NEW ENGLAND MARKET RESEARCH, INC. Table of Contents INTRODUCTION ................................................................................................................................................ 3 METHODOLOGY ............................................................................................................................................... 4 SURVEY RESULTS ............................................................................................................................................ 6 GENDER .....................................................................................................................................................................6 AGE ...........................................................................................................................................................................6 ETHNICITY .................................................................................................................................................................6 BIRTH COUNTRY ........................................................................................................................................................7 NATIVE LANGUAGE ....................................................................................................................................................8 MARITAL STATUS .......................................................................................................................................................8 EDUCATION................................................................................................................................................................9 EMPLOYMENT ............................................................................................................................................................9 HOW ARE PEOPLE PAID FOR WORK .............................................................................................................................9 INCOME ....................................................................................................................................................................10 PUBLIC BENEFITS .....................................................................................................................................................11 MULTIPLE BENEFITS ................................................................................................................................................16 YEARS IN COMMUNITY .............................................................................................................................................17 NUMBER IN HOUSEHOLD ..........................................................................................................................................18 NUMBER IN HOUSEHOLD UNDER 18..........................................................................................................................18 GENERATIONS IN HOUSEHOLD .................................................................................................................................18 LEGAL STATUS .........................................................................................................................................................19 HOMEOWNERSHIP ....................................................................................................................................................19 LENGTH OF HOMEOWNERSHIP ..................................................................................................................................19 BEHIND ON MORTGAGE ............................................................................................................................................19 METHOD OF RENT PAYMENT ....................................................................................................................................20 EITC ........................................................................................................................................................................20 RAPID REFUND/TAX ANTICIPATION LOAN .................................................................................................................21 AVAILABILITY OF FINANCIAL SERVICES ...................................................................................................................23 CHECKING ACCOUNTS ..............................................................................................................................................26 REASONS FOR NOT HAVING A CHECKING ACCOUNT..................................................................................................30 CREDIT CARDS .........................................................................................................................................................31 AMOUNT OF CREDIT CARD DEBT ..............................................................................................................................31 MEDICAL DEBT ........................................................................................................................................................32 CHECK CASHER ........................................................................................................................................................34 MONEY ORDERS .......................................................................................................................................................35 WIRE TRANSFER .......................................................................................................................................................37 PAWN SHOP ..............................................................................................................................................................38 RENT TO OWN ..........................................................................................................................................................40 INSTALLMENT/LAYAWAY PLAN................................................................................................................................42 CREDIT CARD CASH ADVANCE .................................................................................................................................43 BOUNCE CHECKS/OVERDRAW ACCOUNT ..................................................................................................................44 FAST CASH/SHORT TERM LOAN ................................................................................................................................46 WHERE DO THEY GET THE LOAN?.............................................................................................................................46
Office of Financial Empowerment Financial Services Survey
1
NEW ENGLAND MARKET RESEARCH, INC. BANKRUPTCY...........................................................................................................................................................49 DEBT MANAGEMENT PLAN .......................................................................................................................................49 CHECK CREDIT REPORT ............................................................................................................................................51 UNEXPECTED EMERGENCY.......................................................................................................................................52 FINANCIAL DISTRESS................................................................................................................................................53 LOTTERY..................................................................................................................................................................56 HAS ASSETS .............................................................................................................................................................58 HAS DEBT.................................................................................................................................................................59 HAS BOTH ................................................................................................................................................................61 HAS NEITHER ...........................................................................................................................................................62 HAS ASSETS/NO DEBT...............................................................................................................................................63 HAS DEBT/NO ASSETS ...............................................................................................................................................64 AUTOMATIC DEDUCTIONS ........................................................................................................................................65 SAVINGS ACCOUNTS AND BALANCES .......................................................................................................................66 OTHER WAYS TO SAVE .............................................................................................................................................71 WHAT ARE YOU SAVING FOR? ..................................................................................................................................71 WHO TAUGHT YOU THE MOST ABOUT MONEY? ........................................................................................................72 FINANCIAL ADVICE ..................................................................................................................................................73 TRUE FALSE QUESTIONS ..........................................................................................................................................73 FINANCIAL EDUCATION ............................................................................................................................................75 TOPICS COVERED .....................................................................................................................................................76 WHERE THEY HEARD ABOUT THE CLASS ..................................................................................................................77 LEVELS OF TRUST.....................................................................................................................................................79 OBSTACLES TO FINANCIAL SUCCESS ......................................................................................................................116 SPECIAL SECTION ........................................................................................................................................ 134 DOES NOT HAVE CHECKING ACCOUNT .................................................................................................................134 NOT COMFORTABLE WITH BANKS .........................................................................................................................140 COURT ORDERED CHILD SUPPORT PAYMENTS ........................................................................................................140 ENDNOTES ..................................................................................................................................................... 143
Office of Financial Empowerment Financial Services Survey
2
NEW ENGLAND MARKET RESEARCH, INC. Office of Financial Empowerment Financial Services Report Introduction From August 15 to September 10, 2007, New England Market Research, Inc. conducted surveys in two areas of New York City: Jamaica, Queens and Melrose, Bronx. Exhibit One and Exhibit Two at the end of the report show the map and zip codes of the areas where the surveys were conducted. Two community groups were used to conduct the surveys: in Melrose, Phipps Community Development Corporation and, in Jamaica, Neighborhood Housing Services of Jamaica. We received 651 completed surveys. Eleven (11) of these were out of the zip code area of interest and were not used. The table below provides the community and zip code breakdown of the completed surveys used in this report.
zip code
Jamaica
#
%
Melrose
#
%
11412
19
6%
10451
55
17%
11423
44
14%
10455
161
49%
11432
24
8%
10456
75
23%
11433
78
25%
10459
40
12%
11434
70
23%
11435
38
12%
11436
36
125
total
309
The purpose of the survey was to gather the following data from community residents:
331
Jamaica: Zip Code Distribution 11436 12%
11412 6% 11423 14%
demographic: 11435 age, income, 12% ethnicity, 11432 8% education, legal status, 11434 employment, 11433 23% marital status, 25% dependents, homeownership, years in neighborhood, receipt of social services attitudes and perceptions regarding provision of mainstream and fringe financial services available attitudes and perceptions regarding personal (respondent) financial situation
Office of Financial Empowerment Financial Services Survey
3
NEW ENGLAND MARKET RESEARCH, INC.
perceived obstacles to financial success frequency of mainstream and fringe institutional use financial asset/debt inventory savings behavior financial education use/interest levels of trust of community institutions.
Methodology Zip code distribution was determined by approximating geographic distribution of the zip code area within each community. Surveys were administered by Melrose: Zip Code Distribution individuals residing in the 10451 10459 surveyed areas. These 16% 12% individuals were paid for each completed survey. Prior to survey administration, we 10456 conducted a three-hour 23% training on the site of the two community groups selected to 10455 49% oversee the survey administration, Phipps Community Development Corporation (Melrose) and Neighborhood Housing Services of Jamaica (Jamaica). The scripts that the surveyors used are attached as Exhibit Three and Exhibit Four. Survey methodologies were distributed at the training. This is included as Exhibit Five. In Melrose, approximately 6 surveyors were used and in Jamaica, 5 surveyors were used. Surveyors were responsible for assuring that respondents completed all questions and for assisting individuals with any interpretation needed in the survey instruments. A Spanish language version of the survey was used in Melrose. Individuals who administered these surveys were fluent in Spanish. Spanish survey distribution is shown in the table below. Spanish surveys zip code
Melrose
#
% of all surveys in zip code
10451 10455 10456 10459
11 54 13 2
20% 34% 17% 5%
Office of Financial Empowerment Financial Services Survey
4
NEW ENGLAND MARKET RESEARCH, INC. Quality control followed this path: at the end of each day during the surveying period (August 15-September 10), surveys were collected Ethnicity: Jamaica Asian/Pac. by the community other Native Islander 10% organization team American 4% leader, who was 1% Hispanic/Latin responsible for local Caucasian o 4% 19% quality control, i.e., making sure that the surveys were completed. Every few days, a representative African from the Office of American 62% Financial Empowerment (OFE) would pick up the completed surveys. These surveys were scanned and the originals were shipped to New England Market Research, Inc., where they were examined for completeness and for adherence to the zip code distribution. Ethnicity: Melrose Communications went Asian/Pac. back to the surveyors Islander Hispanic/Latino 1% from NEMR to OFE to 57% the team leader to the other 1% surveyors. As an incentive to get respondents to fill out a survey, a $10 MetroCard was offered to all individuals who completed a survey.
Native American 2%
Caucasian 3%
African American 36%
Exhibit Six and Exhibit Seven are the English and Spanish versions of the survey instrument. Exhibit Eight is the English version, annotated with summary measures of central tendency for both communities (mean, standard deviation, median). Exhibit Nine and Exhibit Ten are the annotated surveys for each community. A raw data set has been provided to OFE in an Excel format (data.xls). The data set includes the variable names and coding and can be used as a data dictionary for additional research. Analysis was performed using Stata, and a working dataset is available from NEMR with OFE approval.
Office of Financial Empowerment Financial Services Survey
5
NEW ENGLAND MARKET RESEARCH, INC. Note on significance If a result is stated that involves a comparison, e.g., men are 2 years older than women in Melrose, the statement can be assumed to be significant at the p < 0.10 level unless otherwise noted. Generally the tests we conducted are t tests, analysis of variance and chi-squared. If a distribution is not normal, we either will account for that in the test or we will normalize the distribution through transformation prior to testing. Format of report1 The report is written in a manner that is cumulative. In other words, we start with the demographic variables, analyze the question in isolation and, with the addition of each question, make relevant comparisons. Survey Results In this section, we go through the survey data, beginning with demographic information about the respondent base. Gender Gender breakdown is as follows: gender
Jamaica
Melrose
male female
39% 61%
46% 54%
The gender breakdown between the two communities is significant2. This is likely a result of the survey administration, i.e., more women filled out the survey in Jamaica, rather than absolute community gender differences. Age age mean std, dev. median
Jamaica
Melrose
41.6 14.8 40
36.6 12.3 35
In Jamaica, the average age of the respondent is 42. In Melrose, the average age is 37. The difference is significant3. In Jamaica, male respondents are 6 years older than female respondents, 44 vs. 38 years old4. In Melrose, the gender/age difference is not significant. Ethnicity The two pie charts show the ethnic breakdown of the respondent groups, by community. The differences are significant5. Exhibit Eleven provides the other text response.
Office of Financial Empowerment Financial Services Survey
6
NEW ENGLAND MARKET RESEARCH, INC. Melrose: ethnicity
age
Asian/Pacific Islander Hispanic/Latino African American Caucasian Native American other
31.5 37.9 33.6 42.2 41.0 36.8
In Melrose, the age differences among the ethnic groups is significant, with Native Americans and Caucasians generally reporting as older, and Asian/Pacific Islander and African American reporting as younger6. There is no gender difference among the ethnic groups. Birth country The table below provides the complete breakdown of country of birth for each community. The Jamaica response needs to be taken with a grain of salt, in that (we believe) surveyors asked “where were you born?” rather than “what country were you born in?” in surveyor administered surveys, and respondents born in Jamaica, Queens who answered “Jamaica” were counted as having been born in Jamaica, West Indies. birth country US Jamaica Guyana Trinidad Puerto Rico Haiti Columbia Dominican Republic Ecuador Panama China Germany Honduras West Indies Aruba Barbados England Ghana Mexico Nicaragua Nigeria Spain Sri Lanka Bangladesh
Jamaica 204 25 11 8 7 6 4 4 4 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1
Melrose US Puerto Rico Dominican Republic Jamaica Mexico Honduras Columbia Ecuador Haiti Peru Mali Canada Cuba France Gambia Ghana Guatemala Ivory Coast Pakistan Spain Togo Trinidad
205 52 28 6 4 3 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1
Office of Financial Empowerment Financial Services Survey
7
NEW ENGLAND MARKET RESEARCH, INC. Native language Respondents were asked what language they were most comfortable speaking. The table below provides responses by community. native language
Jamaica
Melrose
260 26 4 4 1 1 1 1
200 99 5
English Spanish Spanish & English Creole French Creole Chinese Jamaican my own Ewe French Creole French/English Hindi Hispanic Lati
1 3 1 1 1 1
Marital status The chart and tables show the marital status breakdown between the two communities. There is a difference between the 2 communities, with more single and Marital Status partnered individuals in Melrose and 50% more divorced and widowed in 40% Jamaica7. 30%
marital status married single partner, unmarried separated divorced widowed
Jamaica
Melrose
20%
24% 44% 8% 7% 10% 6%
25% 47% 13% 6% 5% 4%
10%
Jamaica
0%
Office of Financial Empowerment Financial Services Survey
Melrose
8
NEW ENGLAND MARKET RESEARCH, INC. Education The chart shows the education status breakdown between the two communities. There is a difference between the 2 communities, with Jamaica respondents generally having an overall higher level of education than Melrose respondents8. education elementary some high school h.s. degree trade school associates bachelors masters doctorate
Jamaica
Melrose
3% 14% 36% 7% 17% 16% 5% 1%
7% 21% 38% 10% 14% 7% 3% 0%
Education 40% 30%
20% 10%
Jamaica
0%
Melrose
Employment In both communities 50% of respondents are working full time. In Melrose, the unemployed percentage is 14%, while in Jamaica it is 8%. The table shows the employment breakdown by community. The difference in employment status is significant between the communities9. employment Jamaica Melrose in Jamaica, the average age of an unemployed full time 50% 50% respondent is 32. In Melrose, it is 4410. part time 19% 17% there is no difference in unemployment levels based on ethnicity unemployed 8% 14% in Jamaica, there is a difference on the retired 13% 6% likelihood of being unemployed as a function other 3% 2% of years in the community. Unemployed volunteer 1% 1% individuals have lived in the community an self employed, f.t 3% 2% average of 24 years, compared to 18 for those self employed, p.t. 1% 2% not unemployed11 f.t parent/caregiver 0.3% 2% in Melrose, women report being unemployed at student 2% 4% more than twice the rate of men12. How are people paid for work Respondents were given 5 choices including other and asked to choose one. 3% chose more than one response and we do not include this data in the analysis below. The chart shows the breakdown of responses for the entire sample. Exhibit Twelve provides the other text responses.
Office of Financial Empowerment Financial Services Survey
9
NEW ENGLAND MARKET RESEARCH, INC.
women get paid using direct deposit at a 50% higher level than men, 33% vs. 22%13 47% of men are paid by check compared to only Payment for Work 40% of women14 50% 21% of men are paid by cash compared to only 40% 14% of women15 38% of unauthorized 30% residents and 26% of temporary permanent 20% residents are paid by cash.16. 10%
Income 0% The chart shows the income breakdown by communities. Jamaica respondents have a significantly higher income on average.17.
cash
check
direct deposit payroll card
other
in both communities, men report a higher income level than women18 in Melrose there is an income difference based Income on ethnicity, with 30% Asian/Pacific Islanders 25% and African Americans 20% being the higher income 15% groups and Native 10% Americans and 5% Hispanic/Latino being 0% the lower income groups19 in both communities, homeowners are the highest income group20 income and education are also linked, with higher incomes associated with higher education in both communities21 as is marital status, with married being the highest income level in Jamaica and divorced and married in Melrose22.
The income variable is used in this report in several ways. One specific way requires explanation. The scaled survey responses are coded 0 for $0-$10,000, 1 for $10,001 for $20,000, etc. Matching the coding number to the variables in this way allows us to say, for instance, that if an average income response is 1.87, we can approximate income by transforming the 1.87 to $18,700. While not strictly accurate, it is accurate enough to warrant using this method for discussing income, provided the reader is aware of its limitations. If income is listed as
Office of Financial Empowerment Financial Services Survey
10
Jamaica Melrose
NEW ENGLAND MARKET RESEARCH, INC. significant in the test, then it is significant, though the resulting display is less than accurate and is an approximation of the significance results. Public benefits A list of public benefits was provided and respondents were asked whether they received the benefit or not. The chart and table shows the percentages by benefit. public benefits Public Assistance WIC Food Stamps Medicaid/Child or Family Health Plus Medicare Disability (SSI/SSD) Social Security Transitional Benefits (child care, transportation)
There are several ways to look at this information. First, we look at benefits by community by demographic characteristic.
Jamaica
Melrose
10% 8% 22% 30% 20% 10% 20% 3%
28% 21% 42% 45% 17% 9% 9% 7%
Public Benefits Transitional Benefits (child … Social Security
Jamaica Disability (SSI/SSD) Public Assistance Medicare receipt of Public Medicaid/Child or Family … Assistance is tied to Food Stamps income. The lower the income the higher the WIC incidence of receiving Public Assistance Public Assistance. This is 0% 10% 20% 30% 40% 50% shown in the 23 accompanying chart renters are 4 times more likely to receive Public Assistance than homeowners24. Jamaica: Income by Public Assistance
WIC
those receiving WIC are 34.9 years old on average compared to 42.1 for those not receiving WIC25 those receiving WIC have lived in the community 11.1 years on average compared to 19.0 years for those not receiving WIC26
25% 20% 15% 10% 5% 0%
Office of Financial Empowerment Financial Services Survey
11
Melrose Jamaica
NEW ENGLAND MARKET RESEARCH, INC.
WIC recipients have more members in their household, 4.5 compared to 3.4 for those not receiving WIC27 there are more children (under 18) living in these households, 1.7 compared to 1.0 for households not receiving WIC28 receipt of WIC and employment are related, with full and part time workers reporting a higher incidence of receiving WIC than those unemployed29 renters are 5 times more likely to receive WIC than homeowners30.
Food Stamps renters are 3 times more likely to receive Food Stamps than homeowners31 receipt of Food Stamps is related to marital status, with separated and widowed showing the highest incidence of Food Stamp receipt32 receipt of Food Stamps generally inversely follows education levels. The higher the education, the lower the probability of Food Stamp receipt33 the above is also true for income and receipt of Food Stamps34 unemployed individuals are twice as likely to be receiving Food Stamps as those not unemployed35. Medicaid/Child or Family Health Plus individuals receiving this benefit are on average 38.1 years of age, compared to 42.9 years old for those not receiving this benefit36 individuals receiving Medicaid/Child or Family Health Plus have been living in the community on average 13.7 years compared to 20.2 years for those not receiving this benefit37 they have more children living at home, 1.5 compared to 0.9 for those not receiving the benefit38 they are twice as likely to rent39 and twice as likely to be unemployed40 receipt of this benefit is inversely related to education and income levels, meaning the higher the education41 and the higher the income42, the less likely an individual is to be receiving this benefit. Medicare individuals receiving Medicare are on average 50.6 years of age, compared to 39.7 years old for those not receiving this benefit43 they have been living in the community 23.9 years compared to 17.3 years for those not receiving Medicare44 widowed and separated have the highest incidence of receiving this benefit and divorced the lowest45 retired and other are the employment groups that have the highest incidence of receiving Medicare46 as income goes up, the incidence of receiving Medicare goes down47. Disability benefits (SSI/SSD) individuals receiving disability benefits are on average 53.6 years of age, compared to 40.5 years old for those not receiving this benefit48
Office of Financial Empowerment Financial Services Survey
12
NEW ENGLAND MARKET RESEARCH, INC.
they have been living in the community 25.1 years compared to 17.9 years for those not receiving disability benefits49 there are fewer people living in these households, 3.0 compared to 3.650 volunteer and retired are the employment groups that have the highest incidence of receiving disability benefits51. receipt of this benefit is inversely related to education and income levels, meaning the higher the education52 and the higher the income53, the less likely an individual is to be receiving this benefit.
Social Security individuals receiving Social Security are on average 56.2 years of age, compared to 38.4 years old for those not receiving this benefit54 individuals receiving Social Security have been living in the community on average 27.4 years compared to 16.5 years for those not receiving this benefit55 they have fewer individuals in the household, 2.9 compared to 3.6 for hose not receiving Social Security56 and fewer children at home 0.7 compared to 1.2 for those not receiving the benefit57 they are 50% more likely to own their homes58 separated and widowed are the marital groups that have the highest incidence of receiving Social Security59 retired and volunteer are the employment groups that have the highest incidence of receiving Social Security60 generally, receipt of this benefit is inversely related to education61 and income62 levels. Transitional benefits Asian/Pacific Islanders have the highest incidence of receiving these benefits than all ethnic groups and African-Americans have the lowest incidence63. Melrose Public Assistance those receiving Public Assistance are 34.9 years old compared to 37.2 for those not receiving Public Assistance64 Melrose: Income by Public Assistance 34% of all females and 19 % of all 45% 40% males receive Public 35% Assistance 65 30% 25% these individuals 20% have been living in 15% 10% the community fewer 5% years on average, 0% 15.0 versus 17.9 years66 they have more children living at home compared to
Office of Financial Empowerment Financial Services Survey
13
NEW ENGLAND MARKET RESEARCH, INC.
individuals not receiving Public Assistance, 1.5 compare to 1.367 they are less likely to be renting68 and 5 times more likely to be unemployed69 receipt of Public Assistance is tied to income and education. The lower the income70 and the lower the education71, the higher the incidence of receiving Public Assistance.
WIC
those receiving WIC are 32.5 years old on average compared to 37.6 for those not receiving WIC72 they are 2.5 times as likely to be female73 those receiving WIC have lived in the community 14.0 years on average compared to 17.8 years for those not receiving WIC74 they have more members in their household, 4.2 compared to 3.3 for those not receiving WIC75 they have more generations of the family living in the household than those not receiving WIC, 2.0, compared to 1.776 there are more children (under 18) living in these households, 2.0 compared to 1.2 for households not receiving WIC77 WIC recipients are less likely to own a home78 receipt of WIC and employment are related, with unemployed, full time parents and self employed workers reporting a higher incidence of receiving WIC than other employment groups79 generally, the higher the education level, the lower the likelihood an individual is receiving WIC80.
Food Stamps women are twice as likely to receive Food Stamps than men81 individuals receiving Food Stamps have more children in their household, 1.5 compared to 1.2 for those not receiving Food Stamps82 they are less likely to own a home83 receipt of Food Stamps is related to marital status, with widowed and separated showing the highest incidence of Food Stamp receipt84 receipt of Food Stamps generally inversely follows education levels. The higher the education, the lower the probability of Food Stamp receipt85 the same is true for income and receipt of Food Stamps86 unemployed individuals are five times as likely to be receiving Food Stamps as those not unemployed87. Medicaid/Child or Family Health Plus 49% of all women are receiving this benefit and 36% of all men88 individuals receiving this benefit are on average 34.6 years of age, compared to 38.1 years old for those not receiving this benefit89 individuals receiving Medicaid/Child or Family Health Plus have been living in the community on average 13.7 years compared to 19.7 years for those not receiving this benefit90 they have more children living at home, 1.6 compared to 1.2 for those not receiving the benefit91
Office of Financial Empowerment Financial Services Survey
14
NEW ENGLAND MARKET RESEARCH, INC.
individuals receiving Medicaid/Child or Family Health Plus are twice as likely to report being unemployed than individuals not receiving this benefit92 receipt of this benefit is inversely related to education93 and income94 levels.
Medicare individuals receiving Medicare are on average 42.5 years of age, compared to 35.5 years old for those not receiving this benefit95 they have fewer people in the household, 3.2 compared to 3.6 for those not receiving the benefit96 they report fewer generations living in the household compared to those not receiving Medicare, 1.5 vs. 1.897 they also have fewer children living in the household, 1.0 compared to 1.4 for those not receiving Medicare98 retired has the highest incidence of all employment groups of receiving this benefit99. Disability benefits (SSI/SSD) women are almost three times as likely to be receiving this benefit than men100 individuals receiving disability benefits are on average 50.2 years of age, compared to 35.3 years old for those not receiving this benefit101 they have been living in the community 23.7 years compared to 16.4 years for those not receiving disability benefits102 there are fewer people living in these households, 3.0 compared to 3.6103 none of the individuals receiving this benefit are homeowners104 and they are more likely to rent than live with family/friends or in temporary housing105 widowed is the marital group that has the highest incidence of receiving disability benefits106. retired and full time parent/caregiver are the employment groups that have the highest incidence of receiving disability benefits107 receipt of this benefit is inversely related to education108 and income levels109. Social Security individuals receiving Social Security are on average 50.2 years of age, compared to 35.3 years old for those not receiving this benefit110 individuals receiving Social Security have been living in the community on average 22.0 years compared to 16.6 years for those not receiving this benefit111 they have fewer generations living in the household, 1.4, compared to 1.8 for those not receiving the benefit112 they have fewer individuals in the household, 2.6 compared to 3.6 for hose not receiving Social Security113 and fewer children at home 0.7 compared to 1.4 for those not receiving the benefit114 retired and volunteer are the employment groups that have the highest incidence of receiving Social Security115 receipt of this benefit is inversely related to education level116.
Office of Financial Empowerment Financial Services Survey
15
NEW ENGLAND MARKET RESEARCH, INC. Transitional benefits individuals receiving transitional benefits are younger than those not receiving this benefit, 31.7 years old vs. 36.9 years old117 individuals receiving these benefits have been living in the community on average 13.1 years compared to 17.3 years for those not receiving this benefit118 they are less likely to be renting119 Melrose: Transitional Benefits by Education education levels and this benefit 100% show an interesting 80% pattern, as shown in 60% the accompanying 40% chart120. 20%
There are at least two other ways to look at benefits. First is to assess multiple benefits and the second is to look at correlation among the benefits.
0%
Multiple Benefits 60%
Multiple Benefits The chart shows the percent of each sub-sample receiving multiple benefits from the list given in the survey instrument. The table shows the statistics of interest for this variable. If > 0 indicates that the recipient is receiving1 benefit or more. multiple benefits 121
mean std. dev. median124
Jamaica 1.1 1.4 0
50% 40% 30% Jamaica
20%
Melrose
10% 0%
0
1
2
3
4
5
6
7
8
# benefits received
Melrose 1.7 1.7 1
Jamaica 122
if >0
2.2 1.2123 2
Melrose 2.7 1.4 3
Correlation and multiple benefits What are the benefits most related to each other? In other words if an individual receives x, are they likely to receive y, or z? The correlation table shows this. The greater the absolute value of the number in the table, the stronger the association between the two variables. Positive values indicate a positive association and negative a negative association.
Office of Financial Empowerment Financial Services Survey
16
NEW ENGLAND MARKET RESEARCH, INC.
WIC Food Stamps Medicaid Medicare disability Social Security transitional benefits
Public Assistance 0.37 0.54 0.36 0.01 0.09 0.04 0.24
WIC
Food Stamps
Medicaid
Medicare
disability
Social Security
0.38 0.31 0.01 0.01 0.01 0.28
0.45 0.17 0.23 0.09 0.16
0.12 0.11 0.02 0.12
0.22 0.48 0.04
0.24 0.06
0.15
So, for instance above we see that the strongest benefit associations are between Public Assistance and Food Stamps, Medicare and Social Security, and Medicaid/Child or Family Heath Plus and Food Stamps. Overlapping benefits Finally, looking at both areas, we again look at multiple benefits and present the following: of the 640 respondents 221, or 35% receive Medicaid/Child or Family Overlapping Benefits Heath Plus 40% of these 221, 131 or 59% receive Food Stamps 30% of these 131, 75 or 57% 20% receive Public Assistance 10% of these 75, 31 or 41% 0% receive WIC of these 31, 11 or 35% receive transitional benefits of these 11, 4 or 36% receive Social Security of these 4, 2 or 50% receive Medicare of these 2, 1 or 50% receive disability benefits. Years in community Jamaica - 18.5 years average, 15 years median Melrose - 17.1 years, 14 years median The median and average differences are not significant125.
Office of Financial Empowerment Financial Services Survey
17
NEW ENGLAND MARKET RESEARCH, INC.
years in community
80
60
40
20
0 Jamaica
Melrose area
Number in household Jamaica - 3.5 individuals average, 3 individuals median Melrose - 3.5 years, 3 # Generation in Household individuals median. Number in household under 18 in Jamaica, the average number of individuals under 18 in the household is 1.1 in Melrose this number is 1.3. The mean difference is significant126.
50% 40% 30% Jamaica 20%
Melrose
10%
Generations in household 0% in Jamaica, the average 1 2 3 4 5 number of generations living in the household if > 0 generations were reported is 1.9 in Melrose this number is 2.1. The mean difference is significant127.
Office of Financial Empowerment Financial Services Survey
6
7
10
18
NEW ENGLAND MARKET RESEARCH, INC. Legal status The chart shows the legal status of respondents in each community. There is no significant difference between the two communities in legal status percentages. Homeownership The chart shows the ownership breakdown by community. In Jamaica, 27% of respondents report owning a home. In Melrose, this number is 12%. The ownership patterns between the two communities are significant128.
Legal Status 80% 60%
40%
Jamaica Melrose
20% 0% born in US
temporary
Length of homeownership legal resident For respondents that own a home, the average length of ownership is 18.7 years in Jamaica and 11.3 years in Melrose. The median year of homeownership is 12 years in Jamaica and 10 years in Melrose. Both the mean and median differences are significant129.
the average age of a homeowner in Jamaica is 51 years, in Melrose, the average age of a homeowner is 38 years. The difference is significant.130.
perm. legal resident
unauthorized resident
Ownership 80% 60%
40% Jamaica 20%
Melrose
0% own home
rent
live in temporary housing
live with friend/family
Is there a relationship between the number of years living in the community and the likelihood of homeownership? Yes. In Jamaica, the probability of owning a home increases 4.5% for each year above the average of 18.7 years.131. In Melrose, the probability of owning a home increases 1.2% for each year above the average of 11.3 years.132. Behind on mortgage In an effort to gauge the foreclosure environment, we asked homeowners if they have ever been > 90 days behind on their mortgage.
Office of Financial Empowerment Financial Services Survey
19
NEW ENGLAND MARKET RESEARCH, INC.
in Jamaica, 14% of homeowners answered yes in Melrose 11% answered yes. The difference is not significant.
Method of rent payment Do landlords accept a personal check for rent?
in Jamaica, 56% of renters answered yes in Melrose 48% answered yes. The difference is significant133.
EITC Respondents were asked if they filed for the Earned Income Tax Credit in the last 3 years. There are no differences in the EITC percentages between the 2 communities. There are 60% demographic differences 50% as noted below.
received EITC
40%
a higher percentage of 30% Jamaica women answer yes Melrose 20% to the question134 EITC recipients 10% are 38.2 years of 0% age on average yes no unsure compared to 39.9 years of age for non-EITC recipients135 they have been living in the community fewer years, 16.5 compared to 19.1 for non-EITC recipients136 there are more people in the household, 3.7 compared to 3.4 for non-EITC recipients137 and more children in the household, 1.4 compared to 1.1138 there are more EITC & Income generations living in the 80% household, 1.8 60% compared to 1.6 for non40% EITC 20% recipients139 married is the 0% marital status group with the highest incidence if EITC receipt
Office of Financial Empowerment Financial Services Survey
20
NEW ENGLAND MARKET RESEARCH, INC.
