-o 393 15.2 Advice 1 394 15.3 Advice 2 408 15.4 Adv_G1-4 (Advice 1 and Advice 2) 413 16. Financial Concepts – Numeracy 416 17. Thematic question sets 418 17. 1 Platforms 418 17. 2 Access 423 17. 3 Claims Management Companies (CMC1 and CMC2) 429 17. 4 Self-employed Banking (full-time or part-time) 436 17. 5 Potenital Fraud and Scams 444 17. 6 Unbanked 447 17. 7 Savings 449 17. 8 Awareness of the FCA 462 18. Closing Demographics 463 19. Open-ended question 482 Explanatory notes . This is the questionnaire used for the online version of the survey. A number of adjustments were required to make the online questionnaire suitable for in-home data collection. Please see the Technical report for some further detail. A ‘1 in N’ instruction means that some sections or sets of questions were asked only of a proportion of those who were eligible to answer them. This approach was used for questions or sections where the full eligible sample was not required to provide robust insight and to help manage interview length. These questions were asked of a random subset of eligible respondents, ie one in every N. Please see the Technical report for further detail. In some sections there is an instruction to ask a question, program a derived variable or show text that follows the this pattern: [ASK ALL IN <insert text> SECTION], [STATE TO ALL IN <insert text> SECTION], [CODE TO ALL IN <insert text> SECTION]. For detail about the intended respondents, please see the Base and population descriptions table below. On all multi-coded questions, ‘None of these’, ‘Don’t know’ and ‘Prefer not to say’ codes are single coded . Where answer codes are randomised, this randomisation always excludes the codes ‘Other’, ‘Don’t know’, ‘None of these’ and ‘Prefer not to say’ . Text in blue or tagged with <FCABlue> appears as explanatory text on the online survey screen . Text in red or tagged with <FCARed> appears as reminder text on the online survey screen . Text tagged with <FCAGrey> appears as instructional text. The instruction to “Select all that apply” and its variations always appears as grey text on the online survey screen. Other instances of instructional text (other than “Select all that apply”) have been tagged in the main text with <FCAGrey> . Text tagged with <b> </b> appears in bold on the online survey screen . Text in a PROGRAMMER INSTRUCTION regarding an info button or tagged with <inf> appears on the online survey screen by clicking on the i button . Derived Variables (DVs) included in the questionnaire are derived from combinations of questions and are commonly used for routing respondents through the survey . 8 versions of the online survey were used, albeit that each version contains just one or two small changes when compared to the original version (Q1) with which fieldwork commenced. These changes are marked showing the previous version number or showing when the new version was added, for example, [Up to Q4: change], [From Q4: changed], to show what was present before the change and after it in the questionnaire. Script version Summary Name in data Date and time live Batch 1 v1 Original version for Batch 1 QVersion = Q1 27/08/2019 Batch 1 v2 Typos corrected; affects QVersion = Q2 17/09/2019 14:50 PD57_3 and SE15 Batch 1 v3 OE1 routing corrected QVersion = Q3 20/09/2019 13:23 Batch 1 v4 Order of the three sections QVersion = Q4 01/10/2019 17:26 CC2-HCC-CC1 corrected and P_CC30a-g routing amended Batch 1 v5 PONEWX1, K33b, QVersion = Q5 22/10/2019 13:28 P_AC8check, P_AC8acheck, P_DEC2check, P_ESG2, B14, RB98c, RB98d revisions. Batch 1 v6 GI28 code 8 filter removed QVersion = Q6 24/10/2019 15:28 Batch 1 v7 Changed answer scale at QVersion = Q7 06/11/2019 10:52 RB110 to match the questionnaire Batch 3 v8 Amended routing at P_CC30a- QVersion = Q8 03/01/2020 11:52 g Base and population descriptions table . The table below, section by section, provides the population description for which results in a given section are reported, and eligibility criteria for each questionnaire section – based on the online survey. See more detail about how 1 in N and RSP rules work Section of the Population represented for reporting Respondents eligible for each section or discrete set of questionnaire purposes (short form in bold) questions: based on the online survey 1 and 18 All UK adults All respondents Demographics (opening and closing) 2 Attitudes All UK adults All respondents, except 