(60%), widowed the lowest (18%)140 renters are 25% more likely to have responded yes to this question than non-renters141 Hispanic/Latinos are less likely to have received an EITC than-non-Hispanic/Latinos142, 33% vs. 38%143 EITC recipients are one-third less likely to be unemployed144 and 50% more likely to be employed full time145 those receiving an EITC are more likely to get a rapid refund loan or tax anticipation loan. 40% of all EITC recipients use this service compared to 15% for non-EITC recipients146 EITC recipients are more educated and the more education, the higher the likelihood of a respondent receiving an EITC147 generally, the higher the income, the higher the degree of likelihood a respondent has received an EITC148 those receiving an EITC are 6 times more likely to have had a checking account149 and 60% more likely to presently have a checking account150 receipt of an EITC is related to receipt of public benefits as shown in the table. The table can be read as follows: “37% of those receiving Public Assistance have received an EITC. 48% of those not receiving Public Assistance have received an EITC.”
public benefits Public Assistance151 WIC152 Medicaid/Child or Family Health Plus153 Medicare154 Social Security155 transitional benefits156
% getting EITC
% holdout
37% 54% 50% 37% 39% 72%
48% 45% 44% 48% 47% 45%
Rapid refund/tax anticipation loan There is no significant difference in the percentage of respondents answering yes to this question between the two communities. There are segment differences, as listed below.
individuals getting rapid refund loans are younger than those not getting loans, 37.8 years old versus 39.9 years old157 use of rapid refund loans is related to how an individual is paid for work as shown in the accompanying chart158 African Americans are more likely to use this service compared to non-
Rapid Refund/Tax Anticipation Loan 80% 70% 60% 50%
40%
Jamaica
30%
Melrose
20% 10% 0% yes
no
Office of Financial Empowerment Financial Services Survey
unsure
21
NEW ENGLAND MARKET RESEARCH, INC.
used service
received EITC
African Americans159 and Hispanic/Latinos are less likely to use this service160 unmarried/partner is the marital group Rapid Refund Loan by Method of Work Payment most likely to use 100% this service; divorced and 80% separated are the 60% least likely161 individuals who are 40% employed full time are 50% more 20% likely to use this service162 and 0% unemployed cash check direct payroll card other individuals are 50% deposit less likely to use the service163 individuals with high school or trade school degrees are more likely to use this service than other education groups164 individuals who have had a checking account are more than twice as likely to use this service than those not ever having a checking account165 individuals who presently have a Rapid Refund Loan & Income checking account are 40% more likely to use this service than those 30% presently not having a 20% checking account166 receipt of a rapid 10% refund loan is related 0% to income167 as shown in the chart receipt of a rapid refund loan is related to receipt of public benefits as shown in the table. The table can be read as follows: “18% of those receiving Public Assistance have received a rapid refund loan. 28% of those not receiving Public Assistance have received a rapid refund loan.” By holdout we mean those not belonging to the group of interest.
Office of Financial Empowerment Financial Services Survey
22
NEW ENGLAND MARKET RESEARCH, INC. public benefits Public Assistance Medicare169 Social Security170
% getting rapid refund
% holdout
18% 15% 11%
28% 28% 28%
168
Availability of financial services A primary purpose of the survey was to assess respondents’ perception of both traditional and non-traditional financial service availability. To that end, we asked about the availability of 5 services. A scale of 1 to 5 was provided, with 1 being not available at all and 5 being too many. We first show the table of all both communities average standard deviation median results, then by community. banks/credit union ATMs check cashing money order wire transfer/remittances
2.8 3.5 3.0 3.0 2.6
1.3 1.2 1.2 1.2 1.3
3 4 3 3 2
Melrose banks/credit union ATMs check cashing money order wire transfer/remittances
2.7 3.5 3.0 3.1 2.6
1.3 1.2 1.2 1.2 1.3
3 4 3 3 3
Jamaica banks/credit union ATMs check cashing money order wire transfer/remittances
2.8 3.4 3.0 3.0 2.7
1.3 1.3 1.3 1.3 1.3
3 4 3 3 2
availability not enough
too many
banks/credit union ATMs check cashing money order wire transfer/remittance
Office of Financial Empowerment Financial Services Survey
23
NEW ENGLAND MARKET RESEARCH, INC. Average combined scores show a difference, however, with Jamaica respondents moving towards not enough of the 5 services. combined
Jamaica
Melrose
mean171 std. dev. median
2.6 1.4 3.0
2.9 1.1 3.0
There are no significant differences between the communities on perception of availability using mean and median scores on the variables for comparison. Let’s look at differences based upon segmenting variables, rather than communities. Gender Compared to women, men believe that banks, credit unions and ATMS are less available. gender banks/credit union ATMs173
172
male
female
2.8 3.6
2.7 3.4
Age If we divide our sample into two age groups using median age of 37 as the middle point, e.g., group 1 < 37, group 2, >37 we see that younger respondents believe that banks, credit unions and wire transfers are less available than do older respondents and that ATMs are more available. age
37 yrs. 2.8 3.4 2.6
Education We break down the group into 3 segments: those with a high school or trade school degree (44%), those without a high school or trade school degree (25%) and those with an associate’s degree or better (31%) education banks/credit union ATMs178 combined179
177
high school
college
neither
2.8 3.5
2.9 3.6
2.5 3.2
2.9
2.9
2.5
We see that generally the higher the education level the more available banks, credit unions and ATMs are perceived to be.
Office of Financial Empowerment Financial Services Survey
24
NEW ENGLAND MARKET RESEARCH, INC. Income We break down the sample into two income groups, using the median as the dividing point. Group 1 contains respondents $30,000. income
$30,000
2.7 3.4
2.9 3.6
2.6
3.0
The higher income groups perceives banks, credit unions and ATMs to be more available, and in general perceives all 5 services to be more available than the lower income group. Other Banks/credit unions owners more than non-owners feel these institutions are more available183 unemployed individuals believe these institutions are less available than employed individuals184 individuals employed full time believe these institutions are more available than individuals not employed full time185 individuals who have had a checking account believe banks and credit unions are more available than those who have never had a checking account186 individuals who presently have a checking account believe banks and credit unions are more available than those who do not presently have a checking account.187. ATMs
generally, the more people in the household188 or the more children in the household189, the greater the perception of ATM availability individuals employed full time believe ATMs are more available than individuals not employed full time190 EITC recipients believe that ATMs are more available than non-EITC recipients191 rapid refund/tax anticipation loan recipients believe that ATMs are more available than non-loan recipients192 individuals who have had a checking account believe ATMs are more available than those who have never had a checking account193 individuals who presently have a checking account believe ATMs are more available than those who do not presently have a checking account194.
Check cashers owners more than non-owners feel these institutions are more available195 Hispanic/Latinos believe that these services are less available than nonHispanic/Latinos196 individuals employed full time believe these services are more available than individuals not employed full time197
Office of Financial Empowerment Financial Services Survey
25
NEW ENGLAND MARKET RESEARCH, INC.
individuals who have had a checking account believe check cashers are more available than those who have never had a checking account198 individuals who presently have a checking account believe check cashers are more available than those who do not presently have a checking account199.
Money orders African Americans believe that these services are more available than non-African Americans200 individuals employed full time believe money orders are more available than individuals not employed full time201. Wire transfers/remittances African Americans believe that these services are more available than non-African Americans202 individuals employed full time believe wire transfers/remittances are more available than individuals not employed full time203 individuals who have had a checking account believe wire transfers/remittances are more available than those who have never had a checking account204 individuals who presently have a checking account believe wire transfers/remittances are more available than those who presently do not have a checking account205. Checking accounts Ever having one Respondents were asked if they ever had a checking account. In Jamaica, 82% answered yes and in Melrose 62% answered yes. The Ever Had Checking Account? difference is 90% significant206. Let’s look at the differences between those who answered yes versus those answering no.
80% 70% 60% 50% 40% 30% 20% 10% 0%
Jamaica Melrose
those answering yes have yes no unsure lived in the community an average of 18.2 years compared to 16.3 for those answering no207 those answering yes have fewer people living in the household, 3.4 compared to 3.7 for those answering no208 and they have fewer children living at home, 1.2 versus 1.4209
Office of Financial Empowerment Financial Services Survey
26
NEW ENGLAND MARKET RESEARCH, INC.
generally they believe that banks, credit unions, ATMs, check cashers and wire transfers are more available210 those paid by check % Checking Account by How Paid for Work and direct 90% deposit have the highest 75% percentages 60% of yes responses211 45% those 30% answering yes are twice 15% as likely to 0% be a homeowner cash check direct deposit payroll card other 212 than not and more likely to rent than living with friends/family or in a shelter or temporary housing213 Hispanic/Latinos are less likely to ever have had a checking account than nonHispanic/Latinos 214 individuals born in the US and permanent legal residents are more likely to answer yes to this question215 married, divorced and widowed are the marital groups with the highest percentage of yes responses216 unemployed individuals are less likely to have had a checking account217 and respondents who work full time are more likely218 yes responses track education219 and income220. Individuals with higher education levels and income levels are more likely to have had a checking account having had a checking account is related to receipt of public benefits as shown in the table. The table can be read as follows: “48% of those receiving Public Assistance have had a checking account. 77% of those not receiving Public Assistance have had a checking account.”
public benefits 221
Public Assistance WIC222 Food Stamps223 Medicaid/Child or Family Health Plus224 Medicare225 Disability226
% having had checking account
% holdout
48% 59% 60% 61% 64% 64%
77% 74% 77% 78% 74% 73%
Office of Financial Empowerment Financial Services Survey
27
NEW ENGLAND MARKET RESEARCH, INC. Having one now We asked if the respondent has a checking account now. In Jamaica, 70% answered yes and in Melrose 54% answered yes. We Checking Account Now? explore the differences below. 80%
70%
those 60% answering 50% yes are 40% Jamaica older, 40.6 years old on 30% Melrose average 20% compared to 10% 37.1 years 0% old for those yes no unsure answering 227 no those answering yes have lived in the community an average of 18.8 years compared to 16.6 for those answering no228 those answering yes have fewer people living in the household, 3.3 compared to 3.8 for those answering no229 and they have fewer children living at home, 1.1 versus 1.4230 those answering yes have fewer generations living in the household, 1.6 compared to 1.8 for those answering no231 generally they believe that banks, credit unions, ATMs, check cashers and wire transfers are more available232. Note that this result parallels the result of those respondents who have ever had a checking account those paid by check and direct deposit have the highest percentages of yes responses233 those answering yes are twice as likely to be a homeowner234 than not Hispanic/Latinos are less likely to ever have had a checking account than nonHispanic/Latinos 235 and they are less likely to presently have a checking account than non-Hispanic/Latinos236 married, divorced and widowed are the marital groups with the highest percentage of yes responses237 unemployed individuals are three times less likely to presently have a checking account238 than those not unemployed and respondents who work full time are almost twice as likely to presently have a checking account239 yes responses track education240 and income241. Individuals with higher education levels and income levels are more likely to have had a checking account presently having had a checking account is related to receipt of public benefits as shown in the table. The table can be read as follows: “36% of those receiving Public Assistance presently have a checking account. 67% of those not receiving Public Assistance presently have a checking account.”
Office of Financial Empowerment Financial Services Survey
28
NEW ENGLAND MARKET RESEARCH, INC. public benefits 242
Public Assistance WIC243 Food Stamps244 Medicaid/Child or Family Health Plus245 disability246 transitional benefits247
% presently having checking account
% holdout
36% 43% 42% 48% 51% 41%
67% 65% 70% 69% 63% 63%
Not having one now but having one prior 13% of the sample state that they do not have a checking account at present but had one at a prior time. What are the distinguishing characteristics of these individuals?
these individuals report more household members248, 3.8 vs. 3.5 for the holdout group and more children in the household, 1.4 versus 1.2249 they report more generations living in the household, 1.9 compared to 1.7 for the holdout group ”250 they believe that banks No Checking Now but Checking Prior: Payment for and credit unions are Work less available than the 251 holdout group 25% their work payment responses are 20% interesting as shown in 15% the chart. 20% are paid by payroll card, 10% 17% by cash and 20% by check252 5% they are almost twice 0% as likely to use a rapid cash check direct deposit payroll card other refund/tax anticipation loan service than the holdout group253 they are 50% more likely to be unemployed254 they are less likely to be Hispanic/Latino than the holdout group255 the likelihood of belonging to this group decreases with increasing education256 they are more likely to be receiving WIC257, Food Stamps258, Medicaid/Child or Family Health Plus259 and transitional benefits260.
Office of Financial Empowerment Financial Services Survey
29
NEW ENGLAND MARKET RESEARCH, INC.
# responses
Reasons for not having a checking account Respondents who do not have a checking account at present (38% of the sample) were given 10 reasons why they did not have one, one of which Reasons for No Checking Account was an other response. 60 Exhibit Thirteen shows 50 the text responses for 40 other. Respondents could 30 check any and all boxes. 20 At the end of this report in 10 Jamaica a section called Special 0 Section, we look at Melrose reasons respondents do not have a checking account. We do this because OFE has a particular interest in this question and at this point in the report it will # Boxes Checked if > 0 be confusing to introduce additional variables in the 25% analysis. 20%
Below we look at correlation among the responses. Recall that correlation measures the strength of association between two variables. A larger number, regardless of sign, indicates a stronger association.
comfort minimum $ government location identification hours other difficult staff
15% 10%
5% 0% 1
2
3
4
5
6
7
8
9
fees
minimum $
government
location
identification
hours
other
difficult
0.14 0.12 0.17 0.39 0.02 0.29 -0.10 0.32 0.32
0.25 0.14 0.07 0.11 -0.11 0.14 0.09
0.18 0.17 0.21 -0.08 0.12 0.12
0.21 0.50 -0.02 0.35 0.33
0.20 -0.09 0.17 0.20
-0.05 0.41 0.44
-0.02 0.03
0.41
We see that fees and location, hours and location, and difficult and hours and, difficult and staff are related.
Office of Financial Empowerment Financial Services Survey
30
10
NEW ENGLAND MARKET RESEARCH, INC. Next, we look at multiple responses. The chart shows the frequency of responses. The average number of boxes checked, if any, was 2.0, with a standard deviation of 1.8 and a median of 1 box checked. Credit cards We asked respondents how many credit cards they had. The chart shows the frequency of responses to this question if the number of cards > 0, by community. There is no difference in the average number of cards between the 2 communities, or the median number. There is a difference in the number of cards between the two communities as shown in the chart.261. credit cards (if > 0) mean std. dev. median
n
# Credit Cards 80 70 60 50 40 30 20 10 0
Jamaica Melrose
1
2
3
4
5
6
7
8
9
10
# cards
Jamaica
Melrose
2.2 1.5 2
2.3 1.8 2
Amount of credit card debt We look at this information from a few different perspectives. First, 47% of the sample responded to this question. 37% of the sample owed > $0. The tables below provide information on both groups, by community. Note that the only significant result is the median owed for all debt between the 2 communities. credit card debt mean std. dev. median
all debt Jamaica $2,657 $4,498 $1,000262
Melrose $2,781 $6,817 $600
if > $0 Jamaica $3.099 $4,716 $1,000
Melrose $3,921 $7,823 $1,513
Let’s look at the characteristics of the individuals having credit card debt. We divide the sample into two groups: those having credit card debt (37%) and those not having debt:
those individuals (having debt) have lived in the community for a shorter period of time, 16.6 years versus 18.4 years for those not having credit card debt263
Office of Financial Empowerment Financial Services Survey
31
NEW ENGLAND MARKET RESEARCH, INC.
they have more children Credit Card Debt at home, 1.4 compared $9,000 to 1.1264 they are almost twice as likely to have received $6,000 an EITC265 or a rapid refund loan266 $3,000 78% have a checking account versus 52% for those without credit card $0 debt267 Jamaica Melrose Jamaica Melrose debt is related to employment as shown in all debt` if > $0 the accompanying chart268 those with credit card debt are less likely to be receiving Public Assistance269, Food Stamps270and Social Security271 they are more likely to Credit Card Debt by Employment (if >$0) be renting272 they are more likely to $8,000 be using direct $6,000 deposit273 and less likely $4,000 to be paid for work with 274 cash . $2,000
Medical debt 98% of respondents replied to this question. 12% of the sample indicated that they have medical debt. Of these, 77% owed an amount > $0. In terms of percentage of communities having medical debt, there is no significant difference. Below we provide information on medical debt. medical debt yes no unsure
Jamaica 13% 83% 4%
Melrose 10% 84% 6%
The amounts of debt, both average and median are not significantly different between the 2 communities.
mean std. dev. median
$-
Medical Debt 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% yes
Office of Financial Empowerment Financial Services Survey
no
unsure
32
NEW ENGLAND MARKET RESEARCH, INC. medical debt if >$0 mean std. dev. median
Jamaica
Melrose
$1,913 $3,117 $1,000
$2,805 $3,062 $2,000
What are the characteristics of those with medical debt? In a manner similar to credit card debt, we divide the sample into two groups: those with medical debt Medical Debt if > $0 > $0 and those without medical $3,500 debt. $3,000
men report more $2,500 medical debt than $2,000 women275 Jamaica $1,500 individuals with Melrose medical debt have lived $1,000 in the community fewer $500 years, 15.0 compared to $0 18.0 for those without medical debt276 mean std. dev. median they have more people in the household, 3.9 compared to 3.5 for those without medical debt277 they believe that banks and credit unions are less available278 as well as money orders279 o individuals with medical debt are Amount of Credit Card Debt if Medical Debt >$0 less likely to $8,000 have a checking 280 $7,000 account they $6,000 are less likely to $5,000 give no $4,000 identification as a $3,000 reason for not $2,000 having a $1,000 checking 281 $0 account yes no o they have more 282 credit cards has medical debt>$0 and they owe more on their cards283 o they are more likely to answer yes on having been late on mortgage payments284 o they are less likely to be receiving Medicare285 o generally, their education level is higher286 o they are less likely to have a checking account287.
Office of Financial Empowerment Financial Services Survey
33
NEW ENGLAND MARKET RESEARCH, INC. Use of fringe financial services Respondents were asked to indicate frequency in 8 areas, 6 of which dealt with fringe services. Responses could be never, every week, once or twice a month and once every few months288. We look at each category separately and then at combined use. Check casher 34% of the sample never uses a check casher. 66% use the service with different frequencies. We begin the discussion by dividing the group into those that never use a check casher and those that use a check casher, regardless of frequency.
Check Casher 40% 30%
20% 10% 0% every week
once or twice a month
once every few months
never
63% of Jamaica respondents use a check casher. 69% of Melrose respondents use a check casher. The difference is significant289. Jamaica 24% of all users are heavy users, i.e., using the service every week individuals using a check casher are younger, 39.9 years old compared to 44.1 for those not using a check casher290 they have lived in the Use of Check Cashers community fewer years, 40% 15.6, compared to 22.6 for those never using the 35% 291 service 30% they have more children 25% living in the household, 20% 1.2 on average compared 15% to 0.9 for those not using 10% the service292 5% they believe that banks, 0% credit unions293, ATMs294, every week once or twice once every never check cashers295, money a month few months 296 orders and wire transfers/remittances297 are more available than those not using check cashers 90% have had a checking account compared to 82% of those who never use check cashers298
Office of Financial Empowerment Financial Services Survey
34
Jamaica Melrose
NEW ENGLAND MARKET RESEARCH, INC.
72% of this group presently has a checking account. For those that do not presently have a checking account: o they believe to a greater extent than those never using the service that it is difficult to get their money out of a bank299 o they believe the government/creditors could take money out of the account300 these individuals have more medical debt, $2,700 on average compared to $798 for those never using the service301 they are more likely to be renting302 they are less likely to be using direct deposit303 and being paid by cash for work304, but more likely to be paid by check305 they are almost twice as likely to be receiving Public Assistance306 and Food Stamps307.
Melrose 33% of all users are heavy users they are more likely to have received an EITC than those never using the service308 52% of this group presently have a checking account. For those that do not presently have a checking account: o they believe to a greater extent than those never using the service that fees are too high309 o and that locations310 and hours 311are inconvenient o they believe the government/creditors could take money out of the account312 o and that they do not have the minimum amount of money to open an account313 they have less credit card debt on average, $2,255 compared to $4,034 for those never using the service314 they are twice as likely to be a homeowner315 they are less likely to be using direct deposit316 and being paid by cash for work317, but twice as likely to be paid by check318 they are more likely to be receiving Public Assistance319, Food Stamps320 and Medicaid/Child or Family Health Plus321. Money orders 27% of the sample never use money orders. 73% use the service with different frequencies.
Money Orders 50% 40% 30%
We divide the sample into those that never use the service and those that do. 68% of Jamaica respondents use money orders. 78% of Melrose respondents use money orders. The difference is significant322.
20% 10% 0% every week
once or twice a month
Office of Financial Empowerment Financial Services Survey
once every few months
never
35
NEW ENGLAND MARKET RESEARCH, INC. Jamaica 6% of all users are heavy users, i.e., using the service every week individuals using money orders have lived in the community fewer years, 16.3, compared to 21.3 for those Use Money Orders never using the service323 50% they believe that 40% check cashers324, 325 money orders and 30% wire transfers/remittances Jamaica 20% 326 are more available Melrose than those never 10% using money orders 0% 71% of this group every week once or twice once every never presently has a a month few months checking account. they are more than twice as likely to be using check cashers327 they are less likely to own a home328 and more likely to rent329 they are more likely to have credit card debt330 generally, the lower the income, the greater the likelihood of using money orders331 they are less likely to be using direct deposit332, but more likely to be paid by check333 they are less likely to be Hispanic/Latino than an other ethnic group compared to those never using money orders334.
% sample using
Melrose 13% of all users are heavy users individuals using money orders are more likely to be female335 they are older on average, 27.8 Money Orders by Income years compared 90% to 32.4 years for 75% those never 60% using money 336 45% orders 30% they have fewer people in the 15% household, 3.4 0% compared to 3.8337 they believe that ATMs are less available338, but wire transfers/remittances are more available than those never using money orders339
Office of Financial Empowerment Financial Services Survey
36
NEW ENGLAND MARKET RESEARCH, INC.
55% of this group presently has a checking account. For those that do not presently have a checking account: o they are less likely to have medical debt340 o they are twice as likely to be using check cashers341 o generally, the lower the income, the greater the likelihood of using money orders342 o they are more likely to rent343 o they are also more likely to use direct deposit344 and be paid by check for work345 o generally, the lower the income, the greater the likelihood of using money orders346 o they are more likely to be receiving Food Stamps347 and Social Security348. Additionally, they are more likely to be receiving more than one public benefit349 o African Americans use this service more than non African American ethnic groups350 and Hispanic/Latinos use this service more than non Hispanic/Latino ethnic groups351.
Wire transfer 71% of the sample never uses wire transfers/remittances. 29% use the service with different frequencies. We divide the sample into those that never use the service and those that do. 30% of Jamaica respondents use wire transfers. 28% of Melrose respondents use wire transfers. The difference is not significant. Because frequency of use is not significant between the communities, we pool data and describe the two groups, those that use and those that do not.
Wire Transfer/Remittance 80% 70% 60% 50% 40% 30% 20% 10% 0% every week
once or twice a month
once every few months
never
4% of all users are heavy users, i.e., using the service every week individuals using wire transfers have lived in the community fewer years, 16.1, compared to 18.1 for those never using the service352 these individuals have fewer people living in the household3.3 compared to 3.6 for those never using wire transfers353 they believe that banks and credit unions354 and wire transfers/remittances355 are more available than those never using wire transfers/remittances they are 25% more likely to have received an EITC356 and almost 50% more likely to have received a rapid refund/tax anticipation loan357
Office of Financial Empowerment Financial Services Survey
37
NEW ENGLAND MARKET RESEARCH, INC.
71% of this group presently has a checking account for those that do not presently have a checking account: o they believe that fees are too high to a greater extent than those not having a checking account and never using wire transfers358 o they believe it will be difficult to get their money out of the account359 o and that hours are inconvenient360 o they are less likely to feel uncomfortable dealing with banks361 they are twice as likely to have medical debt362 and the amount they owe is greater than those not using wire transfers, $3,029 compared to $1,405363 they are more likely to use check cashers364 and money orders365 the marital groups with the highest incidence of using wire transfers is married and divorced; widowed is the group with the least use366 permanent legal residents 367use this service more than other citizen groups they are 50% less likely to be unemployed368 and 50% more likely to be employed full time369.
Pawn shop 79% of the sample never uses a pawn shop. 21% use the service with different frequencies. We divide the sample into those that never use the Pawn Shop service and those that do. 14% of Jamaica respondents use pawn shops. 27% of Melrose respondents use pawn shops. The difference is significant370.
90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
Jamaica 2% of all users are every week once or twice a once every few never heavy users, i.e., month months using the service every week individuals using pawn shops are younger, 37.5 years old compared to 41.9 for those never using the service371 individuals using pawn shops have lived in the community fewer years, 14.1, compared to 19.1 for those never using the service372 they have fewer people living in the household, 3.1 compared to 3.6 for those never using pawn shops373 and fewer generations living in the household374 they are more likely to have received a rapid refund/tax anticipation loan375 68% of this group presently has a checking account. If they do not have a checking account: o they believe that the government/creditors will take their money to a greater degree (3 times) than those without an account who never use pawn shops376
Office of Financial Empowerment Financial Services Survey
38
NEW ENGLAND MARKET RESEARCH, INC.
o they are 4 times more likely to not have an account because they do not have the identification required377 they are more than twice as likely to have medical debt378 they are more likely to use a check casher379 and wire transfers/remittance380 use is related to ethnicity, with Caucasians and Hispanic/Latinos having the highest incidence of use among ethnic groups381 they are less likely to own a home382 and more likely to rent383 they are more likely to be receiving Public Assistance384, Food Stamps385, Medicaid/Child or Family Health Plus386, Medicare387and disability benefits388.
Melrose 2% of all users are heavy users, i.e., using the service every week they have more generations living in the household389 they believe that banks/credit unions390 and wire transfers/remittances391 are available to a greater extent than those never using pawn shops they are more likely to have received a rapid refund/tax anticipation loan392 they are less likely to never have had a checking account393 and less likely to presently have one394 44% of this group presently has a checking Use Pawn Shops account. If they do not 90% have a checking account: 80% o 34% of individuals 70% without a checking 60% account who never use 50% pawn shops list not 40% having the minimum 30% amount of money as a 20% 10% reason for not opening 0% an account. Only 15% of individuals who use every week once or twice once every never a month few months pawn shops and do not presently have a checking account list this reason395 they are more than twice as likely to have medical debt396 they are more likely to own a home397 and less likely to rent398 they are more likely to be paid with cash for work399 they are more likely to be receiving Public Assistance400, Food Stamps401 and Medicaid/Child or Family Health Plus402 they are more likely to use a check casher403,money orders404 and wire transfers/remittance405 use is related to ethnicity, with Caucasians and Native Americans having the highest incidence of use among ethnic groups406.
Office of Financial Empowerment Financial Services Survey
39
Jamaica Melrose
NEW ENGLAND MARKET RESEARCH, INC. Rent to own 86% of the sample never uses a rent to own service. 14% use the service with different frequencies. We divide the sample into those that never Rent to Own use the service and those 100% that do. 11% of Jamaica respondents use rent to owns. 16% of Melrose respondents use the service. The difference is significant407.
80% 60% 40% 20%
Jamaica 0% 1% of all users are every week once or twice a once every few never heavy users, i.e., month months using the service every week men use this service more than women, 15% versus 9%408 individuals using rent to owns are younger, 36.2 years old compared to 41.8 for those never using the service409 they believe that money orders410 are less available than those never using rent to owns 65% of this group presently has a checking account. If they do not have a checking account: o they believe fees are too Use Rent to Own high to a greater extent 90% (twice) than 80% those without 70% 60% a checking 50% account who 40% Jamaica never use rent 411 30% to owns Melrose 20% o they believe it 10% will be 0% difficult to get every week once or twice once every never their money a month few months out to a greater extent (six times) than those without a checking account who never use rent to owns412 o inconvenient hours is cited to a greater extent (twice as often ) than those without a checking account who never use rent to owns413 o staff not speaking their language is cited twice as much than those without a checking account who never use rent to owns414
Office of Financial Empowerment Financial Services Survey
40
NEW ENGLAND MARKET RESEARCH, INC.
o they believe that the government/creditors will take their money to a greater degree (3 times) than those without an account who never use rent to owns415 o they are 3 times more likely to not have an account because they do not have the minimum amount of money needed416 they are 50% more likely to owe money on their credit cards417 they are more than twice as likely to have medical debt418 and the debt they have is greater than those never using the service, $3,883 compared to $1,308419 use is related to ethnicity, Hispanic/Latinos having the highest incidence of use among ethnic groups420 they are more likely to be receiving Public Assistance421 and Food Stamps422 they are less likely to own a home423 and more likely to rent424 they are more likely to use a check casher425, money orders426, wire transfers/remittances427 and pawn shops428.
Melrose 3% of all users are heavy users, i.e., using the service every week individuals using rent to owns are younger, 33.9 years old compared to 37.0for those never using the service429 individuals using rent to owns have lived in the community fewer years, 14.3 years, compared to 17.4 years for those never using the service430 they have more children living at home, 1.6 compared to 1.3 for those never using rent to owns431 they believe that banks/credit unions432 and wire transfers/remittances433 are more available than those never using rent to owns they are less likely to have received an EITC434 39% never have had a checking account compared to 66% of those never using a rent to own435 44% of this group presently has a checking account, compared to 56% of those who never use rent to owns. The difference is significant436. If they do not have a checking account and use rent to owns: o they believe fees are too high to a greater extent (twice as much) than those without a checking account who never use rent to owns437 o they believe it will be difficult to get their money out to a greater extent (four times) than those without a checking account who never use rent to owns438 o inconvenient hours is cited to a greater extent (four times ) than those without a checking account who never use rent to owns439 they are 50% less likely to owe money on their credit cards440 they are more than twice as likely to own a home441 they are more likely to be receiving Public Assistance442 they are more likely to use a check casher443, money orders444, wire transfers/remittances445 and pawn shops446.
Office of Financial Empowerment Financial Services Survey
41
NEW ENGLAND MARKET RESEARCH, INC. Installment/layaway plan 68% of the sample never uses an installment plan or layaway service. 32% use the service with different frequencies. There is no significant Installment/Lay Away Plan difference between the communities on use of 80% this service, so we discuss the pooled data. 60% We divide the sample into those that never use 40% the service and those that do. 20% ` 11% of Jamaica 0% respondents use every week once or twice a once every few never installment plans. 16% month months of Melrose respondents use the service. The difference is significant using pooled data447.
4% of all users are heavy users, i.e., using the service every week individuals using installment plans are younger, 35.4 years old compared to 40.2 for those never using the service448 individuals using installment plans have lived in the community fewer years, 15.0 years, compared to 18.8 years for those never using the service449 they have more people in the household450, 3.7 compared to 3.4 for those that never use installment plans and more children living at home, 1.3 compared to 1.2 for those never using the service451 those using this service are paid by payroll card (80%) and check (40%) for work performed. These are the two highest percentage payment methods for this group452 they are 25% more likely to have received an EITC453 and almost twice as likely to use a rapid refund/tax anticipation loan service compared to individuals never using installment plans454 70% of this group presently has a checking account compared to 60% of those never using installment plans. This difference is significant455 if they do not have a checking account and use installment plans: o they believe it will be difficult to get their money out to a greater extent (two times) than those without a checking account who never use installment plans456 o they believe to a lesser extent than those never using installment plans (10% versus 4%) that staff do not speak their language457 o they believe the government or creditors will take their money to a greater extent (almost two times) than those without a checking account who never use installment plans458
Office of Financial Empowerment Financial Services Survey
42
NEW ENGLAND MARKET RESEARCH, INC.
o they believe that they do not have the minimum amount required to open an account to a greater extent (50%) than those without a checking account who never use installment plans459 they are less likely to be unemployed460 and more likely to be employed full time461 they are more likely to owe money on their credit cards462 and twice as likely to have medical debt463 they are less likely to own a home464 and more likely to rent465 they are more likely to be receiving Food Stamps466 and less likely to be receiving Social Security467 they are more likely to be African American than a non-African American ethnic group468 generally, they have more education than those never using installment plans469 they are more likely to use a check casher470, money orders471, wire transfers/remittances472 pawn shops473 and rent to owns474.
Credit card cash advance 81% of the sample never uses a credit card cash advance. 19% use the service with different frequencies. There is no significant difference Credit Card Cash Advance between the 100% communities on use of this service, so we 80% discuss the pooled data. We divide the sample 60% into those that never use 40% the service and those that do. 20% 3% of all users are heavy users, 0% i.e., using the every week once or twice a once every few never service every month months week individuals using cash advances have fewer people in the household compared to individuals never using advances, 3.2 versus 3.6 people475 they believe that wire transfers/remittances476 are more available than those never using advances they are more likely to use a rapid refund/tax anticipation loan than those never using advances477 77% respond that they have had a checking account compared to 71% of those never using advances. This difference is significant478 39% never have had a checking account compared to 66% of those never using advances479 44% of this group presently has a checking account, compared to 56% of those who never use cash advances. The difference is significant480. If they do not have a checking account and use cash advances:
Office of Financial Empowerment Financial Services Survey
43
NEW ENGLAND MARKET RESEARCH, INC.
o they believe fees are too high to a greater extent (almost twice) than those without a checking account who never use advances481 o they believe it will be difficult to get their money out to a greater extent (two times) than those without a checking account who never use advances482 o inconvenient location is cited to a greater extent (almost twice ) than those without a checking account who never use advances 483 o inconvenient hours is cited to a greater extent (twice ) than those without a checking account who never use advances484 o not having the minimum amount required to open an account is cited to a greater extent than those without a checking account who never use advances485 they are more likely to owe money on their credit cards486and the amount they owe is significantly greater than those never using advances, $5,018 compared to $2,071487 they are more likely to be employed full time488 and use direct deposit489 they are more likely to be in the Hispanic/Latino ethnic group than non Hispanic/Latino ethnic groups490 they are more likely to be receiving Public Assistance491 and less likely to be receiving Social Security492 they are more likely to use a check casher493money orders494, wire transfers/remittances495, pawn shops496, rent to owns497 and installment plans498.
Bounce checks/overdraw account 81% of the sample never bounces a check or overdraws their account. 19% do with different frequencies. In Jamaica 22% of the sample bounce or overdraw and in Melrose 14% bounce or overdraw. We divide the sample into those that never bounce/overdraw and those that do. This difference is significant499. Jamaica 3% of the sub-sample are heavy bouncers, i.e., bouncing or overdrawing every week they believe that check cashers500 Bounce Checks/Overdraw Account are more available 100% than those never bouncing or 80% overdrawing they are more 60% likely to have 40% received an 501 EITC and used 20% a rapid refund/tax anticipation loan 0% service502 every week once or twice a once every few never 90% report that month months they have had a checking account compared to 81% of those never bouncing. This difference is significant503
Office of Financial Empowerment Financial Services Survey
44
NEW ENGLAND MARKET RESEARCH, INC.
82% of this group presently has a checking account compared to 67% of those never bouncing who have a checking account presently. This difference is significant504. If they do not have a checking account: o they are less likely to say that they feel uncomfortable dealing with banks505 o they believe that the government/creditors will take their money to a greater degree (3 times) than those without an account who never bounce/overdraw506 o they are 2 times more likely to not have an account because they do not have the minimum amount of money needed507 they have 2.2 credit cards compared to 1.4 cards for those never bouncing508, and they are more likely to owe money on the cards509 and the amount they owe is significantly higher than those who never Bounce Checks bounce/overdraw, Overdraw Account $4,437 compared to 90% $2,038510 they are four times 75% likely to have 60% medical debt511 45% they are more likely Jamaica 30% to be self employed Melrose on a full time 15% basis512 0% they are twice as every week once or twice once every never likely to be a month few months receiving Public Assistance513and half as likely to be receiving Medicare514 they are more likely to rent515 bouncing/overdraft is related to ethnicity, Hispanic/Latinos having a higher incidence than non-Hispanic/Latino ethnic groups516 they are more likely to use a check casher517, money orders,518 wire transfers/remittances519, pawn shops520, rent to owns521, lay away522 and credit card advance.
Melrose 2% of the sub-sample are heavy bouncers, i.e., bouncing or overdrawing every week they believe that banks/credit unions523 and wire transfers524 are more available than those never bouncing or overdrawing 62% of this group presently has a checking account. If they do not have a checking account: o they are less likely to say that they feel uncomfortable dealing with banks525 o they believe that the government/creditors will take their money to a greater degree (3 times) than those without an account who never use pawn shops526 o they are 2 times more likely to not have an account because they do not have the minimum amount of money needed527 they are almost twice as likely to be receiving Public Assistance528
Office of Financial Empowerment Financial Services Survey
45
NEW ENGLAND MARKET RESEARCH, INC.
they are more likely to own their own home529 and are less likely to be unemployed530 they have 1.7 credit cards compared to 1.0 cards for those never bouncing531, and they are more likely to owe money on the cards532 they are twice as likely to have medical debt 533 they are more likely to use a check casher534, money orders535wire transfers/remittances536, pawn shops537, rent to owns538, lay away539 and credit card advance540.
Fast cash/short term loan We asked a yes/no question regarding use of short term loans. There was no significant difference between the communities, so we look at pooled data. men are almost Fast Cash/Short Term Loan twice as likely to use this service as 100% women541 individuals getting 80% short them loans also use rapid 60% refund/tax anticipation loans 40% twice as much as 20% those not using short term loan 0% services yes no unsure 67% of these individuals have a checking account. If they don’t have an account: o they are less likely to not have one because fees are too high542 they have more credit cards, 1.8 versus 1.3 for those who do not use this service543 they are more likely to have medical debt544 and the amount they owe is greater, $4,289 compared to $1,745 for respondents not using short-term loans they owe more money on their cards, $6,468 compared to $2,441 for those not using short term loans545 part time workers and volunteers use this service more than other employment groups546 they are more likely to be receiving Food Stamps547 they are more likely to use a check casher548, wire transfers/remittances549, pawn shops550, rent to owns551, credit card advances552 and are more likely to bounce checks and overdraw their account553. Where do they get the loan? Eight possible answers were supplied, including an other response. Exhibit Fourteen provides the complete text responses. First we show in the chart the frequency of responses for each possible answer. The next chart shows the frequency of the number of responses per respondent. We also show summary statistics by area in the table. The differences shown are not significant.
Office of Financial Empowerment Financial Services Survey
46
NEW ENGLAND MARKET RESEARCH, INC. Short Term Loan - Where?
# responses if >0 Jamaica 1.6 1.1 1
Melrose 1.3 0.6 1 n
mean std. dev. median
Multiple use One thing that is apparent from going through the list of these above services is that individuals using one service often use others. Below we look at this behavior.
# Responses by Respondent
n
We create a variable that sums up use of rapid refund, short-term loans, check casher, money order, wire transfer, pawn shop, rent to own, lay away, credit card advance and bounced checks. Below we show the frequency of responses. The table shows the summary statistics if a respondent uses >0 fringe services. The difference between the 2 communities is not significant.
50 45 40 35 30 25 20 15 10 5 0
90 80 70 60 50 40 30 20 10 0 1
# fringe services if >0 mean std. dev. median
Jamaica
Melrose
3.2 2.0 3
3.4 2.0 3
2
3
4
5
# responses
Office of Financial Empowerment Financial Services Survey
47
NEW ENGLAND MARKET RESEARCH, INC.
% sample
Let’s look at the heavy user, i.e., the 10% of the sample using >5 of these services. What can we say about them? these individuals are # of Fringe Services Used younger, 35.3 years old compared to 39.5 30% for the holdout 25% group554 20% they believe that banks and credit 15% unions are more 10% available555, as are 5% wire transfers/remittances 0% 556
1
2
3
4
5
6
7
8
9
they are more likely # used to be receiving 557 Public Assistance and less likely to be receiving Social Security558 if they own a home, they are 5 times as likely to have been 90 days or more behind on payment of the mortgage559 they are more likely to be working full time560.
10
11
Finally, we present a correlation table to show which services are most linked to each other. Recall that the greater the absolute number, the higher the degree of association between the two variables.
correlation rapid refund check casher money order wire transfer pawn shop rent to own layaway c.c. advance bounced checks
fast cash 0.16 0.15 0.02 0.08 0.20 0.12 0.05 0.21 0.13
rapid refund
check casher
money order
wire transfer
pawn shop
rent to own
layaway
c.c. advance
0.04 0.05 0.08 0.09 0.05 0.21 0.11 0.11
0.42 0.15 0.20 0.12 0.21 0.15 0.11
0.23 0.17 0.13 0.26 0.13 0.11
0.26 0.27 0.19 0.24 0.33
0.42 0.33 0.21 0.25
0.35 0.33 0.35
0.30 0.32
0.46
Note that check cashing and money orders go in tandem, as do pawn shop and rent to own and credit card advances and bounced checks.
Office of Financial Empowerment Financial Services Survey
48
NEW ENGLAND MARKET RESEARCH, INC. Bankruptcy 6% of the sample responded yes to this question. What are the distinguishing characteristics of this group?
there is a difference based on community561. In Jamaica, 7.5% of the sub-sample responded yes and in Melrose 4.4% responded yes those declaring bankruptcy are older, 45.6 years old compared to 38.5 for those not declaring bankruptcy562 they have been living in the community longer, 21.0 years compared to 17.6 for those not declaring563 Bankruptcy they have fewer people in the 100% household, 2.8 compared to 3.5 for 80% those not declaring564, fewer children, 0.8 60% compared to 1.2565, Jamaica and fewer generations 40% Melrose living in the 20% household, 1.3 versus 566 1.7 0% they believe wire yes no unsure transfers are more 567 available they are more likely to have received an EITC568 they are more likely to have had a checking account569 full time parent/caregiver is the most frequent employment response (29%)570 they are more likely to be receiving Medicare571, twice as likely to be receiving disability benefits572 and almost twice as likely to be receiving transitional benefits573.
Debt management plan 9% of the sample has entered into a debt management plan. There is a significant difference between the two communities in the response to this answer574. 13% of Jamaica respondents answered yes and 6% of Melrose respondents answered yes. Below, we look at the characteristics of those who have been or are in a debt management plan.
Debt Management Plan 100% 80% 60% Jamaica 40%
Melrose
20% 0% yes
no
Office of Financial Empowerment Financial Services Survey
unsure
49
NEW ENGLAND MARKET RESEARCH, INC.
uses service
% with plan
these individuals are 50% more likely to have received an EITC compared to respondents without a plan575 they are more likely to use a rapid refund/tax anticipation loan576 they are more likely to have had a checking account than those without a plan577, 85% versus 71% and more likely to have one now 73% versus 61%578. If they do not have a checking account: o they are more likely to believe that fees are too high at almost twice the level of those without a plan and a checking account579 o they are more likely to Debt Management Plan by Income believe the staff does not 30% speak their 25% language at 20% three times 15% the rate of 10% those without 5% a plan and a checking 0% 580 account o they are less likely to say they feel uncomfortable dealing with banks581 o they are more likely to not have the minimum needed to open an account582 o having a debt management Debt Management Plan & Use of Services plan is related 45% to income, as 40% shown in the 35% chart. 30% 25% Generally, the 20% higher the has plan 15% income, the 10% no plan greater the 5% likelihood of 0% having a use wire use credit use short bounce use rent plan583 transfers card term loans checks to owns o they are more advances likely to own a home584 and more likely to have credit card debt585 and medical debt586 o they are less likely to be unemployed587 and more likely to be employed full time588
Office of Financial Empowerment Financial Services Survey
50
NEW ENGLAND MARKET RESEARCH, INC. o they are less likely to receive Public Assistance589, Medicare590 and Social Security591 o they are 6 times as likely to have declared bankruptcy592. Those with a debt management plan are more likely to use wire transfers/remittances593 credit card advances594 and short term loans595, but half as likely to use rent to owns596. They bounce more checks and overdraw their accounts almost twice as much as those without debt management plans597. Check credit report The chart shows the breakdown of responses to this question. We divide the sample into two groups: those who never checked their report and those who do not know whether they checked their report, and those that have checked their report. 55% of the Jamaica respondents have checked their credit reports, while only 48% of Melrose respondents have. This difference is significant598. Below we look at characteristics of those checking their credit report.
they are older, 39.7 years on average compared to 38.1 years for those not checking their credit report599 they have fewer people in their household, 3.4 compared to 3.7 for those who have not checked their report600 they believe that banks/credit unions601, ATMs602, money orders603 and wire transfers604 are more available they are paid by direct deposit and check for work to a greater extent than other methods605 they are more likely to have received an EITC606 and a rapid refund/tax anticipation loan607 they are also more likely to have had a checking account (84%/61%)608 and to presently have a checking account (76%/48%)609 if these individuals do not have a checking account: o they are almost twice as likely to believe that fees are too high than those who have not checked their credit report610
Office of Financial Empowerment Financial Services Survey
51
NEW ENGLAND MARKET RESEARCH, INC.
o they are 50% less likely to believe that inconvenient locations is a reason for not opening an account611 and 4 times less likely to believe that not having identification is a reason612 they have more credit cards, 1.7 compared to 0.9 for those not checking their credit reports613 and are more likely to owe money on their cards614 they are more likely to use money orders615, wire transfers/remittances616, but less likely to use pawn shops617 married and divorced are the two marital groups with the highest incidence of checking credit reports618 African American and Asian/Pacific Islander are the two ethnic groups with the highest incidence of checking credit reports; Native American and Caucasian are the groups with the lowest incidence619 full time workers and volunteers are the two employment groups with the highest incidence of checking credit reports and student and other are the groups with the lowest incidence620 generally, the likelihood of checking a credit report is directly related to education621and income622 - the higher the level, the greater the likelihood they are twice as likely to own a home623 and more likely to rent624 they are also less likely to be receiving Public Assistance625, WIC626, Food Stamps627, Medicaid628, Medicare629, disability benefits630, Social Security631 and transitional benefits632 they are more likely to have entered a debt management plan633.
Unexpected emergency We asked respondents where they would go for money in case of an emergency. 11 choices were provided, including 1 that was other. Exhibit Fifteen is the list of the other text responses. We asked respondents to check only one box. 18% of Where to Get $ in Emergency respondents checked more than 40% 1 box. In our analysis we include the multiple responses 30% as one category. The chart shows the frequency of 20% responses. 96% of the sample responded to this question. 10% There is a difference between the two communities on response to this question634. The table below shows the percentage breakdowns by community.
0%
The responses tend to reflect the differences in income between the two populations. In Jamaica, there is a higher savings level, and by extension, more of a relative cash security net to meet an emergency. In Melrose,
Office of Financial Empowerment Financial Services Survey
52
NEW ENGLAND MARKET RESEARCH, INC. there appears to be more of a recognition that a fringe service, e.g., pawn shop, is a more accessible way of obtaining quick cash.. emergency
Jamaica
Melrose
borrow from family
36%
40%
>1 response
23%
14%
use savings
18%
10%
borrow from friends
8%
7%
sell something
2%
6%
pawn something
0%
9%
use credit card
7%
4%
borrow from bank
3%
3%
would not pay
2%
2%
other
2%
2%
0.3%
2%
0%
1%
short term loan borrow from peer group
% responding yes
Financial distress We asked three questions that might act as surrogate for financial distress. In the last 12 months was there a time when the respondent could not pay rent, utilities or other bills? The chart shows the responses. For the rent question 93% of the sample Couldn't Pay in the Last 12 Months answered. For the utilities question, 88% responded 45% and for the other question 40% 88% responded. There are 35% no differences between 30% communities on responses to 25% these questions. The second 20% chart shows the frequency of 15% responses. 10% Below, we look at the characteristics of the respondent for each question635.
5% 0% can't pay rent
can't pay utilites
can't pay other
Can’t pay rent individuals who responded yes to this question are younger, 37.1 compared to 39.4 for those answering no636 they have lived in the community for fewer years, 16.1 years compared to 18.2 years 637
Office of Financial Empowerment Financial Services Survey
53
NEW ENGLAND MARKET RESEARCH, INC.
they have more people in their household, 3.8 compared to 3.4638 and more children, 1.5 compared to 1.1639 they believe # Answers to Can't Pay Questions banks/credit unions640 16% and check cashers641 are 14% less available 12% 54% have a checking 10% account currently 8% compared to 64% of 6% those answering no to 4% the question. This 2% difference is 642 0% significant . For those 1 2 3 not having a checking account: # of "yes" responses o they are almost twice as likely to believe that the government or creditors will take their money643 they have fewer credit cards, 1.1 compared to 1.4 for those answering no644, but debt levels are not significantly different they are three times more likely to have medical debt645 they are more likely to use a check casher646, use money orders647, wire transfers/remittances648, pawn shops (twice as likely)649, rent to own (twice as likely)650, lay away plans651, credit card advances652, bounced checks (2.5 times as likely)653 and short term loans654 they are less likely to own a home655 and more likely to rent656 separated (51%) and divorced (49%) are the marital groups with the highest incidence of yes responses657 generally, the lower the education658 and income, the higher the percentage of yes responses659 full time parent/caregiver (43%) and part time worker (37%) are the employment groups with the highest percentage of yes responses660 Hispanic/Latinos are more likely to answer yes than non Hispanic/Latino ethnic groups661 they are more likely to be paid by cash for work662 they are also more likely to be receiving Public Assistance663, Food Stamps664, Medicaid/Child or Family Health Plus665 and Medicare666 they are less likely to have checked their credit report than those answering no667 % of sample
Can’t pay utilities individuals who responded yes to this question are younger, 37.0 compared to 39.3 for those answering no668 they have more people in their household, 3.8 compared to 3.5669 and more children, 1.3 compared to 1.1670 they believe banks/credit unions671 are less available they are more likely to have received an EITC672
Office of Financial Empowerment Financial Services Survey
54
NEW ENGLAND MARKET RESEARCH, INC.
54% have a checking account currently compared to 66% of those answering no to the question. This difference is significant673. For those not having a checking account: o they are less likely to state that they feel uncomfortable dealing with banks as a reason for not having an account674 o they are more likely to believe that the government or creditors will take their money675 they are more likely to owe money on their credit cards676 they are two times more likely to have medical debt677 they are more likely to use a check casher678, use money orders679, wire transfers/remittances680, pawn shops (twice as likely)681, rent to own (twice as likely)682, lay away plans683, credit card advances684, bounced checks (2.5 times as likely)685 and short term loans686 they are less likely to own a home687 and more likely to rent688 generally, the lower the education689 and income690, the higher the percentage of yes responses they are more likely to be paid with cash for work691 they are also more likely to be receiving Public Assistance692, Food Stamps693, Medicaid/Child or Family Health Plus694, but less likely to be receiving Social Security695 they are eight times more likely to have not been able to pay their rent in the last 12 months696.
Can’t pay other bills individuals who responded yes to this question are younger, 37.0 compared to 39.3 for those answering no they have been living in the community fewer years, 15.6 compared to 18.6 for those answering no to this question697 they have more people in their household, 3.7 compared to 3.4698 and more children, 1.3 compared to 1.1699 they believe banks/credit unions700, check cashers701, money orders702 and wire transfers/remittances703 are less available they are more likely to have received an EITC704 and a rapid refund/tax anticipation loan705 58% have a checking account currently compared to 66% of those answering no to the question. This difference is significant706. For those not having a checking account: o they are twice as likely to believe that the government or creditors will take their money707 they have more credit cards, 1.5 compared to 1.3 for those answering no708, the likelihood of owing money on the cards is 30% greater709 and the average amount owed is greater, $3,913 compared to $1,821 for those answering no to the question710 they are three times more likely to have medical debt711 they are more likely to use a check casher712, money orders713, pawn shops (twice as likely)714, rent to own715, lay away plans716, credit card advances (twice as likely)717, bounced checks (3 times as likely)718 and short term loans (3 times as likely)719 they are less likely to own a home720 and more likely to rent721 generally, the lower the education722 the higher the percentage of yes responses they are more likely to be paid with cash for work723
Office of Financial Empowerment Financial Services Survey
55
NEW ENGLAND MARKET RESEARCH, INC.
they are also more likely to be receiving Food Stamps724, Medicaid/Child or Family Health Plus725, but less likely to be receiving Social Security726 they are six times more likely to have not been able to pay their rent in the last 12 months727 and eight times more likely to have not paid their utility bill728.
% play
Lottery 97% of the sample answered this question. The chart shows the results. There is no difference in responses between the two communities. Below, we describe the lottery player. the lottery player is Play the Lottery older, 40 years old compared to 38 for those not playing729 yes they have lived in the 49% community longer, 19.1 years compared to 16.2 years730 no they are more likely to 51% have received an EITC731 or a rapid refund/tax anticipation loan732 they are more likely to have had a checking account733 (76%/68%) and to have one presently734 (67%/56%) they are more likely to use a check Lottery & Education casher735, money 70% orders736 and get a 60% 737 short term loan , 50% but less likely to 40% bounce a check or 30% 20% overdraw their 738 10% account 0% they are more likely to rent739 married and partner/unmarried are the marital groups with the highest percentage of lottery playing740 playing is related to education as shown in the chart741 players are more likely to be employed full time742 and less likely to be unemployed743 they are more likely to be paid for work using direct deposit744 and less by cash745 they have more credit cards1.4 compared to 1.2746, they are more likely to owe money on their cards747, and they owe more, $3,239 compared to $2,180 for those that don’t play748
Office of Financial Empowerment Financial Services Survey
56
NEW ENGLAND MARKET RESEARCH, INC.
they are almost twice as likely to have declared bankruptcy749, but also more likely to have checked their credit report750.
% sample having
Assets and Debts In this section of the survey, we provided 7 debt instruments and 5 assets and asked respondents to check whether they had them. The chart shows the responses, with the inclusion of homes owned and individuals with Assets/Debt credit card debt 60% and/or medical debt. 50% 40% 30% 20% 10% 0%
Before we begin a detailed discussion, let’s look at the frequency of responses, as well as the breakdown of assets and debts. The first chart shows the frequency of assets and debts, and the second chart shows the percentage of individuals with one but not the other.
# Assets/Debt
% sample having
We include homeownership in 60% the list of assets and 50% credit cards in the list of debts. We 40% divide the sample 30% down into the 20% following groups: has assets 10% (54%) 0% has debt (57%) has both (36%) has neither (25%) has assets/no debt (18%) has debt/no assets (20%).
assets debt
0
1
2
3
4
5
6
# instruments
Office of Financial Empowerment Financial Services Survey
57
NEW ENGLAND MARKET RESEARCH, INC.
no assets
no debt
neither
assets/no debt
debt/no assets
both
Has Assets
Jamaica Melrose
Jamaica
Melrose
Education and Assets
% sample
Has assets 54% of the sample has assets. 48% of the sample has a savings 50% account. If we divide the sample into two groups, those with assets 40% and those without, we see the following: 30% 62% of Jamaica respondents have assets 20% compared to 47% of Melrose respondents751 10% individuals with assets are older, 40.2 years 0% compared to 37.7 years for those without assets752 they have been living in their community longer 19.1 years compared to 80% 16.2 years for those without assets753 60% they believe banks/credit unions754, ATMs755 and 40% wire 756 transfers/remittances are more available 20% respondents who are paid for work with direct 0% deposit or a payroll card have the highest incidence of having assets, 66% and 60% respectively757 100% individuals receiving an 80% EITC are 25% 60% more likely to 40% have assets758 20% 79% have a 0% checking account compared to 42% of those without assets759 they have more credit cards, 1.6
Office of Financial Empowerment Financial Services Survey
58
NEW ENGLAND MARKET RESEARCH, INC.
% sample
compared to 1.1 for those without assets760, and they are more likely to owe money on these cards761 they are more likely to Income and Assets use wire 100% transfers/remittances 762 80% and to bounce checks/overdraw 60% accounts763 40% they are less likely to 20% have not paid their 764 765 0% rent , utilities and 766 other bills in the last 12 months they are twice as likely to have checked their credit report767 a higher percentage play the lottery, 53% compared to 44% of those without assets768 married or divorced are the marital groups with the highest percentage of incidence of asset ownership, 67% each769 volunteer, full time self employment or retired are the employment groups with the highest percentage of incidence of asset ownership, 80%, 69% and 67% respectively770 income771 and education772 are related to asset ownership as shown in the accompanying chart.
Has debt 57% of the sample has debt. If we divide the sample into two groups, those with debt and those without, we see the following: Has Debt 63% of Jamaica 70% respondents have debt compared to 60% 50% of Melrose 50% respondents773 40% they have been in the community fewer 30% years, 17.0 20% compared to 18.7 for 774 10% those without debt they have more 0% people living in the Jamaica Melrose household7753.7 compared to 3.3 for those without debt, and more children under 18 years old776, 1.3 compared to 1.1 they believe banks/credit unions777, ATMs778 and money orders779 are more available
Office of Financial Empowerment Financial Services Survey
59
NEW ENGLAND MARKET RESEARCH, INC.
% sample
respondents who are paid for work with a check and direct deposit have the highest incidence of having debt, 65% and 645 Education and Debt respectively each780 80% 73% have a checking account compared to 60% 46% of those without 40% debt781 they are more likely 20% to use money 0% orders782 and installment plans783more. They also bounce more checks/overdraw accounts more784 full time Income and Debt employment or part time employment 100% are the employment 80% groups with the 60% highest percentage of incidence of debt 40% , 68% and 58% 20% respectively785 0% they are more than twice as likely to have entered into a debt management plan786 they are more likely to have not paid utilities787and other bills788 in the last 12 months they are 50% more likely to have checked their credit report789 income790 and education791 are related to asset ownership as shown in the accompanying charts. % sample
Office of Financial Empowerment Financial Services Survey
60
NEW ENGLAND MARKET RESEARCH, INC.
% sample
% sample
Has both 36% of the sample has both assets and debt. If we divide the sample into two groups, those with both and those without, we see the following: Has Both 44% of Jamaica 50% respondents have both compared to 40% 29% of Melrose 792 respondents 30% they believe banks/credit 20% unions793 and money orders794 10% are more available respondents who 0% are paid for work Jamaica Melrose with direct deposit have the Education and Both highest 60% incidence of having both 40% (38%)795 83% have a 20% checking account 0% compared to 49% of those without both796 they are more likely to use wire transfers/remitt Income and Both ances797lay away 798 plans and to 80% bounce 60% checks/overdraw 799 accounts 40% they are almost 20% twice as likely to have entered into 0% a debt management plan800 they are more likely to have
Office of Financial Empowerment Financial Services Survey
61
NEW ENGLAND MARKET RESEARCH, INC.
checked their credit report801 they are more likely to play the lottery802 they are less likely to have not paid their rent in the last 12 months compared to those without debt and assets married and divorced are the marital groups with the highest percentage of incidence of both, 49% and 40% respectively803 full time employment and self employed full time are the employment groups with the highest percentage of incidence of both, 46% and 44% respectively804 income805 and education806are related to asset ownership as shown in the accompanying charts.
Has neither 25% of the sample has neither assets nor debt. If we divide the sample into two groups, those with neither assets norm debt and those with any possible combination of assets and/or debt, we see the following:
40% 30%
20% 10%
0% 19% of Jamaica Jamaica Melrose respondents have both compared to 31% of Education and Neither Melrose 807 respondents 60% they have fewer people in the 40% household, 3.3 20% versus 3.6 for those not 0% belonging to the group808 they believe banks/credit unions809, ATMs810 and check cashers811 are less available respondents who are paid for work with other and cash have the highest incidence of having neither, 65% and 47% respectively812 30% have a checking account compared to 72% of those without neither813 they are more likely to use pawnshops814 and less likely to bounce checks815 % sample
Has Neither
Office of Financial Empowerment Financial Services Survey
62
NEW ENGLAND MARKET RESEARCH, INC.
% sample
they are less likely to have entered into a debt management plan816 and less likely to be playing the lottery817 they are less likely to have checked their credit report818 they are more likely to have not paid their rent in the last 12 months compared to those with debt and assets819 separated and single are the marital groups with the highest percentage of incidence of neither debt nor assets, 30% and Income and Neither 39% 820 respectively 60% other and unemployed are 40% the employment 20% groups with the highest 0% percentage of incidence of neither, 56% and 46% respectively821 income822and education823 are related to owning neither assets nor debt as shown in the accompanying chart.
% sample
Has assets/no debt 18% of the sample has assets but no debt. If we divide the sample into two groups, those with assets and no debt and those without assets and no debt, we see the following: there is no significant difference between the two communities in the percentage of people in this group Education and Assets/No Debt these individuals 40% are older824, 42.4 compared to 38.3 for those not 20% belonging to the group825 they have been 0% living in the community for a longer period of time, 22.1 years compared to 16.8 for those not in the group826 they believe money orders are less available than those not belonging to the group827
Office of Financial Empowerment Financial Services Survey
63
NEW ENGLAND MARKET RESEARCH, INC.
69% have a checking account compared to 60% of those not belonging to the group828 they are less likely to use money orders829 they are less likely to have not paid their rent830 and other bills831 in the last 12 months compared to those not in this group income is not related to membership in this group, but education is, as shown in the chart832.
Has debt/no assets 20% of the sample has assets but no debt. If we divide the sample into two groups, those with debt and no assets and those without debt and no assets, we see the following: there is a no significant difference between the two communities in the percentage of people in this group they have more people in the household, 3.8 versus 3.4833 those paid by check have the highest incidence of membership in this group, 26%834 they are more likely to use money orders835and bounce checks/overdraw account836 they are more likely to have not paid their rent837, utilities838 and other bills839 in the last 12 months compared to those not in this group. Finally, let’s look at the relationship between assets and debts. Which asset pairings are most associated with each other? Which debt pairings and which asset/debt pairings? The correlation table provides these answers. asset correlation
house
savings acct.
retirement
IDA
college svgs.
savings acct. retirement IDA college svgs. investments
0.09 0.28 0.09 0.00 0.12
0.37 0.19 0.20 0.30
0.20 0.16 0.48
0.20 0.30
0.10
The asset pairings that are most related are savings and retirement, savings and investments, retirement and investments and IDA and investments. We do the same for debt instruments. debt correlation
auto loan
home loan
home loan. home equity loan student loan other debt credit card debt medical debt
0.18 0.16 0.16 0.11 0.21 0.04
0.34 0.05 0.04 0.09 0.01
home equity loan
student loan
0.11 0.03 0.00 0.05
0.22 0.15 0.09
other debt
0.15 0.16
Office of Financial Empowerment Financial Services Survey
credit card
0.04
64
NEW ENGLAND MARKET RESEARCH, INC. There strongest relationships among the debt instruments are auto and credit card, home mortgage and home equity and student loan and other debt. Next, we match the assets to the debt. asset/debt correlation house savings retirement IDA college investments
home loan 0.68 0.17 0.34 0.13 0.04 0.20
auto loan 0.13 0.24 0.32 0.11 0.15 0.15
home equity loan 0.32 0.04 0.19 0.11 0.11 0.05
student loan -0.03 0.22 0.07 0.07 0.21 0.09
other debt -0.02 0.13 0.04 0.02 0.06 0.05
credit card 0.11 0.21 0.21 0.03 0.06 0.09
medical debt 0.16 0.03 -0.05 0.06 0.00 -0.03
The strongest relationships among the assets/debts are house and home loan, retirement savings and auto loan, retirement savings and home loan and house and home equity loan. Automatic deductions 17% of the sample makes automatic deductions to a savings or investment account. What are the distinguishing characteristics of Automatic Deductions this group? First, there is a difference in the communities. In Jamaica, 21% make automatic deductions. In Melrose, 12% make automatic deductions. The difference is significant.