1 in N for K33b & K33c; AT14 & AT15, and AT12 to AT12b For AT16 & B6b slightly different rules apply: • B6B is asked of 1 in N of all (100% are eligible) • AT16 is asked of the same 1 in N respondents as B6b, provided they are not retired (D10 NE 7) • Those answering AT16 are a subset of those answering B6B. This is true even though AT16 is asked first Section of the Population represented for reporting Respondents eligible for each section or discrete set of questionnaire purposes (short form in bold) questions: based on the online survey 3 Product All UK adults, except: All respondents, except: Ownership For PONEWX1 the population is ‘All • 1 in N for F12 & F13, and 3.8 AT18 & ESG UK adults with a current account’ • for PONEWX1_1 to PONEWX1_39 it is 1 in N of those with current account Additionally, for PONEWX1_1 and • P _CC30a-g was asked of all in the in-home PONEWX_2 see 17.7. survey. For most of Batch 1 respondents of the online survey, P_CC30a-g was asked of those who answered Yes (had ever used a credit report or checked their credit score: P_CC21=1- 3 OR P_CC21a=1-3) or 1 in N of everyone else. On 01 October 2019, the 1 in N rules changed such that P_CC30a-g was asked of 1 in N of all. The revised rule applied to some of Batch 1 and nearly all of Batch 2 online survey respondents. Finally, on 03 January 2020, just before Batch 3 of the online survey two 1 in N rules were devised to generate good sample sizes for those who answered Yes (had ever used a credit report or checked their credit score: P_CC21=1- 3 OR P_CC21a=1-3) or No (had never done so: P_CC21a=4-5). Note Section 3 is split into eight sub-sections: 3.1 Retail Banking (including F12 and F13) 3.2 Retail Investments 3.3 Mortgages 3.4 Consumer Credit (including P_CC30a-g) 3.5 General Insurance and Protection 3.6 Pension Accumulation and Decumulation 3.7 Cross-selling (PONEWX1_1-39) and screener questions (the screener questions for Access, Potential Fraud and Scams, and Claims Management Companies) 3.8 AT18 & ESG (no one can be asked both 3.8 AT18 & ESG, and 13 Risk and Return) 4 Assets and All UK adults All respondents Debts 5 Advice – All UK adults All respondents Incidence Section of the Population represented for reporting Respondents eligible for each section or discrete set of questionnaire purposes (short form in bold) questions: based on the online survey 6 Retail Banking All UK adults with a main day-to- Random selection (using an RSP) of all respondents with day account, i.e. an account used a main day-to-day account, ie RB2=1-5 for day-to-day payments and transactions, that is one of: a current account, savings account (with a bank, building society or NS&I), credit union savings account, e- money alternative account or Post Office card account 7 Mortgages All UK adults with a first charge Random selection (using an RSP) of all respondents with residential mortgage on the a first charge residential mortgage on the property in property in which they live currently which they live currently, ie P_M1_DV=1, or P_M4_DV=4, or (P_M1_1=99 AND P_M1_3=2) Note that if a respondent who indicated they hold a mortgage on the property in which they currently live does not know if they have a residential (first charge) mortgage – and either do not know if they have a lifetime mortgage or do not have a lifetime mortgage – we assume they have a first charge residential mortgage ((P_M1_DV=4) or (P_M1_1=99 AND P_M1_3=2)) Section of the Population represented for reporting Respondents eligible for each section or discrete set of questionnaire purposes (short form in bold) questions: based on the online survey 8 Consumer All UK adults using (FCA- Random selection (using an RSP) of all respondents Credit 2 regulated) credit, ie who have one who have one or more of following forms of FCA- or more of the following forms of regulated credit now or have had these in the last 12 credit or loan now or have had these months in their own or, where relevant, in joint names, ie in the last 12 months in their own or, Credit card (revolvers and transactors): P_CC3_1=1 or where relevant, in joint names: P_CC4_1=1 credit card (revolvers and transactors), store card (revolvers Store card (revolvers and transactors): P_CC3_2=1 or and transactors), catalogue credit P_CC4_2=1 (revolvers and transactors), Catalogue credit and shopping accounts (revolvers
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