30%
20%
10%
0% Jamaica
Melrose
they have fewer people in the household, 3.2 compared to 3.6 for those not making automatic deductions840, and fewer children at home, 1.0 compared to 1.3841 29% of individuals making direct deposit are using automatic deductions and 40% of individuals using payroll cards are842 using automatic deductions they are more likely to have received an EITC843 and a rapid refund or tax anticipation loan844 94% of these individuals have had a checking account compared to 68% for the holdout group845. 91% currently have an account compared to 56% for the holdout group846 they have more credit cards, 1.8 versus 1.2847 and they are 50% more likely to get cash advances848
Office of Financial Empowerment Financial Services Survey
65
NEW ENGLAND MARKET RESEARCH, INC.
they are more likely to bounce checks and overdraw accounts than the group that does not have automatic deductions849 automatic deductions are related to education and income, generally the higher the education850 or income851, the greater the likelihood of the individual making automatic deductions they are twice as likely to own a home852 and less likely to rent853 they are more likely to get credit card advances854 and more likely to bounce checks and overdraw accounts855 they are almost twice as likely to have declared bankruptcy856 they are more likely to have checked their credit report857 they have twice as many assets858 and debts859 as those not using automatic deductions.
Savings accounts and balances 49% of the sample has a savings account. The table shows the statistics of interest. The difference in savings account percentage between the two communities is significant860. In Jamaica, 58% of the respondents report having a savings account. In Melrose, this percentage is 40%. 71% of Jamaica accounts have a balance > $0. 58% of Melrose savings accounts have a balance > $0861.
Savings Account 70% 60% 50%
If we count only accounts with balances greater than $0, the percentages are 64% of respondents having savings accounts with a balance >$0 in Jamaica and 46% in Melrose.
40%
30% 20% 10% 0% Jamaica
Melrose
Going forward in this section, unless we note otherwise, our discussion concerns only accounts with balances >$0, or 35% of the sample. We look at distinguishing characteristics of this group in table form. savings mean std. dev. median
Jamaica 862
$3,375 $8,444 $400864
Melrose $1,308 $3,516 $180
balance >$0
Jamaica 863
$4,627 $9,599 $1,150865
Office of Financial Empowerment Financial Services Survey
Melrose $2,006 $4,197 $500
66
NEW ENGLAND MARKET RESEARCH, INC.
Account Balances $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $-
Jamaica Melrose
mean
std. dev.
median
Account Balances if >$0 $12,000 $10,000 $8,000
$6,000
Jamaica
$4,000
Melrose
$2,000 $mean
std. dev.
median
Office of Financial Empowerment Financial Services Survey
67
NEW ENGLAND MARKET RESEARCH, INC. The first table compares individuals with balances >$0 against those with balances of $0 and those without accounts, i.e., savers versus non-savers, by community. Only significant results are presented. Jamaica years in community generations in household availability of banks availability of ATMs availability of check cashers availability of money orders availability of wire transfers >% work payment method getting EITC has checking acct. short term loan rapid refund uses rent to own uses layaway uses credit card advances bounces checks debt management plan checked credit report % own % rent893 years owned home can’t pay other rent can’t pay utilities can’t pay other bills automatic deduction % with h.s degree or better % above median sample income % unemployed % full time employed receives Public Assistance receives WIC receives Food Stamps receives Medicare
Melrose
>$0 15.6866 1.4868 2.9869 3.6870 3.1872
others 20.5 1.7 2.7 3.4 2.9
56%877 84%879
42% 61%
15%883 38%884 24%885
9% 25% 15%
19%888 68%890
9% 46%
56% 14.8894
45% 21.5
42%897 34%898
34% 12%
83%901 55%902
78% 37%
56%905
46%
4%908 16%910 14%912
8% 22% 20%
>$0 15.2867
others 17.9
3.6871 2.8873 2.9874 2.5875 payroll card876 57%878 83%880
3.4 3.1 3.1 2.7 other 40% 40%
12%881 32%882
7% 22%
24%886 24%887 9%889 66%891 17%892
16% 10% 5% 41% 9%
24%895 26%896
35% 33%
21%899 84%900
7% 64%
40%903 8%904 62%906 18%907 8%909 30%911
19% 16% 43% 31% 25% 45%
Office of Financial Empowerment Financial Services Survey
68
NEW ENGLAND MARKET RESEARCH, INC. # credit cards avg. owed auto loan home loan student loan other debt retirement savings IDA college savings investments # assets # debts % with debts % with debts & assets
1.7913 $1.978915 29%916
1.4 $3,416 13%
42%919 36%921 45%922 12%924 16%926 28%928 1.8930 1.6932 81%934 69%936
21% 26% 24% 6% 8% 18% 0.8 0.8 52% 28%
The second table compares the results in column 2 against column 4, i.e., those with savings balances >$0 in Jamaica against those with balances >$0 in Melrose to see if here are any significant differences between the savers in the two communities.
1.6914
0.8
17%917 10%918 34%920
5% 2% 12%
27%923 8%925 16%927 17%929 1.5931 1.1933 73%935 58%937
8% 3% 3% 4% 0.4 0.5 40% 15%
Savings >$0 by Education 70% 60% 50% 40% 30% 20% 10% 0%
Jamaica Melrose
Income by Savings Account Information $35,000 $30,000 $25,000 $20,000
Jamaica
$15,000
Melrose
$10,000 $5,000 $0 balance $0 or no acct.
Office of Financial Empowerment Financial Services Survey
balance >$0
69
NEW ENGLAND MARKET RESEARCH, INC. has balance >$0 938
age generations in household939 # $0
60%983 54% 57%984 57%986 65%988 46%990 49%991 55%993 60%996 47%999
bank call
both questions
58%
24%
64%981 52%
27%982 22%
28%985 27%987 35%989 55%992 62%994 64%997 50%1001 65%1003 63%1004
28%995 32%998 18%1000 20%1002 29%1005
We also show education levels and percentage of sample in that education bracket that got both answers correct. Even though the results are not significant, they are illustrative.
% Getting Both Answers Correct by Education 30% 25% 20% 15% 10% 5% 0%
Office of Financial Empowerment Financial Services Survey
74
NEW ENGLAND MARKET RESEARCH, INC. Financial education Respondents were asked if they ever attended a class, seminar or workshop to learn about money. The first chart shows the responses and the second the yes/no responses by community. The community difference is significant1006. Individuals who take classes: are more likely to be male (31%)1007 have been living in the community longer, 19.1 years compared to 17.2 years for those not taking classes1008 have more generations living in the household, 1.8 compared to 1.61009, but fewer children, 1.1 compared to 1.3 for those not taking classes1010 believe ATMs1011, check cashers1012 and wire Take Class About Money transfers/remittances1013 80% are more available 70% are more likely to have a 60% checking account. 72% of individuals taking classes 50% have a checking account 40% compared to 59% of those 30% not taking classes1014 20% are twice as likely to use 1015 10% direct deposit (25%) 0% are more likely to use 1016 check cashers (71%) , yes no unsure wire transfers (39%)1017 and short term loans (13%)1018 and are almost twice as likely to bounce checks/overdraw accounts (27%)1019 are more likely to have entered into a debt Attended Money Class management plan (12%)1020 are 50% more likely to 90% have checked their credit 80% report (68%)1021 70% are more likely to own a 60% house (24%)1022 and less 50% Jamaica likely to rent (51%)1023 40% respond differently to the Melrose 30% “emergency loan” question. 20% 71% of these individuals 10% would get a short term loan 0% as their response to the yes no question1024 respond differently to the “who taught you the most question”. 40% of these individuals said school1025 are more likely to be married (37%) or divorced (28%)1026
Office of Financial Empowerment Financial Services Survey
75
NEW ENGLAND MARKET RESEARCH, INC.
50% of Asian/Pacific Islanders have taken a class compared to 21% of Hispanic/Latinos1027 self employed full time and full time employed are the two employment groups with the highest incidence of taking a class1028 education1029 and income1030 are directly related to taking a class. The more of either, the greater the likelihood of taking a class these individuals are 50% more likely to have a savings account1031 and 30% more likely to have a positive balance in their savings account1032 they also report more assets, 1.2 compared to 0.9 to those not taking classes1033 and more debt instruments, 1.5 compared to 0.91034 they are less likely to have neither debt nor assets as a Type of Class group together1035. 18%
Topics covered 16% We gave a list of 5 specific classes 14% and other to identify the classes 12% taken. Exhibit Twenty provides 10% the text response for the other 8% category. We believe there was 6% some confusion in either the way 4% the question was understood or the 2% way the question was asked during 0% administration, because many budget homebuying savings business respondents who answered that they did not take a class proceeded to check boxes of classes they have taken. We count all boxes checked in the analysis.
Finally, we show provide a correlation table, showing which classes are most closely associated with each other. We see that budget and saving or credit are closely related as well as saving and credit.
other
# Classes Taken 20% 16% % of sample
The first chart shows the percentage of the sample taking the specific type of class. The second chart shows the frequency of responses (multiple classes) taken by the group.
credit
12% 8% 4% 0%
1
2
3
4
5
6
# classes taken
Office of Financial Empowerment Financial Services Survey
76
NEW ENGLAND MARKET RESEARCH, INC. correlation buying saving business credit other
budget 0.43 0.46 0.34 0.47 0.01
buying
saving
business
credit
0.27 0.37 0.39 -0.04
0.29 0.44 0.00
0.29 -0.02
0.00
% of sample
Where they heard about the class Where did people hear about the classes? 10 Where Did You Hear About the Class possible answers were 25% given, one of which 20% was an other category. The other text 15% responses are included 10% in Exhibit Nineteen. 5% As above, the first 0% chart shows the percentage of the sample hearing about the class via a specific channel. The second chart shows the frequency of # Outlets Where Respondent Heard About Class responses (multiple 20% channels) taken by the group. 16% And, as above, we 12% look at the correlation between 8% the marketing 4% outlets for the classes. 0%
1
2
3
4
5
6
7
8
# classes taken
Office of Financial Empowerment Financial Services Survey
77
NEW ENGLAND MARKET RESEARCH, INC.
correlation family newspaper flyer community group church TV/radio bank/credit union tax prep site other
community group
friends 0.52 0.30 0.19 0.18
family
newspaper
flyer
church
TV/radio
0.26 0.16 0.22
0.24 0.23
0.28
0.25 0.17 0.14
0.28 0.21 0.14
0.26 0.51 0.14
0.03 0.19 0.12
0.20 0.15 0.08
0.22 0.06
0.05
0.13 0.03
0.21 0.15
0.09 -0.04
0.09 0.02
0.30 0.06
0.13 0.09
0.22 -0.03
bank/credit union
tax prep site
0.13 0.03
0.07
The most effective combinations are friends and family, friends and newspaper and newspaper and TV/radio. Finally, in looking Beta Weights at the most effective practical methods 0.40 for marketing 0.30 programs, we look at which variables 0.20 “move” the respondent to 0.10 having an increased likelihood of attending a class. One method of identifying the independent variables that move the dependent variable is through beta weights. The beta-weight (when compared to other beta-weights) of an explanatory variable tells you how important this variable is in helping to explain why the dependent variable takes varying values across the population. It is the amount of standard deviations the dependent variable moves by going from no to yes (in our case) for the marketing variable. The chart shows the beta weights of the variables that remain after a stepwise regression, dropping variables that are not significant and those where there is multi-collinearity (the confounding effects of the family variable). In the model represented by the chart, friends is the most effective variable, followed by the others, going from left to right.
Office of Financial Empowerment Financial Services Survey
78
NEW ENGLAND MARKET RESEARCH, INC. Levels of trust
We asked the sample to rank levels of trust for 12 institutions/services on a scale of 1-5, 1 being great trust and 5 being great distrust. The table below shows the mean, standard deviation and median for each variable and significant differences between the communities. The chart shows the ranking. mean
standard deviation
median
Jamaica mean 1036
Melrose mean
faith institution radio city government bank or credit union family/friends 311 community group credit counseling agency TV newspaper Internet employer
2.8 3.3 3.2 2.7 2.6 3.2 3.1 3.1 3.4 3.3 3.5 3.2
1.5 1.3 1.4 1.3 1.4 1.4 1.3 1.3 1.4 1.4 1.4 1.4
3 3 3 3 2 3 3 3 3 3 4 3
2.6 3.21037 3.01038
3.0 3.5 3.3
2.91039 3.01040 2.91041 3.21042 3.11043 3.41044 3.01045
3.4 3.3 3.3 3.5 3.4 3.6 3.3
all 12 variables
3.1
0.9
3.1
3.01046
3.2
We notice a few things. Melrose residents generally have lower levels of trust about all institutions and services. On 10 of 12 variables, Melrose shows greater distrust. Additionally, median values center around neither trust nor distrust. This is affirmed by the relatively tight distributions as demonstrated by a standard deviations average of 1.4.
Trust faith instituiton radio city government bank or credit union family/friends 311 community group credit counseling agency TV newspapers Internet employer 1
2
3
4
5
great trust ===========================================> great distrust
Office of Financial Empowerment Financial Services Survey
79
NEW ENGLAND MARKET RESEARCH, INC. Below we show the correlation between all trust variables, bolding in each column the variable most strongly associated with the row variable. Black bolded numbers represent column variables. Red bolded numbers represent row variables. The * next to the intersection to employer/city government indicates that bolded number was the highest correlation for both variables.
correlation radio city government bank or credit union family/friends 311 community group credit counseling agency TV newspaper Internet employer
faith institution 0.37 0.32
radio
city government
bank or credit union
family/friends
311
community group
credit counseling
TV
newspapers
Internet
0.42 0.36 0.44 0.38
0.75 0.64 0.36
0.67 0.38
0.36
0.47
0.21
0.30
0.39
0.28 0.35 0.39
0.27 0.58 0.49
0.27 0.44 0.43
0.24 0.27 0.30
0.27 0.28
0.57
0.27
0.40
0.44
0.43
0.28
0.40
0.51
0.24 0.26 0.16 0.32
0.55 0.51 0.42 0.41
0.37 0.39 0.34 0.45*
0.19 0.22 0.18 0.28
0.21 0.26 0.19 0.36
0.51 0.50 0.49 0.42
0.52 0.48 0.44 0.42
We go through each trust variable and highlight a few of the characteristics where significant differences exist. First, we divide each trust variable into those who score 1 or 2 (trusters) and those who score 4 or 5 (distrusters). faith institution
trusters
distrusters
% respondents # in household1047 # children1048 availability of banks1049 availability of ATMs1050 availability of check cashers1051 availability of money orders1052 availability of wire transfers1053 $ owed on credit cards1054 has medical debt1055 $ owed medical debt1056 uses money orders1057 bounce checks1058 short term loan1059 rent1060 checked credit report
43% 3.7 1.4 2.6 3.4 2.9 2.9 2.5 $2,908 13% $2,980 71% 21% 10% 58% 46%
34% 3.3 1.1 2.9 3.6 3.1 3.1 2.7 $1,978 7% $1,177 78% 12% 6% 64% 58%
Office of Financial Empowerment Financial Services Survey
80
NEW ENGLAND MARKET RESEARCH, INC. # assets1061 % with debt/no assets1062 makes automatic deductions1063 full time employment1064 both true/false questions correct1065
1.0 20% 16% 45% 29%
0.8 27% 11% 56% 20%
radio
trusters
distrusters
% respondents age1066 availability of banks1067 availability of ATMs1068 availability of check cashers1069 availability of money orders1070 availability of wire transfers1071 # credit cards1072 $ owed on credit cards uses money orders1073 wire transfers1074 can’t pay rent in last 12 months1075 can’t pay other bills in last 12 months1076 checked credit report1077 has debt1078 avg. # debt instruments1079 % with debt/no assets1080
26% 38.1 2.3 3.1 2.6 2.8 2.3 1.0 $1,291 70% 31% 36% 34% 44% 46% 0.8 24%
45% 40.2 2.9 3.7 3.1 3.1 2.6 1.4 $3,729 76% 24% 28% 42% 55% 62% 1.2 18%
Office of Financial Empowerment Financial Services Survey
81
NEW ENGLAND MARKET RESEARCH, INC. city government
trusters
distrusters
% respondents age1081 # generations at home1082 # children1083 availability of banks1084 availability of check cashers1085 availability of wire transfers1086 % received EITC1087 % use rapid refund1088 $ owed on credit cards1089 uses check cashers1090 uses money orders1091 % checked credit report1092 behind 90 on mortgage1093 uses automatic deductions1094 % above median sample income1095 has no debt/assets1096 both true/false questions correct1097 % attending financial classes1098 avg. num classes1099
30% 37.6 1.8 1.4 2.6 2.9 2.5 52% 31% $2,187 61% 64% 46% 7% 17% 40% 28% 28% 31% 0.8
42% 39.4 1.6 1.2 2.8 3.1 2.7 39% 22% $3,715 69% 82% 54% 18% 11% 31% 22% 22% 21% 0.9
bank or credit union
trusters
distrusters
% respondents # in household1100 # children1101 availability of ATMs1102 % with checking accounts1103 # credit cards1104 $ owed on credit cards1105 % with medical debt1106 $ owed in medical debt1107 uses check cashers1108 uses money orders1109 uses wire transfers1110 uses rent to own1111 uses layaway1112 % declaring bankruptcy1113 years homeownership1114 % with savings account1115 uses automatic deductions1116 % unemployed1117 % above median sample income1118 % with assets1119
45% 3.4 1.1 3.3 68% 1.3 $1,905 7% $1,170 60% 72% 25% 11% 29% 3% 14.9 49% 19% 7% 35% 55%
28% 3.7 1.3 3.7 49% 1.0 $3,060 14% $3,794 73% 78% 31% 19% 38% 6% 8.0 41% 12% 15% 29% 47%
Office of Financial Empowerment Financial Services Survey
82
NEW ENGLAND MARKET RESEARCH, INC. has no debt/assets1120 % attending financial classes1121
23% 31%
29% 25%
trusters
distrusters
51% 37.8 3.4 49% 10% 11% 4% 10% 58%
28% 29.6 3.7 42% 14% 6% 8% 6% 64%
311
trusters
distrusters
% respondents years in community1130 # in household1131 generations in household1132 # children1133 availability of banks1134 availability of ATMs1135 availability of money orders1136 availability of wire transfers1137 % with checking accounts1138 # credit cards1139 % bounce checks1140 play lottery1141 can’t pay rent in last 12 months1142 can’t pay utilities in last 12 months1143 income1144 % with college degree or better1145 % rent1146 % paid with direct deposit1147 % paid with cash1148 # debt instruments1149 % with debts/assets1150 % with other ways to save1151 both true/false questions correct1152
32% 15.9 3.9 1.9 1.4 2.6 3.4 2.9 2.4 57% 1.1 18% 47% 40% 38% $19,550 23% 57% 20% 21% 1.0 31% 18% 28%
45% 17.6 3.4 1.6 1.1 2.8 3.6 3.1 2.7 65% 1.5 12% 55% 24% 24% $21,912 36% 64% 35% 13% 1.2 38% 24% 22%
family/friends % respondents age1122 availability of ATMs1123 % receiving EITC1124 % with medical debt1125 uses short term loan1126 % declaring bankruptcy1127 % with debt plan1128 % rent1129
Office of Financial Empowerment Financial Services Survey
83
NEW ENGLAND MARKET RESEARCH, INC. community group
trusters
distrusters
31% 1.8 1.1 2.5 3.3 2.8 69% 34% 26% 22% 45% 38% 35% 17% 49% 8% 33% 0.9 16%
40% 1.6 1.3 2.8 3.6 3.1 77% 24% 35% 13% 54% 28% 27% 12% 43% 13% 25% 0.7 25%
credit counseling agency
trusters
distrusters
% respondents generations in household1170 availability of ATMs1171 availability of wire transfers1172 % using rapid refund1173 amount owed on credit card1174 uses wire transfers1175 uses credit card advances1176 % bounce checks1177 % with debt management plan1178 % above sample median income1179 makes automatic deductions1180 both true/false questions correct1181 # classes attended1182
36% 1.9 3.4 2.4 34% $2,462 34% 16% 24% 13% 43% 20% 28% 1.0
39% 1.6 3.6 2.6 23% $3,319 24% 22% 15% 6% 35% 11% 21% 0.6
% respondents generations in household1153 # children 1154 availability of banks1155 availability of ATMs1156 availability of money orders1157 uses money orders1158 uses wire transfers1159 uses layaway1160 % bounce checks1161 play lottery1162 can’t pay rent in last 12 months1163 can’t pay utilities in last 12 months1164 makes automatic deductions1165 % full time employed1166 % unemployed1167 % attended financial class1168 # classes attended % with other ways to save1169
Office of Financial Empowerment Financial Services Survey
84
NEW ENGLAND MARKET RESEARCH, INC. TV
trusters
distrusters
% respondents # in household1183 generations in household1184 availability of banks1185 availability of ATMs1186 availability of wire transfers1187 availability of money orders1188 % with checking accounts1189 # credit cards1190 amount owed on credit card1191 use money orders1192 use credit card advances1193 % check credit report1194 % owners >90 days behind on mortgage 1195 can’t pay rent in last 12 months1196 % with savings account1197 % full time employed1198 % using automatic deductions1199 % having debt1200 % having debt/assets1201 % paid for work with cash1202 % paid for work with direct deposit1203 % having other ways to save1204
28% 3.7 1.9 2.5 3.3 2.4 2.9 48% 0.9 $2,035 70% 13% 45% 4% 34% 42% 46% 12% 51% 30% 22% 18% 18%
49% 3.4 1.6 2.9 3.6 2.7 3.1 70% 1.5 $3,079 77% 21% 58% 15% 26% 52% 53% 16% 63% 40% 13% 34% 24%
newspapers % respondents generations in household1205 availability of banks1206 availability of ATMs1207 availability of check cashers1208 availability of money orders1209 availability of check cashers1210 availability of wire transfers1211 % with checking accounts1212 # credit cards1213 use check cashers1214 use money orders1215 use credit card advances1216 % with debt management plan1217 can’t pay rent in last 12 months1218 % savings accounts1219
trusters
distrusters
30% 1.9 2.6 3.4 2.7 2.8 2.7 2.4 53% 1.0 60% 67% 13% 45% 35% 43%
45% 1.6 2.8 3.6 3.1 3.1 3,1 2.7 65% 1.4 69% 77% 21% 58% 28% 51%
Office of Financial Empowerment Financial Services Survey
85
NEW ENGLAND MARKET RESEARCH, INC. makes automatic deductions1220 % with medical debt1221 % paid with cash for work1222 % paid direct deposit for work1223 both true/false questions correct # classes attended % with other ways to save1224 Internet % respondents # years in community1225 # in household1226 generations in household1227 availability of banks1228 availability of check cashers1229 availability of money orders1230 % with checking accounts1231 # credit cards1232 use wire transfers1233 % check credit report1234 # years owned home1235 can’t pay rent in last 12 months1236 % with debt1237 % with no debt with assets1238 % with no debt & no assets1239 % with debt/no assets1240 % paid with cash for work1241 % paid direct deposit for work1242 # financial classes attended1243
11% 8% 24% 18% 28% 1.0 17%
15% 13% 14% 33% 21% 0.6 23%
trusters
distrusters
34% 16.0 3.8 1.9 2.5 2.8 2.9 55% 0.9 32% 48% 10.8 34% 51% 21% 28% 18% 24% 17% 0.8
66% 18.2 3.5 1.7 2.8 3.1 3.1 65% 1.5 25% 56% 16.4 28% 63% 16% 22% 27% 15% 34% 0.6
Office of Financial Empowerment Financial Services Survey
86
NEW ENGLAND MARKET RESEARCH, INC. employer
trusters
distrusters
% respondents age1244 # years in community1245 # in household1246 generations in household1247 # children in household1248 availability of check cashers1249 % receiving EITC1250 use wire transfers1251 % bounce checks1252 % declared bankruptcy1253 % with debt management plan1254 can’t pay rent in last 12 months1255 % unemployed1256 % full time employed1257 amount of medical debt1258 % paid with cash for work1259 % paid direct deposit for work1260 % attending financial class1261 # financial classes attended1262
31% 37.1 16.7 3.7 1.9 1.4 2.8 56% 32% 22% 4% 11% 34% 7% 55% $1,092 21% 21% 31% 0.8
41% 40.3 18.8 3.4 1.7 1.1 3.0 40% 24% 14% 7% 5% 27% 13% 44% $2,950 13% 31% 24% 0.6
Office of Financial Empowerment Financial Services Survey
87
NEW ENGLAND MARKET RESEARCH, INC. Attitudes & behavior We asked the sample a series of 13 questions on a variety of attitudinal and behavioral constructs. Respondents circled worry about finances a number between 1 better off in 5 years and 5 with 1 being has a budget strongly disagree better off than last year with the statement maxxed out on credit cards and 5 strongly debt collectors are after me disagree. Below we balance my checkbook often show distinguishing I am in debt characteristics of the I am a saver sample for each credit cards got me in trouble statement. short of cash before payday
risk taker
We begin each goal directed statement analysis with an overall 1 2 3 4 summary of results. strongly disagree ===============> strongly agree Next, and in a manner similar to the trust question series, we create indicator variables: those answering 1 or 2 are classified as disagree-ers and those circling 4 or 5 as ageree-ers. Note that only significant results are posted. mean
std. dev.
median
worry about finances
3.7
1.4
4
better off in 5 years
4.0
1.3
5
has a budget
3.3
1.4
3
better off than last year
3.3
1.4
3
maxxed out on credit cards
2.1
1.4
1
debt collectors are after me
2.1
1.4
1
balance my checkbook often
2.8
1.5
3
I am in debt
2.5
1.5
2
I am a saver
3.1
1.4
3
credit cards got me in trouble
2.4
1.5
2
short of cash before payday
2.9
1.5
3
risk taker
2.8
1.5
3
goal directed
3.5
1.4
4
The first chart shows the mean scoring on each variable.
Office of Financial Empowerment Financial Services Survey
88
5
NEW ENGLAND MARKET RESEARCH, INC. I worry about my finances worry about finances
Sample
mean std. dev. median
3.7 1.4 4
Jamaica
Melrose
1263
3.4 1.4 3.51264
3.9 1.4 5
Worry About Finances sample
Jamaica
Melrose 1
2
3
4
5
strongly disagree===========================> strongly agree
I worry about my finances % respondents % men1265 % women age1266 # years in community1267 # children in household1268 availability of ATMs1269 use money orders1270 use rent to owns1271 use layaways1272 % own1273 # years owned home1274 % rent1275 can’t pay other bills in last 12 months1276 % with savings account1277 savings account balance1278 income1279 % full time employed1280 amount of medical debt1281 % with assets1282
disagree-ers
agree-ers
23% 31% 25% 40.1 19.1 1.1 3.2 66% 10% 22% 26% 23.2 49% 29% 56% $3,815 $23,806 45% $930 61%
58% 69% 75% 38.2 16.4 1.3 3.6 75% 16% 35% 14% 11.9 63% 42% 46% $2,126 $21,080 52% $2,432 52%
Office of Financial Empowerment Financial Services Survey
89
NEW ENGLAND MARKET RESEARCH, INC. % with debt1283 % with assets/no debt1284 % with debt/no assets1285 % paid with cash for work1286 % paid with check for work1287 % attending financial class1288 # financial classes attended1289 mean trust level1290
46% 27% 13% 20% 36% 35% 0.9 2.8
63% 14% 25% 15% 45% 24% 0.7 3.2
Office of Financial Empowerment Financial Services Survey
90
NEW ENGLAND MARKET RESEARCH, INC. I expect to be better off financially in 5 years better off
sample
mean std. dev. median
4.0 1.3 5
Better Off in 5 Years
sample
1
2
3
4
5
strongly disagree===========================> strongly agree
better off % respondents # generations1291 availability of banks1292 availability of ATMs1293 availability of check cashers1294 availability of money orders1295 availability of wire transfers1296 % with checking accounts1297 # credit cards1298 amount owed on credit cards1299 use check cashers1300 use pawn shop1301 % check credit report1302 # years owned home1303 % rent can’t pay rent in last 12 months1304 can’t pay utilities in last 12 months1305 income1306 % full time employed1307 % with assets1308
disagree-ers
agree-ers
15% 2.0 2.4 3.0 2.5 2.6 2.3 53% 0.8 $1,082 58% 29% 42% 29.6 49% 46% 36% $16,667 42% 45%
70% 1.6 2.8 3.6 3.1 3.1 2.7 65% 1.5 $3,055 69% 18% 56% 12.8 63% 26% 27% $23,539 53% 57%
Office of Financial Empowerment Financial Services Survey
91
NEW ENGLAND MARKET RESEARCH, INC. % with debt1309 % with assets/debt1310 % with assets/no debt1311 % with no debt/assets1312 % with debt/no assets1313 % paid with cash for work1314 % paid with check for work1315 % with other ways to save1316 # financial classes attended1317 mean trust level1318
34% 20% 25% 45% 14% 26% 30% 9% 1.0 2.9
64% 41% 16% 23% 23% 14% 46% 24% 0.7 3.1
Office of Financial Empowerment Financial Services Survey
92
NEW ENGLAND MARKET RESEARCH, INC. Our household has a budget has a budget mean std. dev. median
sample
Jamaica
3.3 1.4 3
Melrose
1319
3.2 1.4 3
3.4 1.4 3
Household Has a Budget sample
Jamaica
Melrose 1
2
3
4
5
strongly disagree===========================> strongly agree
has a budget % respondents % men1320 % women # children in household1321 availability of ATMs1322 availability of check cashers1323 availability of money orders1324 % receiving EITC1325 % using rapid refund1326 % with checking accounts1327 use check cashers1328 use pawn shops1329 % check credit report1330 % with debt management plan1331 % own1332 % late >90 days on mortgage1333 % with savings accounts1334 income1335 % full time employed1336 % making automatic deductions1337
disagree-ers
agree-ers
28% 45% 31% 1.1 3.3 2.9 2.9 39% 21% 58% 62% 24% 48% 7% 14% 0% 41% $19,146 40% 9%
47% 55% 69% 1.3 3.6 3.1 3.1 51% 30% 64% 68% 17% 57% 11% 21% 17% 53% $22,954 51% 18%
Office of Financial Empowerment Financial Services Survey
93
NEW ENGLAND MARKET RESEARCH, INC. % with assets1338 % with debt1339 % with assets/debt1340 % using direct deposit1341 # take financial class1342 # financial classes attended1343
46% 52% 27% 26% 21% 0.6
59% 62% 41% 33% 31% 0.8
Office of Financial Empowerment Financial Services Survey
94
NEW ENGLAND MARKET RESEARCH, INC. I am better off financially than I was last year better off than last year mean std. dev. median
sample 3.2 1.4 3
Jamaica
Melrose
3.3 1.4 4
3.2 1.4 3
Better Off Financially Than Last Year sample
Jamaica
Melrose Jamaica sample
Melrose
1
2 3 4 strongly disagree===============> strongly agree
better off than last year % respondents # in household1344 # generations1345 availability of banks1346 availability of check cashers1347 availability of money orders1348 % with checking accounts1349 % use short term loans1350 use pawn shops1351 % bounce checks1352 % check credit report1353 % rent1354 can’t pay rent in last 12 months1355 can’t pay utilities in last 12 months1356 can’t pay other bills in last 12 months1357 % with savings accounts1358 savings account balance1359 income1360 % unemployed1361
disagree-ers
agree-ers
30% 3.7 1.8 2.6 2.9 2.9 55% 12% 26% 21% 45% 54% 39% 39% 47% 37% $1,057 $15,714 16%
47% 3.4 1.6 2.9 3.1 3.1 69% 7% 18% 14% 60% 62% 24% 22% 31% 58% $3,394 $26,479 8%
Office of Financial Empowerment Financial Services Survey
5
95
NEW ENGLAND MARKET RESEARCH, INC. % full time employed1362 % making automatic deductions1363 % with assets1364 % with debt1365 % with assets/debt1366 % with no debt/no assets1367 % with debt/no assets1368 % paid with check for work1369 % attending financial classes1370
40% 13% 43% 49% 24% 32% 25% 36% 20%
57% 22% 62% 63% 44% 19% 19% 47% 33%
Office of Financial Empowerment Financial Services Survey
96
NEW ENGLAND MARKET RESEARCH, INC. I am maxxed out on my credit cards maxxed out on credit cards
sample
mean std. dev. median
2.0 1.4 1
Maxxed Out on Credit Cards
sample
1
2
3
4
5
strongly disagree=================> strongly agree
maxxed out on credit cards % respondents # children in household1371 % receiving EITC1372 % using rapid refund1373 # credit cards1374 amount owed on credit cards1375 % with medical debt1376 use check cashers1377 use money orders1378 use pawn shops1379 use rent to owns1380 use layaways1381 use credit card advances1382 use short term loans1383 % bounce checks1384 % rent1385 can’t pay rent in last 12 months1386 can’t pay utilities in last 12 months1387 can’t pay other bills in last 12 months 1388 % with savings accounts1389 balance in savings account1390
disagree-ers
agree-ers
51% 1.2 44% 23% 1.1 $1,736 9% 64% 70% 17% 11% 29% 15% 6% 14% 57% 23% 25% 32% 51% $3,159
19% 1.5 54% 37% 1.8 $5,295 17% 71% 82% 29% 23% 36% 22% 13% 28% 66% 42% 42% 52% 42% $1,195
Office of Financial Empowerment Financial Services Survey
97
NEW ENGLAND MARKET RESEARCH, INC. income1391 % making automatic deductions1392 % with debt1393 % with assets/ no debt1394 % with debt/no assets1395 % with no debt/assets1396 both true/false questions correct1397
$23,873 18% 53% 20% 18% 26% 21%
$20,619 10% 70% 12% 32% 17% 30%
Office of Financial Empowerment Financial Services Survey
98
NEW ENGLAND MARKET RESEARCH, INC. Debt collectors are constantly contacting me debt collectors
sample
mean std. dev. median
2.1 1.4 1
Jamaica
Melrose
1398
2.0 1.3 1
2.2 1.4 1
Debt Collectors Contacting Me sample
Jamaica
Melrose 1
2
3
4
5
strongly disagree=================> strongly agree
debt collectors contacting me % respondents # in household1399 # generations1400 # children in household1401 availability of wire transfers1402 % using rapid refund1403 % with checking account1404 amount owed on credit cards1405 use check cashers1406 use money orders1407 use wire transfers1408 use pawn shops1409 use rent to owns1410 use layaways1411 % with medical debt1412 amount of medical debt1413 use credit card advances1414 use short term loans1415 % bounce checks1416 % with debt management plan1417 # years owned home1418
disagree-ers
agree-ers
67% 3.4 1.6 1.1 2.6 24% 66% $1,918 63% 68% 26% 26% 9% 28% 8% $1,559 14% 7% 13% 8% 18.3
19% 3.8 1.8 1.4 2.4 34% 57% $5,488 70% 86% 38% 38% 26% 39% 19% $2,998 28% 16% 27% 13% 7.3
Office of Financial Empowerment Financial Services Survey
99
NEW ENGLAND MARKET RESEARCH, INC. can’t pay rent in last 12 months1419 can’t pay utilities in last 12 months1420 can’t pay other bills in last 12 months1421 % with savings accounts1422 income1423 % full time employed1424 % with assets1425 % with debt/no assets1426 % taking financial classes1427 both true/false questions correct1428
22% 23% 30% 52% $23,606 51% 57% 18% 29% 22%
47% 45% 59% 38% $18,304 44% 49% 29% 21% 32%
Office of Financial Empowerment Financial Services Survey
100
NEW ENGLAND MARKET RESEARCH, INC. I balance my checkbook weekly or monthly balance checkbook mean std. dev. median
sample 2.8 1.5 3
Balance Checkbook Weekly or Monthly
sample
1
2
3
4
5
strongly disagree=================> strongly agree
balance checkbook % respondents age1429 # years in community1430 # children in household1431 % with checking account1432 # credit cards1433 use wire transfers1434 use credit card advances1435 % checked credit report1436 % own1437 # years owned home1438 can’t pay other bills in last 12 months1439 % with savings accounts1440 balance in savings account1441 income1442 % unemployed1443 % full time employed1444 % making automatic deductions1445 % with assets1446 % with debt/assets1447 % with no debt/assets1448 % paid for work with cash1449
disagree-ers
agree-ers
46% 37.5 16.5 1.3 52% 1.1 26% 15% 40% 12% 12.1 42% 42% $1,511 $20,595 14% 43% 12% 46% 29% 30% 19%
34% 41.6 20.0 1.1 75% 1.6 33% 21% 64% 25% 19.3 31% 57% $2,763 $23,858 7% 55% 23% 65% 45% 16% 14%
Office of Financial Empowerment Financial Services Survey
101
NEW ENGLAND MARKET RESEARCH, INC. % paid for work with direct deposit1450 % with other ways to save1451 % taking financial classes1452 # financial classes taken1453 both true/false questions correct1454
27% 18% 22% 0.6 28%
35% 26% 34% 0.9 19%
Office of Financial Empowerment Financial Services Survey
102
NEW ENGLAND MARKET RESEARCH, INC. I consider myself in debt consider myself in debt
sample
mean std. dev. median
2.5 1.5 2
Consider Myself in Debt
sample
1
2
3
4
5
strongly disagree=================> strongly agree
consider myself in debt % respondents # in household1455 # children in household1456 % receiving EITC1457 % using rapid refund1458 % with checking account1459 % with medical debt1460 amount of medical debt1461 # credit cards1462 amount owed on credit cards1463 use check cashers1464 use money orders1465 use wire transfers1466 use pawn shops1467 use rent to owns1468 use layaways1469 use credit card advances1470 % bounce checks1471 use short term loans1472 % with debt management plan1473
disagree-ers
agree-ers
55% 3.4 1.1 44% 20% 65% 6% $1,023 1.1 $1,017 63% 68% 26% 15% 10% 23% 11% 12% 6% 7%
29% 3.7 1.3 51% 36% 58% 16% $2,766 1.5 $5,889 72% 82% 37% 32% 19% 41% 27% 24% 15% 12%
Office of Financial Empowerment Financial Services Survey
103
NEW ENGLAND MARKET RESEARCH, INC. % own1474 % > 90 days behind on mortgage1475 can’t pay rent in last 12 months1476 can’t pay utilities in last 12 months1477 can’t pay other bills in last 12 months1478 % with savings accounts1479 balance in savings account1480 income1481 % unemployed1482 % full time employed1483 % making automatic deductions1484 % with assets1485 % with debt1486 % with debt/no assets1487 % with assets/no debt1488 % paid for work with check1489 % paid for work with direct deposit1490 both true/false questions correct1491
20% 8% 24% 22% 29% 54% $3,054 $22,094 10% 50% 17% 59% 51% 15% 23% 40% 31% 19%
15% 19% 41% 42% 53% 39% $856 $19,290 14% 43% 11% 49% 65% 28% 12% 47% 24% 34%
Office of Financial Empowerment Financial Services Survey
104
NEW ENGLAND MARKET RESEARCH, INC. I consider myself a saver consider myself a saver
sample
mean std. dev. median
3.1 1.4 3
Consider Myself a Saver
sample
1
2
3
4
5
strongly disagree=================> strongly agree
consider myself a saver % respondents availability of ATMs1492 availability of check cashers1493 availability of wire transfers1494 % receiving EITC1495 % with checking account1496 amount owed on credit cards1497 use pawn shops1498 % bounce checks1499 % own1500 can’t pay rent in last 12 months1501 can’t pay utilities in last 12 months1502 can’t pay other bills in last 12 months1503 % with savings accounts1504 balance in savings account1505 income1506 % unemployed1507 % full time employed1508 % with assets1509 % with debt1510
disagree-ers
agree-ers
36% 3.3 2.8 2.3 42% 57% $3,299 24% 21% 15% 34% 31% 41% 39% $1,601 $19,953 13% 45% 45% 52%
42% 3.6 3.0 2.6 50% 70% $2,113 19% 14% 22% 25% 22% 31% 60% $2,998 $24,198 8% 56% 66% 61%
Office of Financial Empowerment Financial Services Survey
105
NEW ENGLAND MARKET RESEARCH, INC. % with assets/debt1511 % with debt/no assets1512 % with no assets/no debt1513 % paid for work with cash1514 % paid for work with check1515 # financial classes taken1516 mean trust level1517
28% 24% 31% 23% 34% 0.6 3.2
44% 17% 17% 11% 52% 0.9 3.0
Office of Financial Empowerment Financial Services Survey
106
NEW ENGLAND MARKET RESEARCH, INC. Credit cards have gotten me into trouble credit cards got me in trouble
sample
mean std. dev. median
2.4 1.5 2
Credit Cards Have Gotten Me in Trouble
sample
1
2
3
4
5
strongly disagree=================> strongly agree
credit cards got me in trouble % respondents # children in household1518 availability of banks1519 % receiving EITC1520 % use rapid refund1521 # credit cards1522 amount owed on credit cards1523 use check cashers1524 use money orders1525 use wire transfers1526 use pawn shops1527 use rent to owns1528 use layaways1529 use credit card advances1530 % bounce checks1531 use short term loans1532 % checked credit report1533 % with debt management plan1534 % rent1535 # years owned home1536
disagree-ers
agree-ers
60% 1.2 2.7 42% 20% 1.1 $1,533 61% 66% 27% 18% 10% 28% 13% 14% 7% 50% 7% 56% 18.4
24% 1.4 2.9 57% 36% 1.8 $5,154 76% 89% 34% 33% 21% 40% 26% 25% 12% 57% 15% 63% 10.7
Office of Financial Empowerment Financial Services Survey
107
NEW ENGLAND MARKET RESEARCH, INC. can’t pay rent in last 12 months1537 can’t pay utilities in last 12 months1538 can’t pay other bills in last 12 months1539 % play lottery1540 % with savings accounts1541 balance in savings account1542 income1543 % with medical debt1544 % with debt1545 % with no debt/no assets1546 % with debt/no assets1547 % with assets/no debt1548 both true/false questions correct1549
24% 23% 30% 46% 52% $3,077 $22,616 8% 52% 26% 17% 22% 22%
38% 42% 52% 54% 44% $999 $20,139 19% 69% 19% 28% 12% 30%
Office of Financial Empowerment Financial Services Survey
108
NEW ENGLAND MARKET RESEARCH, INC. I’m usually short of cash a few days before I get paid short of cash
sample
mean std. dev. median
2.9 1.5 3
Short of Cash Before Payday
sample
1
2
3
4
5
strongly disagree=================> strongly agree
short of cash % respondents # years in community1550 availability of ATMs1551 availability of check cashers1552 availability of money orders1553 availability of wire transfers1554 # credit cards1555 amount owed on credit cards1556 use check cashers1557 use money orders1558 use pawn shops1559 use rent to owns1560 use layaways1561 % bounce checks1562 use short term loans1563 % own1564 # years owned home1565 % rent1566 can’t pay rent in last 12 months1567
disagree-ers
agree-ers
41% 19.0 3.3 2.9 2.9 2.4 1.4 $2,195 59% 65% 17% 10% 27% 14% 7% 22% 21.0 53% 24%
39% 16.5 3.6 3.0 3.1 2.6 1.2 $3,639 70% 78% 25% 17% 37% 22% 11% 14% 7.8 62% 35%
Office of Financial Empowerment Financial Services Survey
109
NEW ENGLAND MARKET RESEARCH, INC. can’t pay utilities in last 12 months1568 can’t pay other bills in last 12 months1569 % with savings accounts1570 balance in savings account1571 income1572 % making automatic deductions1573 % with medical debt1574 amount of medical debt1575 % with assets1576 % with debt1577 % with debt/no assets1578 % with assets/no debt1579 % taken financial class1580 # financial classes taken1581
23% 32% 53% $3,737 $24,403 21% 8% $1,303 59% 56% 18% 21% 29% 0.8
36% 46% 44% $1,234 $19,353 14% 15% $2,730 50% 63% 27% 14% 24% 0.6
Office of Financial Empowerment Financial Services Survey
110
NEW ENGLAND MARKET RESEARCH, INC. I am a risk taker risk taker mean std. dev. median
sample 2.8 1.5 3
Jamaica 2.7 1.4 3
Melrose 3.0 1.5 3
I am a Risk Taker sample
Jamaica
Melrose 1
2
3
4
5
strongly disagree=================> strongly agree
risk taker % respondents % men1582 % women age1583 # children in household1584 availability of money orders1585 availability of wire transfers1586 use check cashers1587 use money orders1588 use pawn shops1589 use rent to owns1590 use layaways1591 use credit card advances1592 % bounce checks1593 % declaring bankruptcy1594 % own1595 # years owned home1596 % rent1597 can’t pay utilities in last 12 months1598 can’t pay other bills in last 12 months1599 % making automatic deductions1600 % paid for work with check1601
disagree-ers
agree-ers
42% 49% 58% 41.0 1.1 2.9 2.5 60% 66% 14% 9% 24% 14% 14% 9% 22% 20.2 54% 26% 32% 18% 37%
35% 51% 42% 37.5 1.3 3.1 2.6 69% 79% 26% 15% 38% 21% 24% 3% 14% 10.2 60% 35% 46% 13% 48%
Office of Financial Empowerment Financial Services Survey
111
NEW ENGLAND MARKET RESEARCH, INC. % with debt1602 % with assets/debt1603 % with no debt/no assets1604 % with assets/no debt1605 % with debt/no assets1606 average trust level1607
50% 34% 29% 21% 16% 3.0
67% 40% 19% 14% 27% 3.2
Office of Financial Empowerment Financial Services Survey
112
NEW ENGLAND MARKET RESEARCH, INC. I am a goal directed person goal directed mean std. dev. median
sample 3.5 1.4 4
I am Goal Directed
sample
1
2
3
4
5
strongly disagree================> strongly agree
goal directed % respondents % men1608 % women age1609 # years in community1610 # children in household1611 availability of banks1612 availability of ATMs1613 availability of check cashers1614 availability of money orders1615 availability of wire transfers1616 % receiving EITC1617 % using rapid refund1618 % with checking accounts1619 use check cashers1620 % declaring bankruptcy1621 % checked credit report1622 can’t pay rent in last 12 months1623
disagree-ers
agree-ers
24% 34% 28% 40.6 19.1 0.9 2.6 3.1 2.7 2.7 2.3 39% 21% 57% 59% 8% 48% 39%
55% 66% 72% 38.5 17.0 1.3 2.8 3.7 3.1 3.2 2.7 51% 27% 66% 68% 5% 56% 25%
Office of Financial Empowerment Financial Services Survey
113
NEW ENGLAND MARKET RESEARCH, INC. can’t pay utilities in last 12 months1624 can’t pay other bills in last 12 months1625 % with savings account1626 income1627 % full time employed1628 % paid for work with cash1629 % paid for work with check1630 % with assets1631 % with assets/debt1632 % with other ways to save1633
35% 44% 37% $18,392 43% 22% 36% 48% 29% 19%
26% 34% 54% $23,723 53% 13% 49% 57% 39% 26%
Finally, in this section we show two additional pieces of information. The first is the correlation table for these variables, presented in order to see the degree of association between attitudes and behaviors for the entire sample. The second is a graph of the correlation between the attitude/behavior variables and the trust variable with the highest positive correlation coefficient (note that I consider myself a saver has no trust variables positively correlated with it). This might be helpful in designing outreach programs with partners. Black bolded numbers represent column variables. Red bolded numbers represent row variables. The * next to the intersection to in debt/trouble indicates that bolded number was the highest correlation for both variables.
Office of Financial Empowerment Financial Services Survey
114
NEW ENGLAND MARKET RESEARCH, INC. The table below can be read as “the trust variable most positively correlated with I worry about my finances is community group”.
behavior/attitude worry better off in 5 years budget better off than last year maxxed out debt collectors balance checkbook in debt saver trouble short risk taker goal directed
correlation
trust variable
0.18 0.11 0.09 0.05 0.05 0.06 0.01 0.05
community group faith institution bank/credit union faith institution credit counseling agency city government family/friends bank/credit union
0.13 0.08 0.12 0.03
Internet employer 311 bank/credit union
Office of Financial Empowerment Financial Services Survey
115
NEW ENGLAND MARKET RESEARCH, INC. Obstacles to financial success The sample was provided with 10 obstacles to financial success, including an other and asked to rank each one on a scale of 1-5, Obstacles: Mean with 1 being in the way and 5 family being not in the high cost of housing way. friends The chart and table provide the summary information on these variables. Exhibit Twenty provides the text response to the other variable.
dead-end job debt collection job skill levels debt edcuation court ordered child support payments other
family high cost of housing friends dead-end job debt collection job skill levels debt education court ordered child support payments other
1 2 3 4 in the way==================> not in the way
mean
std. dev.
median
3.4 2.5 3.7 3.1 3.3 3.3 3.2 3.3 3.3 3.5
1.5 1.5 1.4 1.5 1.6 1.5 1.5 1.5 1.5 1.6
4 2 4 3 3 3 3 3 3 4
5
In order to facilitate analysis of these obstacle variables, we create indicator variables. Respondents answering 1 or 2 are classified as in the way and those scoring 4 or 5 are classified as not in the way.
Office of Financial Empowerment Financial Services Survey
116
NEW ENGLAND MARKET RESEARCH, INC. Family family
sample
mean std. dev. median
3.4 1.5 4
Obstacle: Family
sample
1
2 3 4 in the way=============================> not in the way
family % respondents % men1634 % women age1635 # years in community1636 # in household1637 availability of banks1638 availability of ATMs1639 availability of check cashers1640 availability of money orders1641 availability of wire transfers1642 % with checking accounts1643 use wire transfers1644 use pawn shops1645 use layaways1646 use credit card advances1647 % bounce checks1648 % checked credit report1649 % own1650 >90 days behind on mortgage1651
5
in the way
not in the way
24% 40% 34% 35.7 15.6 3.7 2.5 3.4 2.9 2.9 2.5 58% 37% 29% 48% 25% 28% 39% 13% 22%
55% 60% 66% 40.3 18.8 3.4 2.9 3.6 3.1 3.1 2.7 67% 22% 14% 25% 14% 11% 60% 20% 7%
Office of Financial Empowerment Financial Services Survey
117
NEW ENGLAND MARKET RESEARCH, INC. can’t pay rent in last 12 months1652 can’t pay utilities in last 12 months1653 can’t pay other bills in last 12 months1654 savings account balance1655 income1656 % unemployed1657 % making automatic deductions1658 % with medical debt1659 % paid for work with cash1660 % paid for work with direct deposit1661 % with other ways to save1662 mean trust level1663
42% 36% 46% $1,089 $20,291 7% 13% 13% 24% 21% 16% 2.9
20% 25% 32% $3,673 $23,469 13% 18% 8% 14% 31% 25% 3.2
Office of Financial Empowerment Financial Services Survey
118
NEW ENGLAND MARKET RESEARCH, INC. High cost of housing housing
sample
mean std. dev. median
2.5 1.5 2
Obstacle: High Cost of Housing
sample
1
2 3 4 in the way=============================> not in the way
housing % respondents age1664 use check cashers1665 use money orders1666 use wire transfers1667 use layaways1668 can’t pay utilities in last 12 months1669 income1670
in the way
not in the way
56% 38.5 70% 76% 33% 35% 33% $21,494
27% 40.4 59% 64% 20% 27% 27% $23,896
5
Office of Financial Empowerment Financial Services Survey
119
NEW ENGLAND MARKET RESEARCH, INC. Friends friends
sample
mean std. dev. median
3.7 1.4 4
Obstacle: Friends
sample
1
2 3 4 in the way=============================> not in the way
friends % respondents age1671 # years in community1672 # in household1673 # generations1674 # children in household1675 availability of banks1676 availability of ATMs1677 availability of check cashers1678 availability of money orders1679 availability of wire transfers1680 % with checking account1681 # credit cards1682 use pawn shops1683 use layaways1684 use credit card advances1685 % bounce checks1686 % checked credit report1687
in the way
not in the way
22% 36.8 16.8 3.8 1.9 1.4 2.5 3.3 2.8 2.9 2.3 51% 0.9 31% 36% 22% 22% 43%
59% 39.9 18.7 3.5 1.7 1.2 2.8 3.6 3.0 3.1 2.6 67% 1.5 16% 28% 15% 15% 58%
Office of Financial Empowerment Financial Services Survey
5
120
NEW ENGLAND MARKET RESEARCH, INC. # years owned home1688 % rent1689 can’t pay rent in last 12 months1690 can’t pay utilities in last 12 months1691 can’t pay other bills in last 12 months1692 play lottery1693 % with savings account1694 savings account balance1695 income1696 % employed full time1697 % making automatic deductions1698 % with medical debt1699 amount of medical debt1700 % with debt1701 % with no debt/no assets1702 % with debt/no assets1703 % with other ways to save1704 % paid for work in cash1705 % paid for work by check1706 % paid for work using direct deposit1707 both true/false questions correct1708 mean trust score1709
11.0 52% 48% 41% 45% 58% 39% $527 $16,825 45% 13% 15% $3,094 49% 32% 18% 15% 28% 37% 18% 17% 2.8
16.9 60% 23% 28% 37% 47% 52% $3,173 $24,320 54% 20% 10% $976 63% 21% 23% 29% 14% 47% 32% 27% 3.2
Office of Financial Empowerment Financial Services Survey
121
NEW ENGLAND MARKET RESEARCH, INC. Dead-end job dead- end job mean std. dev. median
sample 3.1 1.5 3
Jamaica 1710
3.2 1.5 3
Melrose 3.0 1.5 3
Obstacle: Dead-End Job sample
Jamaica
Melrose
1
2 3 4 in the way=============================> not in the way
dead-end job % respondents age1711 # years in community1712 # generations1713 # children in household1714 availability of banks1715 availability of wire transfers1716 % with checking account1717 # credit cards1718 amount owed on credit cards1719 use check cashers1720 use layaways1721 % declaring bankruptcy1722 % checked credit report1723 % own1724 # years owned home1725 can’t pay rent in last 12 months1726 can’t pay utilities in last 12 months1727 can’t pay other bills in last 12 months1728
in the way
not in the way
39% 36.9 16.6 1.8 1.4 2.5 2.6 54% 1.2 $3,502 79% 36% 4% 47% 15% 9.2 37% 38% 44%
42% 41.0 19.1 1.6 1.2 2.9 2.7 70% 1.4 $2,009 63% 29% 8% 58% 20% 17.1 22% 23% 29%
Office of Financial Empowerment Financial Services Survey
5
122
NEW ENGLAND MARKET RESEARCH, INC. % with savings account1729 savings account balance1730 income1731 % employed full time1732 % making automatic deductions1733 % with assets1734 % with no debt/no assets1735 % with other ways to save1736 % paid for work in cash1737 % taken financial classes1738
41% $1,331 $18,834 46% 14% 51% 28% 19% 21% 26%
56% $3,534 $26,287 56% 21% 60% 20% 25% 15% 33%
Office of Financial Empowerment Financial Services Survey
123
NEW ENGLAND MARKET RESEARCH, INC. Debt collection debt collection mean std. dev. median
sample 3.3 1.6 3
Obstacle: Debt Collection
sample
1
2
3
4
5
in the way====================================== > not in the way
debt collection % respondents age1739 # years in community1740 # in household1741 # children in household1742 availability of banks1743 availability of ATMS1744 availability of check cashers1745 availability of money orders1746 availability of wire transfers1747 % using rapid refund1748 % with checking account1749 amount owed on credit cards1750 use check cashers1751 use money orders1752 use pawn shops1753 use rent to owns1754 use layaways1755 use credit card advances1756 % checked credit report1757
in the way
not in the way
32% 37.3 16.9 3.7 1.3 2.6 3.4 2.9 2.8 2.4 31% 55% $4,301 74% 76% 30% 18% 39% 20% 46%
48% 39.3 18.9 3.5 1.2 2.8 3.6 3.1 3.2 2.7 25% 67% $1,915 60% 69% 14% 10% 25% 14% 58%
Office of Financial Empowerment Financial Services Survey
124
NEW ENGLAND MARKET RESEARCH, INC. % with debt management plan1758 % own1759 can’t pay rent in last 12 months1760 can’t pay utilities in last 12 months1761 can’t pay other bills in last 12 months1762 % with savings account1763 savings account balance1764 income1765 % employed full time1766 % making automatic deductions1767 % with assets1768 % with other ways to save1769 % paid for work using direct deposit1770
12% 13% 42% 44% 48% 44% $1,555 $19,838 45% 14% 50% 19% 24%
7% 22% 20% 21% 28% 53% $3,469 $24,143 55% 22% 59% 26% 33%
Office of Financial Empowerment Financial Services Survey
125
NEW ENGLAND MARKET RESEARCH, INC. Job skills level job skills level mean std. dev. median
sample 3.3 1.5 3
Obstacle: Job Skills Level
sample
1
2
3
4
5
in the way====================================== > not in the way
job skills level % respondents % men1771 % women age1772 # in household1773 availability of banks1774 availability of check cashers1775 availability of money orders1776 availability of wire transfers1777 % with checking account1778 # credit cards1779 % with medical debt1780 amount of medical debt1781 use check cashers1782 use pawn shops1783 use layaways1784 % bounce checks1785 % declaring bankruptcy1786 % checked credit report1787 % own1788
in the way
not in the way
29% 31% 41% 37.3 3.8 2.6 2.8 3.0 2.5 51% 1.1 15% $2,987 68% 21% 37% 22% 3% 42% 12%
48% 66% 59% 39.3 3.5 2.9 3.1 3.1 2.8 72% 1.5 10% $1,760 60% 16% 26% 15% 7% 62% 22%
Office of Financial Empowerment Financial Services Survey
126
NEW ENGLAND MARKET RESEARCH, INC. can’t pay rent in last 12 months1789 can’t pay utilities in last 12 months1790 can’t pay other bills in last 12 months1791 % with savings account1792 savings account balance1793 income1794 % unemployed1795 % employed full time1796 % making automatic deductions1797 % with assets1798 % with debt/assets1799 % with no debt/no assets1800 % paid for work with cash1801 % paid for work with direct deposit1802 % with other ways to save1803 % taken financial class1804 both true/false questions correct1805 mean trust level1806
42% 38% 44% 39% $727 $17,012 12% 45% 10% 46% 31% 28% 22% 25% 17% 26% 26% 2.9
22% 21% 31% 56% $3,873 $26,875 9% 56% 22% 62% 43% 21% 15% 33% 28% 34% 21% 3.1
Office of Financial Empowerment Financial Services Survey
127
NEW ENGLAND MARKET RESEARCH, INC. Debt debt
sample
mean std. dev. median
3.2 1.5 3
Obstacle: Debt
sample
1
2
3
4
5
in the way====================================== > not in the way
debt % respondents % men1807 % women availability of banks1808 availability of wire transfers1809 % using rapid refund1810 % with checking account1811 # credit cards1812 amount owed on credit cards1813 use check cashers1814 use money orders1815 use pawn shops1816 use layaways1817 use credit card advances1818 % bounce checks1819 use short term loans1820 % with debt management plan1821 % own1822 % rent1823 can’t pay rent in last 12 months1824
in the way
not in the way
34% 47% 40% 2.6 2.5 29% 57% 1.6 $3,912 74% 79% 27% 39% 19% 19% 13% 13% 14% 61% 40%
45% 53% 60% 2.8 2.7 22% 68% 1.3 $1,696 60% 66% 16% 26% 14% 11% 6% 7% 23% 55% 21%
Office of Financial Empowerment Financial Services Survey
128
NEW ENGLAND MARKET RESEARCH, INC. can’t pay utilities in last 12 months1825 can’t pay other bills in last 12 months1826 % play lottery1827 % with savings account1828 savings account balance1829 income1830 % employed full time1831 % making automatic deductions1832 % with assets1833 % with debt1834 % with no debt/no assets1835 % with debt/no assets1836 % paid for work with cash1837
42% 50% 53% 43% $1,045 $20,500 47% 14% 50% 63% 26% 29% 20%
20% 28% 47% 53% $3,791 $23,448 54% 19% 58% 51% 33% 14% 15%
Office of Financial Empowerment Financial Services Survey
129
NEW ENGLAND MARKET RESEARCH, INC. Education education
sample
mean std. dev. median
3.3 1.5 3
Obstacle: Education
sample
1
2
3
4
5
in the way====================================== > not in the way
education % respondents age1838 # years in community1839 availability of banks1840 availability of check cashers1841 availability of money orders1842 availability of wire transfers1843 % with checking account1844 # credit cards1845 amount of medical debt1846 use wire transfers1847 use pawn shops1848 % checked credit report1849 % own1850 can’t pay rent in last 12 months1851 can’t pay utilities in last 12 months1852 can’t pay other bills in last 12 months1853 % play lottery1854 % with savings account1855 savings account balance1856
in the way
not in the way
30% 35.9 15.3 2.6 2.7 2.9 2.4 51% 1.1 $3,826 33% 25% 41% 11% 36% 38% 43% 43% 38% $890
48% 40.2 19.1 2.9 3.1 3.1 2.7 70% 1.4 $1,139 26% 17% 61% 23% 23% 22% 31% 51% 58% $3,852
Office of Financial Empowerment Financial Services Survey
130
NEW ENGLAND MARKET RESEARCH, INC. income1857 % making automatic deductions1858 % with assets1859 % with debt/assets1860 % with no debt/no assets1861 % with assets/no debt1862 % with debt/no assets1863 % with other ways to save1864 % paid for work with cash1865 % paid for work with direct deposit1866 % taken financial class1867 # financial classes taken1868 mean trust level1869
$18,713 12% 47% 33% 30% 14% 23% 17% 25% 22% 23% 0.6 3.0
$25,240 22% 62% 43% 21% 19% 17% 25% 13% 33% 32% 0.8 3.2
Office of Financial Empowerment Financial Services Survey
131
NEW ENGLAND MARKET RESEARCH, INC. Court ordered child support payments court ordered payments
sample
mean std. dev. median
3.9 1.5 5
Obstacle: Court Ordered Child Support Payments
sample
1
2
3
4
5
in the way====================================== > not in the way
court ordered payments % respondents % men1870 % women # years in community1871 # in household1872 % with checking account1873 # credit cards1874 use check cashers1875 use money orders1876 use pawn shops1877 % bounce checks1878 can’t pay rent in last 12 months1879 can’t pay utilities in last 12 months1880 savings account balance1881 % making automatic deductions1882 % with debt1883 % paid for work with cash1884 % paid for work with direct deposit1885 both true/false questions correct1886 mean trust level1887
in the way
not in the way
20% 26% 20% 15.7 3.9 55% 1.1 70% 79% 24% 21% 43% 39% $964 11% 55% 28% 19% 19% 2.8
68% 74% 80% 18.0 3.5 66% 1.4 64% 71% 18% 15% 25% 26% $2,844 19% 62% 15% 32% 25% 3.2
Office of Financial Empowerment Financial Services Survey
132
NEW ENGLAND MARKET RESEARCH, INC. Finally for this section we look at the correlation of obstacles in order to see which ones are related to each other. Black bolded numbers indicate column variables highly correlated with row variables. Red indicate row variables highly correlated with column variables. Boxes marked with * indicate that this intersection row and column contains the highly correlated variable for both row and column. correlation housing friends dead-end job debt collection job skills debt education court payments
family 0.18 0.47* 0.22 0.26 0.28 0.24 0.28 0.19
housing
friends
dead-end job
debt collection
job skills
debt
education
0.08 0.23 0.23 0.15 0.32 0.09 0.04
0.33 0.30 0.36 0.23 0.32 0.35
0.37 0.50* 0.35 0.37 0.30
0.30 0.70* 0.36 0.24
0.29 0.57 0.27
0.28 0.27
0.30
Office of Financial Empowerment Financial Services Survey
133
NEW ENGLAND MARKET RESEARCH, INC. Special Section In this section of the report we investigate specific questions or areas of interest to OFE. The first area of interest is a further exploration into why individuals do not have a checking account. Does Not Have Checking Account Recall that 94% of the sample answered the checking account question. Of these, 39% indicated that they did not have a checking account. In Jamaica, 30% of the respondents do not have a checking account. In Melrose, 46% of the respondents do not have a checking account. This difference is significant1888. We go though each answer in a comprehensive manner to describe the individual who responded to a specific reason
% With No Checking Account 50% 40% 30% 20%
10% 0% Melrose
Jamaica
Bank fees too high (n=73) # Boxes Checked if > 0 38% of Jamaica 25% respondents who do not have a checking account 20% gave this answer compared to 27% of 15% Melrose respondents who do not have a checking 10% account1889 these individuals are more 5% likely to be paid by check 0% for work1890 and direct 1891 deposit 1 2 3 4 5 6 7 8 these individuals generally are more educated1892 they are more likely to be receiving an EITC, 40% versus 29% for those without checking accounts who did not give this reason1893 they are less likely to be using a rapid refund service, 15% versus 24% for those not checking this box and not having a checking account1894 they have “more” credit cards, 0.8 on average compared to 0.4 for the other group1895 they are more likely to be receiving Public Assistance1896, WIC1897 and disability benefits1898 33% use wire transfer services compared to 24% for the other group1899 35% use rent to owns compared to 15% for the other group1900
Office of Financial Empowerment Financial Services Survey
134
9
10
NEW ENGLAND MARKET RESEARCH, INC.
34% of this group has credit cards. 23% of this group uses credit card advances compared to 10% of the respondents checking this box and not having a checking account1901 they are less likely to take short term loans, 3% compared to 10% for the other group1902 46% have checked their credit report compared to 27% for the other group1903 11% have entered into a debt management plan versus 5% for the other group1904 the members of this group that own homes (4) have owned these homes for a shorter period of time than the members of the other group (8), 3.5 years versus 13.6 years1905 25% have savings accounts compared to 18% for the other group1906 44% are employed full time versus 29% for the other group1907 this group has more medical debt, $3,701 compared to $1,500 for the other group1908 37% has assets compared to 28% for the other group1909 13% have both assets and debts compared to 19% for the other group1910 11% have other ways to save, compared to 20% for the other group1911 32% have taken financial classes, compared to 16% for the other group1912 the average number of classes taken is 1 compared to 0.6 for the other group1913.
Don’t feel comfortable dealing with banks (n=65) 34% of Melrose respondents who do not have a checking account gave this answer compared to 17% of Jamaica respondents who do not have a checking account1914 32% of men who do not have a checking account gave this answer compared to 23% of women1915 this group has 4.3 in the household compared to 3.6 for the other group1916 and more children, 1.7 compared to 1.21917 67% use money orders compared to 77% for the other group1918 19% use wire transfers compared to 30% for the other group1919 5% bounce checks compared to 15% for the other group1920 none have declared bankruptcy while 6% of the group who do not have checking accounts and did not check this box have declared bankruptcy1921 none have entered into a debt management plan while 9% of the group who do not have checking accounts and did not check this box have1922 13% have a savings account compared to 23% for the other group1923 26% have not been able to pay their utilities in the last 12 months compared to 38% for the other group1924 Difficult to get money out (n=36) 16% of Jamaica respondents who do not have a checking account gave this answer compared to 8% of Melrose respondents who do not have a checking account1925 this group believes ATMs are less available than the other group1926 as well as money orders1927 and wire transfers1928 34% of this group has credit cards. 23% of this group uses credit card advances compared to 10% of the respondents checking this box and not having a checking account1929 the average # of credit cards for respondents providing this answer is 1.1 compared to 0.5 for the other group1930
Office of Financial Empowerment Financial Services Survey
135
NEW ENGLAND MARKET RESEARCH, INC.
this group is more likely to use wire transfers than the other group, 39% compared to 29%1931 as well as pawn shops, 38% to Reasons for No Checking Account 15%1932, layaways, 1933 48% to 31% and 60 cash advances. 29% to 50 40 13%1934 30 32% of this group has 20 savings accounts 10 compared to 18% for 0 1935 the other group the average balance for the group checking this box is $2,925 compared to $419 for the other group1936 3% have other ways to save compared to 19% for the other group1937 33% of this group got both true/false questions correct compared to 21% for the other group1938 they are less likely to be receiving Public Assistance1939, Food Stamps1940, WIC1941 and disability benefits1942. 59% play the lottery compared to 35% for the other group1943 13% have a savings account compared to 23% for the other group1944 9% are unemployed compared to 22% for the other group1945 37% receive Food Stamps compared to 49% for the other group1946 6% receive disability benefits compared to 13% for the other group1947. # responses
Don’t have minimum amount of money needed (n=74) Hispanic/Latino is the ethnic group that has the highest positive response rate to this question1948 41% of this group uses rent to owns compared to 30% for the other group1949 22% use credit card advances compared to 12% for the other group1950 10% have entered a debt management plan compared to 5% for the other group1951 50% play the lottery compared to 39%for the other group1952 25% are unemployed compared to 16% for the other group1953 16% got both true false answers right compared to 24% for the other group1954 29% receive WIC compared to 16% for the other group1955. Government/creditor could take money out of account (n=41) 22% of Jamaica respondents who do not have a checking account gave this answer compared to 15% of Melrose respondents who do not have a checking account1956 22% of men without checking accounts gave this answer compared to 14% of women1957 these individuals generally are more educated1958 this group has been living in their community an average of 12.6 years compared to 17.5 for the other group1959
Office of Financial Empowerment Financial Services Survey
136
Jamaica Melrose
NEW ENGLAND MARKET RESEARCH, INC.
Caucasians and African Americans are the two ethnic groups that have the highest positive response rate to this question1960 they believe that banks and credit unions are more available than the other group1961, as well as check cashers1962 they have more credit cards, 0.9 compared to 0.5 for the other group1963 and they owe $5,014 on these cards compared to $2,305 for the other group1964 they are more likely to use check cashers, 85% compared to 64% for the other group1965 as well as layaways, 48% to 30%1966 68% rent compared to 53% for the other group1967 46% have had trouble paying their rent in the last 12 months compared to 31% for those without a checking account who did not select this answer1968 44% have had trouble paying their utilities, compared to 32% for the other group1969 and 58% have had trouble paying other bills compared to 38% for the other group1970 the average income for this group is $18,250 compared to $13,696 for the other group1971 44% are employed full time compared to 31% for the other group1972 22% have medical debt, compared to 12% for the other group1973 17% are paid for work in cash versus 31% for the other group1974 54% are paid for work with check versus 38% for the other group1975 37% have debt and no assets compared to 18% for those without checking accounts who did not check this box1976 27% have other ways to save, versus 15 for the other group1977 5% receive disability benefits compared to 12% for the other group1978.
Inconvenient locations (n=35) this group believes that banks and credit unions1979, check cashers1980, money orders1981 and wire transfers1982 are less available than those not having a checking account and checking this box on the survey they have on average 0.9 credit cards compared to 0.5 for the other group1983 and 24% are using credit card advances compared to 13%1984 61% use money orders compared to 76% for the other group1985 21% have checked their credit report compared to 35% for the other group1986 46% are employed full time versus 31% for the other group1987 less have medical debt, 6% versus 15% for the group not checking this box and not having a checking account1988. But the amount they owe is more, $4,325 compared to $1,7101989 54% are paid by check for work compared to 38% for the other group1990 36% answered both true/false questions correctly compared to 19% for the other group1991 29% receive WIC compared to 18% for the other group1992 a smaller percentage of this group receives disability benefits, 3% versus 12% for the other group1993, but a greater percentage receive Social Security23% versus 9%1994. Don’t have the identification needed (n=33) 17% of men without checking accounts gave this response compared to 11% of women1995
Office of Financial Empowerment Financial Services Survey
137
NEW ENGLAND MARKET RESEARCH, INC.
this group has 4.6 people in the household compared to 3.6 for the group without a checking account and not checking this box1996 they are less likely to receive an EITC, 21% versus 34% for the other group1997 they are less likely to check their credit report, 9% compared to 37% for the other group1998 only 3% of this group own a home, compared to 13% of the group without a checking account who did not check this box1999 59% of this group play the lottery compared to 39% of the other group2000 average income for this group is $18,125 compared to $13,906 for the other group2001 3% have medical debt compared to 16% for the other group2002 53% have neither debt nor assets compared to 23% of the other group2003 39% are paid for work with cash compared to 27% for those without checking accounts not checking this box2004; 30% are paid with check versus 42%2005 10% have taken a financial class compared to 22% for the other group2006 the average number of financial classes taken is 0.3 for this group and 0.8 for the other group2007.
Inconvenient hours (n=32) 20% of Jamaica respondents without a checking account checked this response in the survey; 10% of Melrose respondents without a checking account checked this response2008 21% of men without checking accounts gave this response compared to 8% of women2009 this group has fewer generations living in the household, 1.4 compare to 1.9 for the other group2010 and fewer children, 0.9 compared to 1.42011 they believe check cashers2012, money orders2013 are less available than the other group only 16% of this group has received an EITC compared to 35% for the other group2014 63% of this group use money orders compared to 76% for the other group2015 43% use wire transfers compared to 24% for the other group2016 26% use credit card advances compared to 13% for the other group2017 10% have declared bankruptcy compared to 3% for those without checking accounts not checking this box2018 29% have a savings account compared to 18% for the other group2019 9% are unemployed compared to 20% for the other group2020 43% are employed full time compared to 32% for the other group2021 9% make automatic deductions compared to 3% for the other group2022 only 3% have medical debt compared to 16% for the other group2023 this group has a greater average trust level, 2.8 versus 3.1 for the other group2024 they are less likely to be receiving Public Assistance than the other group, 16% versus 31%2025, less likely to be receiving Food Stamps, 31% versus 48%2026 and less likely to be receiving disability benefits, 3% versus 12%2027 .
Other (n=31) Exhibit Thirteen provides the other reasons for not having a checking account in text response. 31 respondents who do not have a checking account selected this answer. 27 provided a text response.
Office of Financial Empowerment Financial Services Survey
138
NEW ENGLAND MARKET RESEARCH, INC.
18% of women who do not have a checking account selected this response compared to 7% of men2028 single and widowed are the two marital groups with the highest positive response to this category2029 respondents who selected this answer are older, 42.8 years old compared to 36.2 for those without checking accounts and not selecting this answer2030 they have been living in their community 19.7 years on average compared to 16.1 years for the other group2031 they have fewer people in their household, 3.1 compared to 3.9 for the other group2032 and fewer children, 1.1 compared to 1.42033 they believe banks/credit unions2034 are less available than the other group 11% use pawn shops compared to 29% for the group not selecting this response and not having a checking account2035 11% have declared bankruptcy compared to 3% for the other group2036 those that own a home (12) have owned the home an average of 22 years compared to 7.9 years for the other group2037 22% have had trouble paying utility bills in the last 12 months compared to 36% for the other group2038 this group has a lower income than the other group, $9,355 compared to $15,337 for the other group2039 29% are unemployed compared to 17% for the other group2040 23% are employed full time versus 35% for the other group2041 37% have both assets and debts compared to 24% for the other group2042 9% have assets and no debt compared to 19% for the other group2043 the average number of financial classes this group has taken is 1.5 compared to 0.6 for the other group2044 39% of this group are receiving Public Assistance, compared to 27% for the other group2045 39% are receiving Medicare compared to 16% for the other group2046 16% are receiving transitional benefits compared to 5% for the other group2047
Staff does not speak my language (n=18) 10% of men who do not have a checking account selected this response compared to 7% of women2048 this group believes that ATMs2049, check cashers2050 and money orders2051 are less available than the group without a checking account not selecting this answer 14% of this group have received an EITC compared to 34% of the other group2052 5% use a rapid refund service compared to 23% of the other group2053 59% use money orders compared to 75% of the other group2054 18% use layaways compared to 34% for the other group2055 19% have entered into a debt management plan compared to 5% for the other group2056 39% rent compare to 57% for the other group2057 for those that have savings accounts (7), their average balance is $3,000 compared to $468 for the other group2058 44% are paid for work with cash compared to 28% for the other group2059 44% answered both true/false answers correct compared to 20% for the other group2060
Office of Financial Empowerment Financial Services Survey
139
NEW ENGLAND MARKET RESEARCH, INC.
the average number of financial classes this group has taken is 1.1 compared to 0.7 for the other group2061 33% are receiving Medicare compared to 18% for the other group2062 22% are receiving Social Security compared to 10% for the other group2063.
Not Comfortable With Banks Above, we have provided some information on respondents who do not have a checking account and list as a reason that they are not comfortable dealing with banks. Let’s look a little more at this group of 65 respondents. none have entered into a debt management plan 24% of this group has other debt compared to 15% for those without checking accounts who did not select this answer2064 only 13% have a savings account compared to 23% for the other group 9% have a college savings plan compared to only 2% for the group without a checking account and not selecting this response2065. Court ordered child support payments One of the obstacles to financial success we listed was court ordered child support payments. The section on obstacles deals with this response in great detail. However, in this section, we look at male responses versus female responses. We divide the groups in the following manner: 607 respondents answered the checking account question. Of these, 232 do not have a checking account. 179 of these individuals responded to the court ordered payments question. 173, or 29% of all respondents to the checking question answered the gender question. Of these 48% are men and 52% are women. We provide the information on discriminating variables in table form. Note the difference in discriminating variables between men and women.
Office of Financial Empowerment Financial Services Survey
140
NEW ENGLAND MARKET RESEARCH, INC. men court ordered payments age # years in community # in household # children in household availability of ATMs availability of wire transfers % with checking account # credit cards $ owed on credit cards use check cashers use money orders use pawn shops % bounce checks can’t pay rent in last 12 months % with debt management plan can’t pay rent in last 12 months can’t pay utilities in last 12 months can’t pay other bills in last 12 months late on mortgage savings account balance % making automatic deductions % with assets % with debt % with assets & debt % with assets/no debt % paid for work with cash % paid for work with direct deposit % with other ways to save both true/false questions correct mean trust level % receiving Public Assistance % receiving Food Stamps % receiving Medicare % receiving Medicaid % receiving disability benefits
in the way 2066
35.0 12.12067
3.42070 2.42071 51%2072 0.92073 $3,5192074 72%2075 84%2076 26%2077 23%2078 40%2079
38%2082 45%2084 2086
$1,017
36%2092 10%2093 2095
women
not in the way
in the way
not in the way
4.12068 1.62069
3.5 1.2
6%2080 49%2081 42%2083
12% 25% 30%
33%2085
7%
11%2087 51%2088 512089 24%2090 28%2091
20% 61% 65% 42% 45%
13%2094
25%
2.62097
3.2
44%2100 24%2101
33% 15%
37.7 18.0
3.6 2.7 63% 1.5 $1,873 59% 66% 17% 14% 23%
21% 30% $3,759
16% 25%
12% 2.92096 19%2098 31%2099
26% 3.2 10% 18%
41%2102 3%2103
24% 9%
Office of Financial Empowerment Financial Services Survey
141
NEW ENGLAND MARKET RESEARCH, INC.
List of Exhibits Exhibit One Exhibit Two Exhibit Three Exhibit Four Exhibit Five Exhibit Six Exhibit Seven Exhibit Eight Exhibit Nine Exhibit Ten Exhibit Eleven Exhibit Twelve Exhibit Thirteen Exhibit Fourteen Exhibit Fifteen Exhibit Sixteen Exhibit Seventeen Exhibit Eighteen Exhibit Nineteen Exhibit Twenty Exhibit Twenty-One
Jamaica Map Melrose Map Jamaica Survey Script Melrose Survey Script Surveyor Methodology Survey Instrument (English) Survey Instrument (Spanish) Annotated Survey Instrument Annotated Survey Instrument - Jamaica Annotated Survey Instrument – Melrose Ethnicity: Other Text Responses Paid for Work: Other Text Responses Reasons for Not Having a Checking Account: Other Text Responses Where Respondent Gets Short Term Loans: Other Text Responses Where Respondent Gets Money in an Emergency: Other Text Responses Other Ways to Save: Text Responses What Are You Saving For: Text Responses Who Taught Respondent Most About Money: Other Text Responses Financial Advice: Other Text Responses Financial Classes: Other Text Responses Obstacles to Financial Success: Other Text Responses
Office of Financial Empowerment Financial Services Survey
142
NEW ENGLAND MARKET RESEARCH, INC. Endnotes
1
An Appendix is provided with this report which contains all statistical output and test results. t = 2.0, P > t = 0.02. 3 t = 4.6, P > t = 0.00. 4 t = -3.5, P < t = 0.00. 5 F = 48.3, P > F = 0.00. 6 F = 2.43, P > F = 0.04. 7 F = 4.3, P > F = 0.04. 8 F = 22.0, P > F = 0.00. We used the categorical responses as surrogates for a numerical value, with a numerically ascending assignment of values. We then compared means using an analysis of variance. 9 F = 2.3, P > F = 0.01. 10 t = 4.3, P > t = 0.00. 11 t = -1.9, P < t = 0.03. 12 t = -2.9, P < t = 0.00. 13 t = -3.1, P < t = 0.00. 14 t = 1.9, P > t = 0.03. 15 t = 2.5, P > t = 0.01. 16 F = 4.0, P > F = 0.01. 17 t = 1.5, P > t = 0.06. See footnote 8 for methodology of categorical variable transformation. 18 Jamaica: t = 1.3, P > t = 0.09; Melrose: t = 1.8, P > t = 0.04. 19 F = 5.3, P > F = 0.00. 20 Jamaica: F = 6.2, P > F = 0.00; Melrose: F = 7.0, P > F = 0.00. 21 Jamaica: F = 10.3, P > F = 0.00; Melrose: F = 12.2, P > F = 0.00. 22 Jamaica: F = 5.7, P > F = 0.00; Melrose: F = 4.3, P > F = 0.00. 23 F = 2.5, P > F = 0.02. 24 t = 2.3, P > t = 0.01. 25 t = 2.1, P > t = 0.02. 26 t = 2.2, P > t = 0.01. 27 t = -2.3, P < t = 0.01. 28 t = -2.4, P < t = 0.01. 29 F = 4.9, P > F = 0.00. 30 t = 2.2, P > t = 0.01. 31 t = 3.2, P > t = 0.00. 32 F = 3.2, P > F = 0.01. 33 F = 2.0, P > F = 0.05. 34 F = 4.5, P > F = 0.00. 35 t = -2.3, P < t = 0.01. 36 t = 2.1, P > t = 0.01. 37 t = 3.2, P > t = 0.00. 38 t = -3.6, P < t = 0.00. 39 t = 2.8, P > t = 0.00. 40 t = -1.4, P < t = 0.08. 41 F = 1.8, P > F = 0.09. 42 F = 3.8, P > F = 0.00. 43 t = -5.0, P < t = 0.00. 44 t = -2.9, P < t = 0.00. 45 F = 3.2, P > F = 0.01. 46 F = 7.5, P > F = 0.00. 47 F = 4.3, P > F = 0.00. 48 t = -4.3, P < t = 0.00. 49 t = -2.3, P < t = 0.01. 2
Office of Financial Empowerment Financial Services Survey
143
NEW ENGLAND MARKET RESEARCH, INC. 50
t = 1.5, P > t = 0.06. F = 3.8, P > F = 0.00. 52 F = 3.0, P > F = 0.00. 53 F = 3.0, P > F = 0.00. 54 t = -8.9, P < t = 0.00. 55 t = -4.9, P < t = 0.00. 56 t = 2.8, P > t = 0.00. 57 t = 2.4, P > t = 0.00. 58 t = -2.0, P < t = 0.03. 59 F = 9.0, P > F = 0.00. 60 F = 20.4, P > F = 0.00. 61 F = 2.4, P > F = 0.02. 62 F = 2.3, P > F = 0.03. 63 F = 2.1, P > F = 0.06. 64 t = 1.4, P > t = 0.07. 65 t = -3.2, P < t = 0.00. 66 t = 1.8, P > t = 0.04. 67 t = -1.5, P < t = 0.07. 68 t = 1.7, P > t = 0.04. 69 t = -6.4, P < t = 0.00. 70 F = 5.8, P > F = 0.00. 71 F = 3.8, P > F = 0.00. 72 t = 2.9, P > t = 0.00. 73 t = -3.7, P < t = 0.00. 74 t = 2.2, P > t = 0.01. 75 t = -3.4, P < t = 0.00. 76 t = -1.4, P < t = 0.08. 77 t = -4.4, P < t = 0.00. 78 t = 1.5, P > t = 0.07. 79 F = 5.1, P > F = 0.00. 80 F = 2.1, P > F = 0.04. 81 t = -4.6, P < t = 0.00. 82 t = -1.9, P < t = 0.03. 83 t = 2.1, P > t = 0.02. 84 F = 2.3, P > F = 0.05. 85 F = 5.2, P > F = 0.00. 86 F = 7.6, P > F = 0.00. 87 t = -5.4, P < t = 0.00. 88 t = -2.4, P < t = 0.01. 89 t = 2.5, P > t = 0.01. 90 t = 4.2, P > t = 0.00. 91 t = -2.7, P < t = 0.00. 92 t = -2.5, P < t = 0.01. 93 F = 2.8, P > F = 0.01. 94 F = 2.9, P > F = 0.01. 95 t = -3.8, P < t = 0.00. 96 t = 1.4, P > t = 0.09. 97 t = 1.3, P > t = 0.09. 98 t = 2.0, P > t = 0.02. 99 F = 7.8, P > F = 0.00. 100 t = -2.2, P < t = 0.01. 101 t = -6.5, P < t = 0.00. 102 t = -2.7, P < t = 0.00. 103 t = 1.4, P > t = 0.08. 51
Office of Financial Empowerment Financial Services Survey
144
NEW ENGLAND MARKET RESEARCH, INC. 104
t = 2.0, P > t = 0.03. t = -1.5, P < t = 0.06. 106 F = 9.7, P > F = 0.00. 107 F = 9.9, P > F = 0.00. 108 F = 2.4, P > F = 0.02. 109 F = 2.4, P > F = 0.02. 110 t = -6.4, P < t = 0.00. 111 t = -2.1, P < t = 0.02. 112 t = 1.3, P > t = 0.10. 113 t = 2.9, P > t = 0.00. 114 t = 2.7, P > t = 0.00. 115 F = 19.0, P > F = 0.00. 116 F = 2.9, P > F = 0.01. 117 t = 4.5, P > t = 0.00. 118 t = 1.4, P < t = 0.08. 119 t = 1.8, P < t = 0.04. 120 F = 2.7, P > F = 0.01. 121 t = -5.1, P < t = 0.00. 122 t = -4.0, P < t = 0.00. 123 z = -4.1, p > |z| = 0.00. 124 z = -4.7, p > |z| = 0.00. 125 When we compare medians in this report, we test the hypothesis that the two independent samples (Melrose and Jamaica) (i.e., unmatched data) are from populations with the same distribution using the Wilcoxon ranksum test which is also known as the Mann-Whitney two-sample statistic. 126 t = -2.7, P < t = 0.00. 127 t = -2.4, P < t = 0.01. 128 F = 13.4, P > F = 0.00. 129 Mean: t = 2.1, P > t = 0.02; median: z = 2.2, p > |z| = 0.03. 130 t = 4.5, P > t = 0.00. 131 Using a logistic regression model; Jamaica: z = 5.2, P > |z| = 0.00; Melrose: 132 Using a logistic regression model; Jamaica: z = 5.2, P > |z| = 0.00; Melrose: 133 t = 1.4, P > t = 0.08. 134 t = -1.6, P < t = 0.05. 135 t = 1.4, P > t = 0.08. 136 t = 2.2, P > t = 0.01. 137 t = -1.9, P < t = 0.03. 138 t = -2.4, P < t = 0.01. 139 t = -1.8, P < t = 0.04. 140 F = 5.1, P > F = 0.00. 141 t = -3.1, P < t = 0.00. 142 By non-Hispanic/Latino we mean non-Hispanic/non-Latino. We label the category as such to maintain the integrity of survey variables. 143 t = 1.3, P > t = 0.09. 144 t = 1.5, P > t = 0.07. 145 t = -4.7, P < t = 0.00. 146 t = -7.0, P < t = 0.00. 147 F = 2.3, P > F = 0.10. 148 F = 2.9, P > F = 0.06. 149 t = -7.2, P < t = 0.00. 150 t = -5.1, P < t = 0.00. 151 t = 2.1, P > t = 0.02. 152 t = -1.4, P < t = 0.08. 153 t = -1.4, P < t = 0.09. 154 t = 2.2, P > t = 0.02. 105
Office of Financial Empowerment Financial Services Survey
145
NEW ENGLAND MARKET RESEARCH, INC. 155
t = 1.4, P > t = 0.09. t = -2.6, P < t = 0.00. 157 t = 1.6, P > t = 0.05. 158 F = 3.1, P > F = 0.02. 159 t = -1.5, P < t = 0.07. 160 t = 2.0, P > t = 0.02. 161 F = 2.9, P > F = 0.01. 162 t = -4.0, P < t = 0.00. 163 t = 1.3, P > t = 0.10. 164 F = 2.8, P > F = 0.06. 165 t = -4.7, P < t = 0.00. 166 t = -1.5, P < t = 0.07. 167 F = 2.5, P > F = 0.05. 168 t = 2.2, P > t = 0.01. 169 t = 2.8, P > t = 0.00. 170 t = 3.1, P > t = 0.00. 171 t = -2.8, P < t = 0.00. 172 t = 1.5, P > t = 0.07. 173 t = 1.5, P > t = 0.07. 174 t = -1.7, P < t = 0.05. 175 t = 2.1, P > t = 0.02. 176 t = -1.3, P < t = 0.09 177 F = 6.4, P > F = 0.00. 178 F = 3.7, P > F = 0.02. 179 F = 4.8, P > F = 0.01. 180 t = -1.9, P < t = 0.03. 181 t = -2.0, P < t = 0.02. 182 t = -3.6, P < t = 0.00. 183 t = -1.6, P < t = 0.05. 184 t = 2.5, P > t = 0.01. 185 t = -3.5, P < t = 0.00. 186 t = -2.1, P < t = 0.02. 187 t = -3.4, P < t = 0.0o. 188 F = 2.2, P > F = 0.04. 189 F = 2.0, P > F = 0.06. 190 t = -3.2, P < t = 0.00. 191 t = -3.2, P < t = 0.00. 192 t = -2.6, P < t = 0.00. 193 t = -2.8, P < t = 0.00. 194 t = -2.5, P < t = 0.01. 195 t = -2.0, P < t = 0.02. 196 t = 1.4, P > t = 0.09. 197 t = -1.5, P < t = 0.06. 198 t = -2.0, P < t = 0.02. 199 t = -1.6, P < t = 0.06. 200 t = -2.4, P < t = 0.01. 201 t = -1.4, P < t = 0.08. 202 t = -1.3, P < t = 0.09. 203 t = -2.9, P < t = 0.00. 204 t = -2.8, P < t = 0.00. 205 t = -2.4, P < t = 0.01. 206 t = 6.2, P > t = 0.00. 207 t = -1.6, P < t = 0.07. 208 t = 1.8, P > t = 0.04. 156
Office of Financial Empowerment Financial Services Survey
146
NEW ENGLAND MARKET RESEARCH, INC. 209
t = 1.7, P > t = 0.04. See results under prior section. 211 F = 18.1, P > F = 0.00. 212 t = -2.7, P < t = 0.00. 213 t = -1.7, P < t = 0.05. 214 t = 3.3, P > t = 0.00. 215 F = 4.5, P > F = 0.00. 216 F = 2.6, P > F = 0.02. 217 t = 3.8, P > t = 0.00. 218 t = -5.4, P < t = 0.00. 219 F = 6.9, P > F = 0.00. 220 F = 8.7, P > F = 0.00. 221 t = 6.4, P > t = 0.00. 222 t = 3.0, P > t = 0.00. 223 t = 4.6, P > t = 0.00. 224 t = 4.6, P > t = 0.00. 225 t = 2.1, P > t = 0.02. 226 t = 1.5, P > t = 0.07. 227 t = -2.9, P < t = 0.00. 228 t = -1.8, P < t = 0.04. 229 t = 2.9, P > t = 0.00. 230 t = 2.6, P > t = 0.00. 231 t = 1.6, P > t = 0.05. 232 See results under prior section. 233 F = 24.2, P > F = 0.00. 234 t = -3.6, P < t = 0.00. 235 t = 3.3, P > t = 0.00. 236 t = 2.3, P > t = 0.01. 237 F = 5.6, P > F = 0.00. 238 t = 4.6, P > t = 0.00. 239 t = -6.3, P < t = 0.00. 240 F = 9.1, P > F = 0.00. 241 F = 10.3, P > F = 0.00. 242 t = 6.1, P > t = 0.00. 243 t = 3.7, P > t = 0.00. 244 t = 6.7, P > t = 0.00. 245 t = 5.0, P > t = 0.00. 246 t = 1.7, P > t = 0.05. 247 t = 2.3, P > t = 0.01. 248 By holdout group we mean the individuals not possessing the attribute of interest. 249 t = -1.5, P < t = 0.07. 250 t = -1.8, P < t = 0.04. 251 t = 1.8, P > t = 0.03. 252 F = 3.5, P > F = 0.01. 253 t = -3.7, P < t = 0.00. 254 t = -1.3, P < t = 0.08. 255 t = 1.4, P > t = 0.09. 256 F = 4.0, P > F = 0.02. 257 t = -1.9, P < t = 0.03. 258 t = -3.7, P < t = 0.00. 259 t = -1.4, P < t = 0.07. 260 t = -1.3, P < t = 0.10. 261 Chi squared = 18.7, Pr = 0.03. 262 z = 1.8, p > |z| = 0.07. 210
Office of Financial Empowerment Financial Services Survey
147
NEW ENGLAND MARKET RESEARCH, INC. 263
t = 1.5, P > t = 0.06. t = -2.5, P < t = 0.01. 265 t = -3.8, P < t = 0.00. 266 t = -4.5, P < t = 0.00. 267 t = -6.7, P < t = 0.00. 268 F = 3.2, P > F = 0.00. 269 t = 4.4, P > t = 0.00. 270 t = 4.3, P > t = 0.00. 271 t = 2.8, P > t = 0.00. 272 t = -1.5, P < t = 0.07. 273 t = -4.1, P < t = 0.00. 274 t = 3.6, P > t = 0.00. 275 t = 1.3, P > t = 0.10. 276 t = 1.5, P > t = 0.06. 277 t = -1.6, P < t = 0.06. 278 t = 1.8, P > t = 0.03. 279 t = 1.3, P > t = 0.09. 280 t = 1.6, P > t = 0.06. 281 t = 1.4, P > t = 0.08. 282 t = -1.7, P < t = 0.04. 283 t = -3.6, P < t = 0.00. 284 t = -2.2, P < t = 0.01. 285 t = 1.3, P > t = 0.10. 286 t = -1.3, P < t = 0.09. 287 t = 1.3, P > t = 0.10. 288 To analyze this data we assigned values to the categories: 0 = never, 1 = once every few months, 2 = once or twice a month and 3 = every week. While not completely precise, it provides some ordinal value from which to analyze. 289 t = -1.6, P < t = 0.05. 290 t = 2.4, P > t = 0.01. 291 t = 3.9, P > t = 0.00. 292 t = -1.8, P < t = 0.04. 293 t = -1.5, P < t = 0.07. 294 t = -2.2, P < t = 0.01. 295 t = -2.6, P < t = 0.01. 296 t = -1.8, P < t = 0.03. 297 t = -2.4, P < t = 0.01. 298 t = -1.6, P < t = 0.06. 299 t = -1.3, P < t = 0.09. 300 t = -2.1, P < t = 0.02. 301 t = -1.7, P < t = 0.05. 302 t = -2.1, P < t = 0.01. 303 t = 2.0, P > t = 0.02. 304 t = 1.5, P > t = 0.07. 305 t = -3.6, P < t = 0.00. 306 t = -1.3, P < t = 0.10. 307 t = -1.9, P < t = 0.03. 308 t = -1.5, P < t = 0.06. 309 t = -1.9, P < t = 0.03. 310 t = -1.5, P < t = 0.07. 311 t = -1.4, P < t = 0.09. 312 t = -2.4, P < t = 0.01. 313 t = -1.8, P < t = 0.04. 314 t = 1.4, P > t = 0.08. 264
Office of Financial Empowerment Financial Services Survey
148
NEW ENGLAND MARKET RESEARCH, INC. 315
t = -1.4, P < t = 0.08. t = 3.2, P > t = 0.00. 317 t = 2.0, P > t = 0.02. 318 t = -4.5, P < t = 0.00. 319 t = -1.3, P < t = 0.10. 320 t = -1.9, P < t = 0.03. 321 t = -2.9, P < t = 0.00. 322 t = -2.8, P < t = 0.00. 323 t = 2.6, P > t = 0.00. 324 t = -1.4, P < t = 0.07. 325 t = -2.1, P < t = 0.02. 326 t = -2.0, P < t = 0.03. 327 t = -7.6, P < t = 0.00. 328 t = 1.4, P > t = 0.08. 329 t = -3.4, P < t = 0.00. 330 t = -1.6, P < t = 0.05. 331 F = 1.7, P > F = 0.09. 332 t = 2.2, P > t = 0.01. 333 t = -1.6, P < t = 0.06. 334 t = 1.5, P > t = 0.07. 335 t = -1.3, P < t = 0.10. 336 t = -3.2, P < t = 0.00. 337 t = 1.6, P > t = 0.06. 338 t = 2.0, P > t = 0.02. 339 t = -1.9, P < t = 0.03. 340 t = 1.3, P > t = 0.10. 341 t = -8.3, P < t = 0.00. 342 F = 2.2, P > F = 0.04. 343 t = -3.2, P < t = 0.00. 344 t = -1.7, P < t = 0.05. 345 t = -1.7, P < t = 0.05. 346 F = 2.2, P > F = 0.04. 347 t = -2.0, P < t = 0.2. 348 t = -1.5, P < t = 0.07. 349 t = -1.6, P < t = 0.05. 350 t = -1.6, P < t = 0.06. 351 t = -2.0, P < t = 0.02. 352 t = 1.6, P > t = 0.06. 353 t = 1.5, P > t = 0.06. 354 t = -2.2, P < t = 0.01. 355 t = -2.9, P < t = 0.00. 356 t = -2.0, P < t = 0.02. 357 t = -1.7, P < t = 0.05. 358 t = -1.5, P < t = 0.07. 359 t = -1.4, P < t = 0.09. 360 t = -2.2, P < t = 0.02. 361 t = -3.9, P < t = 0.00. 362 t = -2.0, P < t = 0.02. 363 t = -2.0, P < t = 0.03. 364 t = -3.4, P < t = 0.00. 365 t = -5.6, P < t = 0.00. 366 F = 2.3, P > F = 0.04. 367 F = 4.1, P > F = 0.01. 368 t = 2.3, P > t = 0.01. 316
Office of Financial Empowerment Financial Services Survey
149
NEW ENGLAND MARKET RESEARCH, INC. 369
t = -3.6, P < t = 0.00. t = -2.8, P < t = 0.00. 371 t = 1.7, P > t = 0.04. 372 t = 1.9, P > t = 0.03. 373 t = 1.5, P > t = 0.06. 374 t = 1.6, P > t = 0.05. 375 t = -1.8, P < t = 0.03. 376 t = -1.1, P < t = 0.01. 377 t = -2.3, P < t = 0.01. 378 t = -2.0, P < t = 0.02. 379 t = -2.3, P < t = 0.01. 380 t = -6.0, P < t = 0.00. 381 F = 2.8, P > F = 0.02. 382 t = 2.6, P > t = 0.01. 383 t = -1.3, P < t = 0.09. 384 t = -2.8, P < t = 0.00. 385 t = -2.5, P < t = 0.01. 386 t = -2.2, P < t = 0.01. 387 t = -1.4, P < t = 0.09. 388 t = -1.4, P < t = 0.08. 389 t = -2.4, P < t = 0.01. 390 t = -1.3, P < t = 0.09. 391 t = -1.7, P < t = 0.05. 392 t = -1.5, P < t = 0.07. 393 t = 2.4, P > t = 0.01. 394 t = 2.3, P > t = 0.01. 395 t = 2.3, P > t = 0.01. 396 t = -2.5, P < t = 0.01. 397 t = -1.5, P < t = 0.07. 398 t = 1.8, P > t = 0.03. 399 t = -1.3, P < t = 0.09. 400 t = -2.2, P < t = 0.01. 401 t = -2.3, P < t = 0.01. 402 t = -2.2, P < t = 0.01. 403 t = -3.5, P < t = 0.00. 404 t = -4.0, P < t = 0.00. 405 t = -4.6, P < t = 0.00. 406 F = 3.2, P > F = 0.01. 407 t = -1.7, P < t = 0.05. 408 t = 1.5, P > t = 0.07. 409 t = 2.0, P > t = 0.02. 410 t = 1.6, P > t = 0.06. 411 t = -2.1, P < t = 0.02. 412 t = -4.3, P < t = 0.00. 413 t = -1.3, P < t = 0.09. 414 t = -1.4, P < t = 0.09. 415 t = -1.1, P < t = 0.01. 416 t = -2.3, P < t = 0.01. 417 t = -2.3, P < t = 0.01. 418 t = -2.4, P < t = 0.01. 419 t = -1.8, P < t = 0.04. 420 F = 2.9, P > F = 0.01. 421 t = -2.5, P < t = 0.01. 422 t = -1.6, P < t = 0.06. 370
Office of Financial Empowerment Financial Services Survey
150
NEW ENGLAND MARKET RESEARCH, INC. 423
t = 1.8, P > t = 0.03. t = -2.1, P < t = 0.01. 425 t = -3.1, P < t = 0.00. 426 t = -2.0, P < t = 0.02. 427 t = -5.3, P < t = 0.00. 428 t = -8.1, P < t = 0.00. 429 t = 1.6, P > t = 0.06. 430 t = 1.5, P > t = 0.06. 431 t = -1.4, P < t = 0.09. 432 t = -2.5, P < t = 0.01. 433 t = -2.2, P < t = 0.01. 434 t = 1.3, P > t = 0.10. 435 t = 3.7, P > t = 0.00. 436 t = 1.5, P > t = 0.07. 437 t = -3.4, P < t = 0.00. 438 t = -2.9, P < t = 0.00. 439 t = -3.3, P < t = 0.00. 440 t = 1.7, P > t = 0.05. 441 t = -2.2, P < t = 0.01. 442 t = -2.8, P < t = 0.00. 443 t = -1.8, P < t = 0.04. 444 t = -2.7, P < t = 0.00. 445 t = -4.2, P < t = 0.00. 446 t = -7.4, P < t = 0.00. 447 t = -1.7, P < t = 0.05. 448 t = 4.1, P > t = 0.00. 449 t = 3.1, P > t = 0.00. 450 t = -1.6, P < t = 0.06. 451 t = -1.6, P < t = 0.06. 452 F = 5.1, P > F = 0.00. 453 t = -2.3, P < t = 0.01. 454 t = -4.6, P < t = 0.00. 455 t = -1.8, P < t = 0.03. 456 t = -1.6, P < t = 0.06. 457 t = 1.4, P > t = 0.08. 458 t = -2.1, P < t = 0.02. 459 t = -1.5, P < t = 0.07. 460 t = 1.5, P > t = 0.07. 461 t = -1.8, P < t = 0.04. 462 t = -3.0, P < t = 0.01. 463 t = -3.2, P < t = 0.00. 464 t = 2.1, P > t = 0.02. 465 t = -1.3, P > t = 0.09. 466 t = -1.6, P < t = 0.05. 467 t = 3.3, P > t = 0.00. 468 t = -2.0, P < t = 0.02. 469 t = -1.6, P < t = 0.06. 470 t = -4.7, P < t = 0.00. 471 t = -6.4, P < t = 0.00. 472 t = -4.7, P < t = 0.00. 473 t = -8.1, P < t = 0.00. 474 t = -9.0, P < t = 0.00. 475 t = 1.8, P > t = 0.03. 476 t = -1.7, P < t = 0.04. 424
Office of Financial Empowerment Financial Services Survey
151
NEW ENGLAND MARKET RESEARCH, INC. 477
t = -2.0, P < t = 0.02. t = -1.3, P < t = 0.10. 479 t = 3.7, P > t = 0.00. 480 t = 1.5, P > t = 0.07. 481 t = -2.5, P < t = 0.00. 482 t = -2.2, P < t = 0.01. 483 t = -1.6, P < t = 0.05. 484 t = -2.0, P < t = 0.03. 485 t = -1.8, P < t = 0.04. 486 t = -3.5, P < t = 0.00. 487 t = -3.7, P < t = 0.00. 488 t = -1.6, P < t = 0.05. 489 t = -1.4, P < t = 0.09. 490 t = -1.7, P < t = 0.05. 491 t = -1.5, P < t = 0.07. 492 t = 1.5, P > t = 0.06. 493 t = -3.4, P < t = 0.00. 494 t = -3.o, P < t = 0.00. 495 t = -5.9, P < t = 0.00. 496 t = 5.9, P < t = 0.00. 497 t = -8.3, P < t = 0.00. 498 t = -8.1, P < t = 0.00. 499 t = 2.6, P > t = 0.00. 500 t = -1.6, P < t = 0.06. 501 t = -1.6, P < t = 0.05. 502 t = -2.6, P < t = 0.00. 503 t = -1.6, P < t = 0.05. 504 t = -2.2, P < t = 0.01. 505 t = 1.6, P > t = 0.06. 506 t = -2.2, P < t = 0.01. 507 t = -1.7, P < t = 0.05. 508 t = -3.7, P < t = 0.00. 509 t = -3.4, P < t = 0.00. 510 t = -3.4, P < t = 0.00. 511 t = -5.3, P < t = 0.00. 512 F = 2.2, P > F = 0.02. 513 t = -1.7, P < t = 0.05. 514 t = 2.1, P > t = 0.02. 515 t = -1.9, P < t = 0.03. 516 t = -2.4, P < t = 0.01. 517 t = -2.1, P < t = 0.00. 518 t = -2.2, P < t = 0.01. 519 t = -4.2, P < t = 0.00. 520 t = -3.1, P < t = 0.00. 521 t = -5.4, P < t = 0.00. 522 t = -6.8, P < t = 0.00. 523 t = -1.3, P < t = 0.09. 524 t = -1.6, P < t = 0.06. 525 t = 1.5, P > t = 0.07. 526 t = -2.2, P < t = 0.01. 527 t = -1.7, P < t = 0.05. 528 t = -2.4, P < t = 0.01. 529 t = -2.3, P < t = 0.01. 530 t = 1.5, P > t = 0.07. 478
Office of Financial Empowerment Financial Services Survey
152
NEW ENGLAND MARKET RESEARCH, INC. 531
t = -2.5, P < t = 0.01. t = -1.7, P < t = 0.04. 533 t = -2.2, P < t = 0.01. 534 t = -2.0, P < t = 0.02. 535 t = -2.7, P < t = 0.00. 536 t = -7.0, P < t = 0.00. 537 t = -5.4, P < t = 0.00. 538 t = -7.2, P < t = 0.00. 539 t = -5.6, P < t = 0.00. 540 t = -10.8, P < t = 0.00. 541 t = 2.1, P > t = 0.02. 542 t = 21.5, P > t = 0.06. 543 t = -2.2, P < t = 0.02. 544 t = -3.3, P < t = 0.00. 545 t = -3.3, P < t = 0.00. 546 F = 1.7, P > F = 0.09. 547 t = -1.4, P < t = 0.09. 548 t = -3.4, P < t = 0.00. 549 t = -1.8, P < t = 0.04. 550 t = -4.3, P < t = 0.00. 551 t = -2.2, P < t = 0.01. 552 t = -4.6, P < t = 0.00. 553 t = -2.6, P < t = 0.00. 554 t = 2.3, P > t = 0.01. 555 t = -2.1, P < t = 0.02. 556 t = -2.3, P < t = 0.01. 557 t = -1.3, P < t = 0.09. 558 t = 1.5, P > t = 0.07. 559 t = -3.5, P < t = 0.00. 560 t = -1.7, P < t = 0.04. 561 t = 1.6, P > t = 0.06. 562 t = -2.9, P < t = 0.00. 563 t = -1.4, P < t = 0.08. 564 t = 2.2, P > t = 0.01. 565 t = 2.1, P > t = 0.02. 566 t = 1.8, P > t = 0.04. 567 t = -1.4, P < t = 0.09. 568 t = -1.8, P < t = 0.00. 569 t = -1.3, P < t = 0.10. 570 F = 1.8, P > F = 0.06. 571 t = -1.4, P < t = 0.08. 572 t = -1.9, P < t = 0.03. 573 t = -1.9, P < t = 0.03. 574 t = 3.0, P > t = 0.00. 575 t = -3.6, P < t = 0.00. 576 t = -2.0, P < t = 0.03. 577 t = -2.2, P < t = 0.02. 578 t = -1.7, P < t = 0.05 579 t = -1.8, P < t = 0.04. 580 t = -2.1, P < t = 0.02. 581 t = 2.4, P > t = 0.01 582 t = 1.4, P < t = 0.08. 583 F = 2.0, P > F = 0.06. 584 t = -2.1, P < t = 0.02. 532
Office of Financial Empowerment Financial Services Survey
153
NEW ENGLAND MARKET RESEARCH, INC. 585
t = -1.7, P < t = 0.04. t = -1.7, P < t = 0.04. 587 t = 1.5, P < t = 0.07. 588 t = -2.4, P < t = 0.01. 589 t = 2.6, P > t = 0.00. 590 t = 1.6, P < t = 0.06. 591 t = 2.1, P < t = 0.02. 592 t = -6.8, P < t = 0.00. 593 t = -1.8, P < t = 0.04. 594 t = -1.8, P < t = 0.04. 595 t = -3.4, P < t = 0.00. 596 t = 1.4, P < t = 0.08. 597 t = -3.2, P < t = 0.00. 598 t = 1.7, P < t = 0.04. 599 t = -1.4, P < t = 0.08. 600 t = 2.0, P < t = 0.02. 601 t = -2.5, P < t = 0.01. 602 t = -2.3, P < t = 0.01. 603 t = -2.8, P < t = 0.00. 604 t = -1.7, P < t = 0.05. 605 F = 8.2, P > F = 0.00. 606 t = -2.3, P < t = 0.01. 607 t = -1.8, P < t = 0.04. 608 t = -6.6, P < t = 0.00. 609 t = -7.5, P < t = 0.00. 610 t = -2.8, P < t = 0.00. 611 t = 1.6, P > t = 0.06. 612 t = 3.2, P > t = 0.00. 613 t = -5.5, P < t = 0.00. 614 t = -4.8, P < t = 0.00. 615 t = -1.8, P < t = 0.04. 616 t = -2.0, P < t = 0.02. 617 t = 1.7, P > t = 0.05. 618 F = 4.2, P > F = 0.00. 619 F = 2.7, P > F = 0.00. 620 F = 5.1, P > F = 0.00. 621 F = 7.8, P > F = 0.00. 622 F = 4.4, P > F = 0.00. 623 t = -3.8, P < t = 0.00. 624 t = -2.0, P < t = 0.00. 625 t = 4.8, P > t = 0.00. 626 t = 2.7, P > t = 0.00. 627 t = 2.9, P > t = 0.00. 628 t = 3.1, P > t = 0.00. 629 t = 1.5, P > t = 0.06. 630 t = 2.0, P > t = 0.03. 631 t = 1.5, P > t = 0.06. 632 t = 1.5, P > t = 0.06. 633 t = -4.3, P < t = 0.00. 634 Chi squared = 51.2, Pr = 0.00. 635 We assume that respondents who answered the rent question also assumed we meant mortgage, so we include owners who responded to this question. We substantiate this by saying that 24% of owners answered this question. 636 t = 1.5, P > t = 0.03. 637 t = 1.7, P > t = 0.05. 586
Office of Financial Empowerment Financial Services Survey
154
NEW ENGLAND MARKET RESEARCH, INC. 638
t = -2.0, P < t = 0.02. t = -3.0, P < t = 0.00. 640 t = 2.5, P > t = 0.01. 641 t = 1.4, P > t = 0.01. 642 t = 2.3, P > t = 0.01. 643 t = -1.8, P < t = 0.04. 644 t = 1.5, P > t = 0.07. 645 t = -4.8, P < t = 0.00. 646 t = -2.4, P < t = 0.01. 647 t = -2.4, P < t = 0.01. 648 t = -1.4, P < t = 0.09. 649 t = -6.0, P < t = 0.00. 650 t = -4.4, P < t = 0.00. 651 t = -4.0, P < t = 0.00. 652 t = -2.4, P < t = 0.01. 653 t = -4.8, P < t = 0.00. 654 t = -2.1, P < t = 0.02. 655 t = 2.7, P > t = 0.00. 656 t = -1.8, P < t = 0.04. 657 F = 2.7, P > F = 0.02. 658 F = 2.2, P > F = 0.03. 659 F = 3.9, P > F = 0.00. 660 F = 1.9, P > F = 0.05. 661 t = -1.9, P < t = 0.03. 662 t = -1.8, P < t = 0.03. 663 t = -3.5, P < t = 0.00. 664 t = -5.0, P < t = 0.00. 665 t = -2.1, P < t = 0.02. 666 t = -1.4, P < t = 0.08. 667 t = 2.1, P > t = 0.02. 668 t = 1.9, P > t = 0.03. 669 t = -2.0, P < t = 0.03. 670 t = -1.5, P < t = 0.07. 671 t = -1.7, P > t = 0.04. 672 t = -1.3, P < t = 0.09. 673 t = 2.3, P > t = 0.01. 674 t = 1.6, P > t = 0.05. 675 t = -1.4, P < t = 0.08. 676 t = -2.0, P < t = 0.02. 677 t = -3.3, P < t = 0.00. 678 t = -4.0, P < t = 0.00. 679 t = -4.0, P < t = 0.00. 680 t = -2.3, P < t = 0.01. 681 t = -4.0, P < t = 0.00. 682 t = -3.4, P < t = 0.00. 683 t = -3.5, P < t = 0.00. 684 t = -3.2, P < t = 0.00. 685 t = -5.2, P < t = 0.00. 686 t = -1.5, P < t = 0.07. 687 t = 2.5, P > t = 0.00. 688 t = -2.5, P < t = 0.01. 689 F = 2.2, P > F = 0.04. 690 F = 2.8, P > F = 0.01. 691 t = -1.4, P < t = 0.09. 639
Office of Financial Empowerment Financial Services Survey
155
NEW ENGLAND MARKET RESEARCH, INC. 692
t = -4.3, P < t = 0.00. t = -4.8, P < t = 0.00. 694 t = -2.6, P < t = 0.00. 695 t = 1.6, P > t = 0.06. 696 t = -19.2, P < t = 0.00. 697 t = 2.4, P > t = 0.01. 698 t = -1.8, P < t = 0.03. 699 t = -1.5, P < t = 0.05. 700 t = 2.0, P > t = 0.02. 701 t = 1.9, P > t = 0.03. 702 t = 1.7, P > t = 0.05. 703 t = 2.0, P > t = 0.02. 704 t = -1.3, P < t = 0.03. 705 t = -2.2, P < t = 0.01. 706 t = 1.9, P > t = 0.03. 707 t = -2.2, P < t = 0.01. 708 t = -1.4, P < t = 0.07. 709 t = -1.9, P < t = 0.02. 710 t = -3.0, P < t = 0.00. 711 t = -4.6, P < t = 0.00. 712 t = -4.3, P < t = 0.00. 713 t = -3.7, P < t = 0.00. 714 t = -4.1, P < t = 0.00. 715 t = -1.7, P < t = 0.05. 716 t = -5.2, P < t = 0.00. 717 t = -3.7, P < t = 0.00. 718 t = -6.5, P < t = 0.00. 719 t = -4.2, P < t = 0.00. 720 t = 4.2, P > t = 0.00. 721 t = -2.7, P < t = 0.00. 722 F = 2.3, P > F = 0.03. 723 t = -1.4, P < t = 0.09. 724 t = -3.5, P < t = 0.00. 725 t = -2.2, P < t = 0.01. 726 t = 2.3, P > t = 0.01. 727 t = -13.1, P < t = 0.00. 728 t = -16.6, P < t = 0.00. 729 t = -1.8, P < t = 0.04. 730 t = -2.4, P < t = 0.01. 731 t = -2.3, P < t = 0.01. 732 t = -2.7, P < t = 0.00. 733 t = -2.2, P < t = 0.01. 734 t = -2.8, P < t = 0.00. 735 t = -3.0, P < t = 0.00. 736 t = -3.0, P < t = 0.00. 737 t = -3.4, P < t = 0.08. 738 t = 1.4, P > t = 0.08. 739 t = -1.8, P < t = 0.03. 740 F = 2.0, P > F = 0.08. 741 F = 1.8, P > F = 0.08. 742 t = -2.6, P < t = 0.01. 743 t = 2.1, P > t = 0.02. 744 t = -1.3, P < t = 0.09. 745 t = 1.7, P > t = 0.05. 693
Office of Financial Empowerment Financial Services Survey
156
NEW ENGLAND MARKET RESEARCH, INC. 746
t = -1.6, P < t = 0.05. t = -2.3, P < t = 0.01. 748 t = -1.6, P < t = 0.06. 749 t = -1.8, P < t = 0.04. 750 t = -2.2, P < t = 0.01. 751 t = 2.1, P > t = 0.02. 752 t = -2.3, P < t = 0.01. 753 t = -2.5, P < t = 0.01. 754 t = -2.0, P < t = 0.02. 755 t = -1.8, P < t = 0.04. 756 t = -1.4, P < t = 0.09. 757 F = 8.1, P > F = 0.00. 758 t = -3.3, P < t = 0.00. 759 t = -10.0, P < t = 0.00. 760 t = -4.2, P < t = 0.00. 761 t = -3.7, P < t = 0.00. 762 t = -2.0, P < t = 0.02. 763 t = -2.0, P < t = 0.03. 764 t = 3.5, P > t = 0.00. 765 t = 2.4, P > t = 0.01. 766 t = 2.9, P > t = 0.00. 767 t = -6.5, P < t = 0.00. 768 t = -2.2, P < t = 0.01. 769 F = 3.4, P > F = 0.00 770 F = 5.0, P > F = 0.00 771 F = 8.3, P > F = 0.00 772 F = 5.2, P > F = 0.00. 773 t = 3.3, P > t = 0.00. 774 t = 1.5, P > t = 0.07. 775 t = -3.1, P < t = 0.00. 776 t = -1.8, P < t = 0.03. 777 t = -1.9, P < t = 0.03. 778 t = -1.9, P < t = 0.03. 779 t = -1.9, P < t = 0.03. 780 F = 10.4, P > F = 0.00. 781 t = -7.0, P < t = 0.00. 782 t = -2.4, P < t = 0.01. 783 t = -2.2, P < t = 0.01. 784 t = -3.7, P < t = 0.00. 785 F = 4.7, P > F = 0.00. 786 t = -2.6, P < t = 0.00. 787 t = -1.3, P < t = 0.09. 788 t = -2.3, P < t = 0.00. 789 t = -6.3, P < t = 0.00. 790 F = 6.7, P > F = 0.00. 791 F = 9.2, P > F = 0.00. 792 t = 4.2, P > t = 0.00. 793 t = -1.9, P < t = 0.03. 794 t = -1.8, P < t = 0.04. 795 t = -3.9, P < t = 0.00. 796 t = -8.7, P < t = 0.00. 797 t = -1.8, P < t = 0.04. 798 t = -1.4, P < t = 0.08. 747
Office of Financial Empowerment Financial Services Survey
157
NEW ENGLAND MARKET RESEARCH, INC. 799
t = -2.6, P < t = 0.01. t = -1.9, P < t = 0.03. 801 t = -5.8, P < t = 0.00. 802 t = -1.4, P < t = 0.08. 803 F = 3.4, P > F = 0.00. 804 F = 4.8, P > F = 0.00. 805 F = 12.3, P > F = 0.00. 806 F = 9.9, P > F = 0.00. 807 t = -3.7, P < t = 0.00. 808 t = 1.4, P > t = 0.07. 809 t = 2.3, P > t = 0.01. 810 t = 2.7, P > t = 0.00. 811 t = 1.3, P > t = 0.09. 812 F = 17.5, P > F = 0.00. 813 t = 10.1, P > t = 0.00 814 t = -1.7, P < t = 0.05. 815 t = 3.6, P > t = 0.00. 816 t = 1.7, P > t = 0.05. 817 t = 1.8, P > t = 0.03. 818 t = 7.5, P > t = 0.00. 819 t = -2.0, P < t = 0.03. 820 F = 2.1, P > F = 0.07. 821 F = 5.3, P > F = 0.00. 822 F = 6.7, P > F = 0.00. 823 F = 7.0, P > F = 0.00. 824 F = 3.0, P > F = 0.02. 825 t = -2.8, P < t = 0.00. 826 t = -3.6, P < t = 0.00. 827 t = 1.3, P > t = 0.09. 828 t = -1.7, P < t = 0.04. 829 t = 1.8, P > t = 0.04. 830 t = 1.5, P > t = 0.06. 831 t = 2.9, P > t = 0.00. 832 F = 2.3, P > F = 0.03. 833 t = -1.9, P < t = 0.03. 834 F = 2.4, P > F = 0.05. 835 t = -1.5, P < t = 0.07. 836 t = -1.5, P < t = 0.07. 837 t = -2.2, P < t = 0.01. 838 t = -4.0, P < t = 0.00. 839 t = -3.7, P < t = 0.00. 840 t = 1.6, P > t = 0.06. 841 t = 2.2, P > t = 0.02. 842 F = 10.3, P > F = 0.03. 843 t = -3.7, P < t = 0.00. 844 t = -3.3, P < t = 0.00. 845 t = -5.6, P < t = 0.00. 846 t = -6.5, P < t = 0.00. 847 t = -3.2, P < t = 0.00. 848 t = -2.2, P < t = 0.00. 849 t = -1.6, P < t = 0.06. 850 F = 6.7, P > F = 0.00. 800
Office of Financial Empowerment Financial Services Survey
158
NEW ENGLAND MARKET RESEARCH, INC. 851
F = 14.8, P > F = 0.00. t = -3.6, P < t = 0.00. 853 t = 1.7, P > t = 0.04. 854 t = -2.2, P < t = 0.01. 855 t = 1.5, P < t = 0.06. 856 t = -1.5, P < t = 0.07. 857 t = -4.2, P < t = 0.00. 858 t = -8.0, P < t = 0.00. 859 t = -6.4, P < t = 0.00. 860 t = 4.5, P > t = 0.00. 861 t = 2.1, P > t = 0.02. 862 t = 2.9, P > t = 0.00. 863 t = 2.6, P > t = 0.01. 864 z = 2.1, P > |z| = 0.01. 865 z = 2.4, P > |z| = 0.01. 866 t = 2.8, P > t = 0.00. 867 t = 1.7, P > t = 0.04. 868 t = 2.4, P > t = 0.01. 869 t = -1.3, P < t = 0.10. 870 t = -1.3, P < t = 0.10. 871 t = -1.5, P < t = 0.07. 872 t = -1.5, P < t = 0.07. 873 t = 2.1, P > t = 0.02. 874 t = 1.6, P > t = 0.06. 875 t = 1.6, P > t = 0.06. 876 F = 5.5, P > F = 0.00. 877 t = -2.3, P < t = 0.01. 878 t = -2.8, P < t = 0.00. 879 t = -4.3, P < t = 0.00. 880 t = -7.7, P < t = 0.00. 881 t = -1.4, P < t = 0.08. 882 t = -2.0, P < t = 0.02. 883 t = -1.8, P < t = 0.04 884 t = -2.2, P < t = 0.01. 885 t = -2.0, P < t = 0.02. 886 t = -1.8, P < t = 0.04. 887 t = -3.5, P < t = 0.00. 888 t = -2.4, P < t = 0.01. 889 t = -1.6, P < t = 0.06. 890 t = -3.9, P < t = 0.00. 891 t = -4.3, P < t = 0.00. 892 t = -2.1, P < t = 0.02. 893 t = -1.8, P < t = 0.04. 894 t = 1.6, P > t = 0.06. 895 t = 1.9, P > t = 0.03. 896 t = 1.4, P > t = 0.08. 897 t = -1.4, P < t = 0.08. 898 t = -4.7, P < t = 0.00. 899 t = -3.7, P < t = 0.00. 900 Chi squared = 23.8, PR = 0.00. 901 Chi squared = 12.5, PR = 0.02. 902 Chi squared = 9.3, PR = 0.00. 903 Chi squared = 16.4, PR = 0.00. 904 t = 2.1, P > t = 0.02. 852
Office of Financial Empowerment Financial Services Survey
159
NEW ENGLAND MARKET RESEARCH, INC. 905
t = -1.7, P < t = 0.05. t = -3.3, P < t = 0.00. 907 t = 2.4, P > t = 0.01. 908 t = 1.5, P > t = 0.08. 909 t = 3.8, P > t = 0.00. 910 t = 1.3, P > t = 0.10. 911 t = 2.6, P > t = 0.00. 912 t = 1.4, P > t = 0.08. 913 t = -1.9, P < t = 0.03. 914 t = -3.7, P < t = 0.00. 915 t = 2.0, P > t = 0.02. 916 t = -3.5, P < t = 0.00. 917 t = -3.6, P < t = 0.00. 918 t = -3.0, P < t = 0.00. 919 t = -4.0, P < t = 0.00. 920 t = -5.0, P < t = 0.00. 921 t = -1.8, P < t = 0.04. 922 t = -3.7, P < t = 0.00. 923 t = -4.6, P < t = 0.00. 924 t = -1.8, P < t = 0.04. 925 t = -2.2, P < t = 0.02. 926 t = -2.2, P < t = 0.01. 927 t = -4.2, P < t = 0.00. 928 t = -2.0, P < t = 0.02. 929 t = -3.8, P < t = 0.00. 930 t = -6.4, P < t = 0.00. 931 t = -9.2, P < t = 0.00. 932 t = -5.6, P < t = 0.00. 933 t = -5.5, P < t = 0.00. 934 t = -5.4, P < t = 0.00. 935 t = -5.7, P < t = 0.00. 936 t = -7.6, P < t = 0.00. 937 t = -8.9, P < t = 0.00. 938 t = 1.5, P > t = 0.07. 939 t = -1.9, P < t = 0.03. 940 t = -1.6, P < t = 0.06. 941 t = 2.4, P > t = 0.01. 942 t = -1.5, P < t = 0.07. 943 t = -1.9, P < t = 0.03. 944 t = 2.0, P > t = 0.02. 945 t = -2.2, P < t = 0.01. 946 t = 1.4, P > t = 0.09. 947 t = 2.1, P > t = 0.02. 948 Chi squared = 5.1, PR = 0.02. 949 t = -2.8, P < t = 0.00. 950 t = -2.5, P < t = 0.01. 951 t = -2.1, P < t = 0.02. 952 t = 1.6, P > t = 0.06. 953 t = 1.6, P > t = 0.02. 954 t = 2.5, P > t = 0.01. 955 t = 2.6, P > t = 0.01. 956 t = 2.8, P > t = 0.00. 957 t = 2.0, P > t = 0.02. 958 t = 1.8, P > t = 0.04. 906
Office of Financial Empowerment Financial Services Survey
160
NEW ENGLAND MARKET RESEARCH, INC. 959
t = 2.9, P > t = 0.00. t = 1.4, P > t = 0.08. 961 t = 1.6, P > t = 0.05. 962 t = 1.8, P > t = 0.04. 963 t = 1.5, P > t = 0.06. 964 t = -1.9, P < t = 0.03. 965 t = -2.5, P < t = 0.01. 966 t = -2.4, P < t = 0.01. 967 t = -1.7, P < t = 0.05. 968 t = 1.5, P > t = 0.06. 969 t = -3.2, P < t = 0.00. 970 F = 1.6, P > F = 0.10. 971 t = -1.6, P < t = 0.05. 972 t = -1.6, P < t = 0.06. 973 t = -2.4, P < t = 0.01. 974 t = -2.9, P < t = 0.00. 975 t = -2.5, P < t = 0.01. 976 Chi squared = 19.4, PR = 0.00. 977 t = -2.6, P < t = 0.06. 978 t = -2.3, P < t = 0.01. 979 F = 2.1, P > F = 0.05. 980 t = -3.1, P < t = 0.00. 981 t = 3.1, P > t = 0.00. 982 t = 1.4, P > t = 0.09. 983 t = -1.4, P < t = 0.08. 984 t = -2.2, P < t = 0.02. 985 t = -2.2, P < t = 0.01. 986 t = -2.6, P < t = 0.00. 987 t = -1.6, P < t = 0.05. 988 t = -1.5, P < t = 0.06. 989 t = -1.5, P < t = 0.06. 990 t = 1.3, P > t = 0.10. 991 t = 1.3, P > t = 0.10. 992 t = 1.4, P > t = 0.08. 993 t = -1.8, P < t = 0.04. 994 t = -2.0, P < t = 0.02. 995 t = -2.6, P < t = 0.01. 996 t = -2.1, P < t = 0.02. 997 t = -1.6, P < t = 0.06. 998 t = -2.2, P < t = 0.01. 999 t = 1.5, P > t = 0.07. 1000 t = 2.0, P > t = 0.00. 1001 t = 2.0, P > t = 0.00. 1002 t = 1.3, P > t = 0.10. 1003 t = -2.8, P < t = 0.00. 1004 t = -1.9, P < t = 0.03. 1005 t = -2.2, P < t = 0.01. 1006 t = 4.4, P > t = 0.00. 1007 t = 1.7, P > t = 0.04. 1008 t = -1.5, P < t = 0.07. 1009 t = -1.8, P < t = 0.04. 1010 t = 1.4, P > t = 0.08. 1011 t = -1.7, P < t = 0.05. 960
Office of Financial Empowerment Financial Services Survey
161
NEW ENGLAND MARKET RESEARCH, INC. 1012
t = -1.5, P < t = 0.07. t = -2.0, P < t = 0.03. 1014 t = -3.0, P < t = 0.00. 1015 t = -3.6, P < t = 0.00. 1016 t = -1.7, P < t = 0.04. 1017 t = -3.4, P < t = 0.00. 1018 t = -1.7, P < t = 0.05. 1019 t = -3.6, P < t = 0.00. 1020 t = -1.6, P < t = 0.05. 1021 t = -4.9, P < t = 0.00. 1022 t = -2.0, P < t = 0.02. 1023 t = 1.9, P > t = 0.03. 1024 F = 2.5, P > F = 0.00. 1025 F = 2.5, P > F = 0.00. 1026 F = 1.9, P > F = 0.09. 1027 F = 2.6, P > F = 0.02. 1028 F = 2.1, P > F = 0.03. 1029 F = 9.6, P > F = 0.00. 1030 F = 5.3, P > F = 0.00. 1031 t = -3.8, P < t = 0.00. 1032 t = -2.0, P < t = 0.02. 1033 t = -3.2, P < t = 0.00. 1034 t = -5.1, P < t = 0.00. 1035 t = 2.8, P > t = 0.00. 1036 t = -3.5, P > t = 0.00. 1037 t = -2.7, P > t = 0.00. 1038 t = -2.5, P > t = 0.01. 1039 t = -3.9, P > t = 0.00. 1040 t = -2.7, P > t = 0.00. 1041 t = -2.9, P > t = 0.00. 1042 t = -2.5, P > t = 0.01. 1043 t = -3.5, P > t = 0.00. 1044 t = -2.2, P > t = 0.01. 1045 t = -2.6, P > t = 0.00. 1046 t = -3.1, P > t = 0.00. 1047 t = 2.4, P > t = 0.01. 1048 t = 1.9, P > t = 0.03. 1049 t = -2.1, P > t = 0.02. 1050 t = -1.9, P > t = 0.03. 1051 t = -1.6, P > t = 0.06. 1052 t = -2.3, P > t = 0.01. 1053 t = -2.2, P > t = 0.01. 1054 t = -1.7, P > t = 0.05. 1055 t = 2.0, P > t = 0.02. 1056 t = 1.7, P > t = 0.05. 1057 t = -1.7, P > t = 0.05. 1058 t = 2.4, P > t = 0.01. 1059 t = 1.4, P > t = 0.08. 1060 t = -1.3, P < t = 0.10. 1061 t = 1.8, P > t = 0.04. 1062 t = -1.9, P < t = 0.03. 1063 t = 1.5, P > t = 0.07. 1064 t = -2.4, P < t = 0.01. 1065 t = 2.2, P > t = 0.01. 1013
Office of Financial Empowerment Financial Services Survey
162
NEW ENGLAND MARKET RESEARCH, INC. 1066
t = -1.4, P < t = 0.08. t = -4.7, P < t = 0.00. 1068 t = -4.4, P < t = 0.00. 1069 t = -3.3, P < t = 0.00. 1070 t = -2.1, P < t = 0.02. 1071 t = -2.0, P < t = 0.03. 1072 t = -2.1, P < t = 0.02. 1073 t = -1.3, P < t = 0.10. 1074 t = 1.4, P > t = 0.08. 1075 t = 1.7, P > t = 0.05. 1076 t = -1.6, P < t = 0.05. 1077 t = -2.1, P < t = 0.02. 1078 t = -3.2, P < t = 0.00. 1079 t = -3.0, P < t = 0.00. 1080 t = -1.4, P < t = 0.09. 1081 t = -1.3, P < t = 0.09. 1082 t = 1.5, P > t = 0.07. 1083 t = 1.5, P > t = 0.06. 1084 t = -1.4, P < t = 0.08. 1085 t = -1.5, P < t = 0.06. 1086 t = -1.7, P < t = 0.05. 1087 t = 2.5, P > t = 0.01. 1088 t = 1.9, P > t = 0.03. 1089 t = -1.7, P < t = 0.05. 1090 t = -1.7, P < t = 0.05. 1091 t = -4.0, P < t = 0.00. 1092 t = -1.5, P < t = 0.07. 1093 t = -1.3, P < t = 0.10. 1094 t = 1.8, P > t = 0.04. 1095 t = 2.0, P > t = 0.02. 1096 t = 1.4, P > t = 0.08. 1097 t = 1.4, P > t = 0.08. 1098 t = 2.3, P > t = 0.01. 1099 t = 2.0, P > t = 0.02. 1100 t = -1.8, P < t = 0.04. 1101 t = -2.1, P < t = 0.02. 1102 t = -3.0, P < t = 0.00. 1103 t = 3.9, P > t = 0.00. 1104 t = 1.8, P > t = 0.04. 1105 t = -1.8, P < t = 0.03. 1106 t = -2.5, P < t = 0.01. 1107 t = -2.6, P < t = 0.01. 1108 t = -2.7, P < t = 0.00. 1109 t = -1.4, P < t = 0.09. 1110 t = -1.3, P < t = 0.10. 1111 t = -2.1, P < t = 0.02. 1112 t = -2.1, P < t = 0.02. 1113 t = -1.3, P < t = 0.09. 1114 t = 1.7, P > t = 0.00. 1115 t = 1.6, P > t = 0.06. 1116 t = 1.7, P > t = 0.04. 1117 t = -2.5, P < t = 0.01. 1118 t = 1.3, P > t = 0.10. 1119 t = 1.5, P > t = 0.07. 1067
Office of Financial Empowerment Financial Services Survey
163
NEW ENGLAND MARKET RESEARCH, INC. 1120
t = -1.3, P < t = 0.10. t = 1.4, P > t = 0.09. 1122 t = -1.3, P < t = 0.09. 1123 t = -2.4, P < t = 0.01. 1124 t = 1.4, P > t = 0.08. 1125 t = -1.5, P < t = 0.07. 1126 t = 1.5, P > t = 0.06. 1127 t = -1.6, P < t = 0.08. 1128 t = 1.5, P > t = 0.06. 1129 t = -1.4, P < t = 0.08. 1130 t = -1.3, P < t = 0.10. 1131 t = 2.7, P > t = 0.00. 1132 t = 2.3, P > t = 0.01. 1133 t = 2.3, P > t = 0.01. 1134 t = -1.6, P < t = 0.05. 1135 t = -2.1, P < t = 0.02. 1136 t = -1.6, P < t = 0.06. 1137 t = -1.6, P < t = 0.06. 1138 t = -1.6, P < t = 0.05. 1139 t = -2.3, P < t = 0.01. 1140 t = 1.7, P > t = 0.04. 1141 t = -1.6, P < t = 0.05. 1142 t = 3.5, P > t = 0.00. 1143 t = 2.9, P > t = 0.00. 1144 t = -3.2, P < t = 0.00. 1145 Including Associates, chi squared = 10.5, PR = 0.01. 1146 t = -1.6, P < t = 0.05. 1147 t = -3.6, P < t = 0.00. 1148 t = 2.3, P > t = 0.01. 1149 t = -1.3, P < t = 0.10. 1150 t = -1.4, P < t = 0.09. 1151 t = -1.5, P < t = 0.07. 1152 t = 1.4, P > t = 0.09. 1153 t = 1.8, P > t = 0.03. 1154 t = -1.3, P < t = 0.10. 1155 t = -1.8, P < t = 0.03. 1156 t = -2.1, P < t = 0.02. 1157 t = -1.8, P < t = 0.04. 1158 t = -1.6, P < t = 0.05. 1159 t = 2.3, P > t = 0.01. 1160 t = -1.8, P < t = 0.03. 1161 t = 2.2, P > t = 0.02. 1162 t = -1.8, P < t = 0.04. 1163 t = 2.0, P > t = 0.00. 1164 t = 1.5, P > t = 0.07. 1165 t = 1.5, P > t = 0.07. 1166 t = 1.4, P > t = 0.09. 1167 t = -1.8, P < t = 0.04. 1168 t = 1.8, P > t = 0.04. 1169 t = -2.2, P < t = 0.01. 1170 t = 2.2, P > t = 0.01. 1171 t = -1.9, P < t = 0.03. 1172 t = -2.1, P < t = 0.02. 1173 t = 2.3, P > t = 0.01. 1121
Office of Financial Empowerment Financial Services Survey
164
NEW ENGLAND MARKET RESEARCH, INC. 1174
t = -1.4, P < t = 0.09. t = 2.2, P > t = 0.02. 1176 t = -1.6, P < t = 0.06. 1177 t = 2.1, P > t = 0.02. 1178 t = 2.2, P > t = 0.01. 1179 t = 1.4, P > t = 0.08. 1180 t = 2.7, P > t = 0.00. 1181 t = 1.7, P > t = 0.04. 1182 t = 2.8, P > t = 0.00. 1183 t = 21.3, P > t = 0.10. 1184 t = 2.6, P > t = 0.01. 1185 t = -2.6, P < t = 0.01. 1186 t = -2.1, P < t = 0.02. 1187 t = -2.6, P < t = 0.01. 1188 t = -2.1, P < t = 0.02. 1189 t = -4.5, P < t = 0.00. 1190 t = -3.0, P < t = 0.00. 1191 t = -1.5, P < t = 0.06. 1192 t = -1.6, P < t = 0.06. 1193 t = -2.1, P < t = 0.02. 1194 t = -3, P < t = 0.00. 1195 t = -1.4, P < t = 0.09. 1196 t = 1.9, P > t = 0.03. 1197 t = -1.9, P < t = 0.03. 1198 t = -1.4, P < t = 0.07. 1199 t = -1.4, P < t = 0.08. 1200 t = -2.5, P < t = 0.01. 1201 t = -2.0, P < t = 0.02. 1202 t = 2.6, P > t = 0.00. 1203 t = -3.7, P < t = 0.00. 1204 t = -1.5, P < t = 0.07. 1205 t = 2.3, P > t = 0.01. 1206 t = -1.8, P < t = 0.04 1207 t = -1.7, P < t = 0.04 1208 t = -3.4, P < t = 0.00. 1209 t = -2.3, P < t = 0.01. 1210 t = -3.1, P < t = 0.00. 1211 t = -2.4, P < t = 0.01. 1212 t = -2.4, P < t = 0.01. 1213 t = -2.4, P < t = 0.01. 1214 t = -1.8, P < t = 0.04. 1215 t = -2.2, P < t = 0.02. 1216 t = -2.1, P < t = 0.02. 1217 t = -2.6, P < t = 0.00. 1218 t = 1.3, P > t = 0.09. 1219 t = -1.7, P < t = 0.05. 1220 t = -1.3, P < t = 0.09. 1221 t = -1.6, P < t = 0.05. 1222 t = 2.7, P > t = 0.03. 1223 t = -3.5, P < t = 0.00. 1224 t = -1.7, P < t = 0.04. 1225 t = -1.6, P < t = 0.06. 1226 t = 1.4, P > t = 0.08. 1227 t = 1.3, P > t = 0.09. 1175
Office of Financial Empowerment Financial Services Survey
165
NEW ENGLAND MARKET RESEARCH, INC. 1228
t = -2.4, P < t = 0.01. t = -2.0, P < t = 0.02. 1230 t = -1.5, P < t = 0.07. 1231 t = -1.9, P < t = 0.03. 1232 t = -3.5, P < t = 0.00. 1233 t = 1.5, P > t = 0.07. 1234 t = -1.6, P < t = 0.06. 1235 t = -1.4, P < t = 0.08. 1236 t = 1.4, P > t = 0.08. 1237 t = -2.5, P < t = 0.01. 1238 t = 1.5, P > t = 0.06. 1239 t = 1.5, P > t = 0.07. 1240 t = -2.1, P < t = 0.02. 1241 t = 2.5, P > t = 0.01. 1242 t = -3.8, P < t = 0.00. 1243 t = 1.5, P > t = 0.07. 1244 t = -2.4, P < t = 0.01. 1245 t = -1.5, P < t = 0.06. 1246 t = 1.8, P > t = 0.04. 1247 t = 1.4, P > t = 0.08. 1248 t = 2.2, P > t = 0.02. 1249 t = -1.3, P < t = 0.10. 1250 t = 3.2, P > t = 0.00. 1251 t = 1.8, P > t = 0.04. 1252 t = 2.2, P > t = 0.01. 1253 t = -1.4, P < t = 0.09. 1254 t = 2.1, P > t = 0.02. 1255 t = 1.5, P > t = 0.06. 1256 t = -1.9, P < t = 0.03. 1257 t = 2.1, P > t = 0.01. 1258 t = -1.8, P < t = 0.04. 1259 t = 2.0, P > t = 0.02. 1260 t = -2.2, P < t = 0.01. 1261 t = 1.5, P > t = 0.07. 1262 t = 2.5, P > t = 0.01. 1263 t = -4.6, P < t = 0.00. 1264 z = -4.8, P > |z| = 0.0. 1265 t = -1.5, P < t = 0.06. 1266 t = 1.9, P > t = 0.03. 1267 t = 1.9, P > t = 0.03. 1268 t = -1.3, P < t = 0.08. 1269 t = -3.0, P < t = 0.00. 1270 t = -2.1, P < t = 0.02. 1271 t = -1.5, P < t = 0.07. 1272 t = -2.8, P < t = 0.00. 1273 t = 3.2, P > t = 0.00. 1274 t = 3.0, P > t = 0.00. 1275 t = -2.9, P < t = 0.00. 1276 t = 2.6, P > t = 0.01. 1277 t = 1.8, P > t = 0.03. 1278 t = 1.7, P > t = 0.04. 1279 t = 1.5, P > t = 0.07. 1280 t = -1.4, P < t = 0.08. 1281 t = -1.3, P < t = 0.09. 1229
Office of Financial Empowerment Financial Services Survey
166
NEW ENGLAND MARKET RESEARCH, INC. 1282
t = 1.9, P > t = 0.03. t = -3.3, P < t = 0.00. 1284 t = 3.5, P > t = 0.00. 1285 t = 3.0, P > t = 0.00. 1286 t = 1.3, P > t = 0.10. 1287 t = -1.9, P < t = 0.03. 1288 t = 2.3, P > t = 0.01. 1289 t = 1.9, P > t = 0.02. 1290 t = -3.3, P < t = 0.00. 1291 t = 2.7, P > t = 0.00. 1292 t = -2.8, P < t = 0.00. 1293 t = -4.5, P < t = 0.00. 1294 t = -4.3, P < t = 0.00. 1295 t = -3.7, P < t = 0.00. 1296 t = -2.1, P < t = 0.02. 1297 t = -2.1, P < t = 0.02. 1298 t = -2.7, P < t = 0.00. 1299 t = -1.8, P < t = 0.04. 1300 t = -2.0, P < t = 0.03. 1301 t = 2.3, P > t = 0.01. 1302 t = -2.4, P < t = 0.01. 1303 t = 3.0, P > t = 0.00. 1304 t = 3.6, P > t = 0.00. 1305 t = 1.6, P > t = 0.05. 1306 t = -3.2, P < t = 0.00. 1307 t = -1.9, P < t = 0.03. 1308 t = -2.2, P < t = 0.02. 1309 t = -5.4, P < t = 0.00. 1310 t = -3.9, P < t = 0.00. 1311 t = 2.1, P > t = 0.02. 1312 t = 4.3, P > t = 0.00. 1313 t = -1.8, P < t = 0.04. 1314 t = 2.9, P > t = 0.00. 1315 t = -2.8, P < t = 0.00. 1316 t = -3.0, P < t = 0.00. 1317 t = 1.5, P > t = 0.07. 1318 t = -1.8, P < t = 0.04. 1319 t = -1.7, P < t = 0.04. 1320 t = -3.1, P < t = 0.01. 1321 t = -1.6, P < t = 0.06. 1322 t = -3.0, P < t = 0.00. 1323 t = -1.5, P < t = 0.06. 1324 t = -1.8, P < t = 0.04. 1325 t = -2.3, P < t = 0.01. 1326 t = -2.0, P < t = 0.03. 1327 t = -1.4, P < t = 0.08. 1328 t = -1.4, P < t = 0.09. 1329 t = 1.8, P > t = 0.04. 1330 t = -1.8, P < t = 0.04. 1331 t = -1.4, P < t = 0.09. 1332 t = -1.9, P < t = 0.03. 1333 t = -2.2, P < t = 0.02. 1334 t = -2.5, P < t = 0.01. 1335 t = -2.1, P < t = 0.02. 1283
Office of Financial Empowerment Financial Services Survey
167
NEW ENGLAND MARKET RESEARCH, INC. 1336
t = -2.4, P < t = 0.01. t = -2.6, P < t = 0.01. 1338 t = -2.7, P < t = 0.00. 1339 t = -2.1, P < t = 0.02. 1340 t = -2.8, P < t = 0.00. 1341 t = 1.5, P > t = 0.06. 1342 t = -2.2, P < t = 0.02. 1343 t = -1.8, P < t = 0.04. 1344 t = 1.5, P > t = 0.07. 1345 t = 1.8, P > t = 0.03. 1346 t = -2.6, P < t = 0.01. 1347 t = -2.0, P < t = 0.03. 1348 t = -1.7, P < t = 0.04. 1349 t = -2.9, P < t = 0.00. 1350 t = 1.7, P > t = 0.04. 1351 t = 2.1, P > t = 0.02. 1352 t = 1.7 P > t = 0.05. 1353 t = -3.2, P < t = 0.00. 1354 t = -1.8, P < t = 0.04. 1355 t = 3.2, P > t = 0.00. 1356 t = 3.7, P > t = 0.00. 1357 t = 3.2, P > t = 0.00. 1358 t = -4.5, P < t = 0.00. 1359 t = -2.6, P < t = 0.01. 1360 t = -6.2, P < t = 0.00. 1361 t = 3.0, P > t = 0.00. 1362 t =-3.6, P < t = 0.00. 1363 t = -2.3, P < t = 0.01. 1364 t = -4.2, P < t = 0.00. 1365 t = -2.9, P < t = 0.00. 1366 t = -4.4, P < t = 0.00. 1367 t = 3.3, P < t = 0.00. 1368 t = 1.5, P < t = 0.07. 1369 t = -2.4, P < t = 0.01. 1370 t = -3.0, P < t = 0.00. 1371 t = -2.3, P < t = 0.01. 1372 t = -1.9, P < t = 0.03. 1373 t = -2.8, P < t = 0.02. 1374 t = -3.9, P < t = 0.00. 1375 t = -4.3, P < t = 0.00. 1376 t = -2.9, P < t = 0.01. 1377 t = -1.4, P < t = 0.09. 1378 t = -2.4, P < t = 0.01. 1379 t = -2.6, P < t = 0.00. 1380 t = -3.5, P < t = 0.00. 1381 t = -1.5, P < t = 0.07. 1382 t = -1.8, P < t = 0.04. 1383 t = -2.5, P < t = 0.01. 1384 t = -3.5, P < t = 0.00. 1385 t = -1.7, P < t = 0.04. 1386 t = -3.8, P < t = 0.00. 1387 t = -3.4, P < t = 0.00. 1337
Office of Financial Empowerment Financial Services Survey
168
NEW ENGLAND MARKET RESEARCH, INC. 1388
t = -3.6, P < t = 0.00. t = 1.7, P > t = 0.05. 1390 t = 1.8, P > t = 0.04. 1391 t = 1.6, P > t = 0.05. 1392 t = 2.0, P > t = 0.03. 1393 t = -3.3, P < t = 0.00. 1394 t = 1.9, P > t = 0.03. 1395 t = -3.4, P < t = 0.00. 1396 t = 2.0, P > t = 0.02. 1397 t = -1.9, P < t = 0.03. 1398 t = -1.6, P < t = 0.05. 1399 t = -1.9, P < t = 0.03. 1400 t = -1.8, P < t = 0.03. 1401 t = -1.7, P < t = 0.04. 1402 t = 1.7, P > t = 0.04. 1403 t = -2.2, P < t = 0.02. 1404 t = 1.8, P > t = 0.04. 1405 t = -4.2, P < t = 0.00. 1406 t = -1.4, P < t = 0.08. 1407 t = -3,7, P < t = 0.00. 1408 t = -2.5, P < t = 0.01. 1409 t = -5.7, P < t = 0.00. 1410 t = -4.8, P < t = 0.00. 1411 t = -2.3, P < t = 0.01. 1412 t = -3.7, P < t = 0.00. 1413 t = -1.5, P < t = 0.06. 1414 t = -3.5, P < t = 0.00. 1415 t = -3.0, P < t = 0.00. 1416 t = -3.5, P < t = 0.00. 1417 t = -1.5, P < t = 0.06. 1418 t = 2.3, P > t = 0.01. 1419 t = -5.2, P < t = 0.00. 1420 t = -4.4, P < t = 0.00. 1421 t = -5.5, P < t = 0.00. 1422 t = -2.6, P > t = 0.01. 1423 t = -2.7, P < t = 0.00. 1424 t = -2.6, P < t = 0.00. 1425 t = 1.5, P < t = 0.07. 1426 t = -2.6, P < t = 0.01. 1427 t = 1.7, P < t = 0.04. 1428 t = -2.1, P < t = 0.02. 1429 t = -3.2, P < t = 0.00. 1430 t = -2.6, P < t = 0.00. 1431 t = -1.4, P < t = 0.09. 1432 t = -5.0, P < t = 0.00. 1433 t = -2.8, P < t = 0.00. 1434 t = -1.7, P < t = 0.05. 1435 t = -1.8, P < t = 0.03. 1436 t = -5.3, P < t = 0.00. 1437 t = -3.9, P < t = 0.00. 1438 t = -2.0, P < t = 0.03. 1439 t = 2.3, P > t = 0.01. 1440 t = -3.2, P < t = 0.00. 1441 t = -2.0, P < t = 0.02. 1389
Office of Financial Empowerment Financial Services Survey
169
NEW ENGLAND MARKET RESEARCH, INC. 1442
t = -1.9, P < t = 0.03. t = 2.2, P > t = 0.02. 1444 t = -2.6, P < t = 0.00. 1445 t = -3.1, P < t = 0.00. 1446 t = -4.1, P < t = 0.00. 1447 t = -3.5, P < t = 0.00. 1448 t = 3.5, P > t = 0.00. 1449 t = 1.4, P > t = 0.08. 1450 t = -2.0, P < t = 0.03. 1451 t = -2.2, P < t = 0.01. 1452 t = -2.9, P < t = 0.00. 1453 t = -2.2, P < t = 0.02. 1454 t = 2.3, P > t = 0.01. 1455 t = -1.9, P < t = 0.03. 1456 t = -1.3, P < t = 0.09. 1457 t = -1.4, P < t = 0.09. 1458 t = -3.7, P < t = 0.00. 1459 t = 1.6, P > t = 0.06. 1460 t = -3.7, P < t = 0.00. 1461 t = -2.1, P < t = 0.02. 1462 t = -2.5, P < t = 0.01. 1463 t = -6.4, P < t = 0.00. 1464 t = -1.9, P < t = 0.03. 1465 t = -3.3, P < t = 0.00. 1466 t = -2.8, P < t = 0.00. 1467 t = -4.4, P < t = 0.00. 1468 t = -2.9, P < t = 0.00. 1469 t = -4.2, P < t = 0.00. 1470 t = -4.6, P < t = 0.00. 1471 t = -3.6, P < t = 0.00. 1472 t = -3.2, P < t = 0.00. 1473 t = -2.0, P < t = 0.02. 1474 t = 1.4, P > t = 0.09. 1475 t = -1.6, P < t = 0.06. 1476 t = -3.6, P < t = 0.00. 1477 t = -4.4, P < t = 0.00. 1478 t = -5.3, P < t = 0.00. 1479 t = 3.2, P > t = 0.00. 1480 t = 2.6, P > t = 0.01. 1481 t = 1.7, P > t = 0.05. 1482 t = -1.3, P < t = 0.10. 1483 t = 1.6, P > t = 0.06. 1484 t = 1.7, P > t = 0.05. 1485 t = 2.0, P > t = 0.02. 1486 t = -3.1, P < t = 0.00. 1487 t = -3.5, P < t = 0.00. 1488 t = 3.0, P > t = 000. 1489 t = -1.4, P < t = 0.09. 1490 t = 1.5, P > t = 007. 1491 t = -3.8, P < t = 0.00. 1492 t = -2.5, P < t = 0.01. 1493 t = -1.7, P < t = 0.04. 1494 t = -2.5, P < t = 0.01. 1495 t = -1.7, P < t = 0.04. 1443
Office of Financial Empowerment Financial Services Survey
170
NEW ENGLAND MARKET RESEARCH, INC. 1496
t = -2.9, P < t = 0.00. t = 1.5, P > t = 007. 1498 t = 1.5, P > t = 007. 1499 t = 1.8, P > t = 004. 1500 t = -2.0, P < t = 0.02. 1501 t = 2.1, P > t = 002. 1502 t = 1.9, P > t = 003. 1503 t = 2.3, P > t = 001. 1504 t = -4.5, P < t = 0.00. 1505 t = -1.6, P < t = 0.05. 1506 t = -2.5, P < t = 0.01. 1507 t = 1.6, P > t = 005. 1508 t = -2.4, P < t = 0.01. 1509 t = -4.6, P < t = 0.00. 1510 t = -2.0, P < t = 0.02. 1511 t = -3.7, P < t = 0.00. 1512 t = 2.0, P < t = 0.02. 1513 t = 3.4, P > t = 000. 1514 t = 3.4, P > t = 000. 1515 t = 4.0, P < t = 0.00. 1516 t = -2.1, P < t = 0.02. 1517 t = 1.8, P < t = 0.04. 1518 t = -1.5, P < t = 0.06. 1519 t = -1.5, P < t = 0.08. 1520 t = -3.1, P < t = 0.00. 1521 t = -3.7, P < t = 0.00. 1522 t = -4.1, P < t = 0.00. 1523 t = -4.5, P < t = 0.00. 1524 t = -3.2, P < t = 0.00. 1525 t = -5.2, P < t = 0.00. 1526 t = -1.6, P < t = 0.05. 1527 t = -3.6, P < t = 0.00. 1528 t = -3.1, P < t = 0.00. 1529 t = -2.6, P < t = 0.00. 1530 t = -3.5, P < t = 0.00. 1531 t = -2.9, P < t = 0.00. 1532 t = -1.8, P < t = 0.03. 1533 t = -1.4, P < t = 0.09. 1534 t = -2.5, P < t = 0.01. 1535 t = -1.5, P < t = 0.07. 1536 t = -1.9, P > t = 0.03. 1537 t = -2.9, P < t = 0.00. 1538 t = -4.1, P < t = 0.00. 1539 t = -4.3, P < t = 0.00. 1540 t = -1.7, P < t = 0.04. 1541 t = 1.5, P > t = 006. 1542 t = 2.3, P > t = 001. 1543 t = 1.4, P > t = 009. 1544 t = -3.4, P < t = 0.00. 1545 t = -3.5, P < t = 000. 1546 t = 1.5, P > t = 006. 1547 t = -2.8, P < t = 0.00. 1548 t = 2.8, P > t = 0.00. 1549 t = -1.9, P < t = 0.03. 1497
Office of Financial Empowerment Financial Services Survey
171
NEW ENGLAND MARKET RESEARCH, INC. 1550
t = 1.9, P > t = 003. t = -2.2, P < t = 0.01. 1552 t = -1.3, P < t = 0.10. 1553 t = -1.6, P < t = 0.06. 1554 t = -1.5, P < t = 0.07. 1555 t = 1.4, P > t = 007. 1556 t = -1.8, P < t = 0.03. 1557 t = -2.6, P < t = 0.01. 1558 t = -3.1, P < t = 0.01. 1559 t = -2.2, P < t = 0.02. 1560 t = -2.5, P < t = 0.01. 1561 t = -2.3, P < t = 0.01. 1562 t = -2.2, P < t = 0.01. 1563 t = -1.8, P < t = 0.04. 1564 t = 2.2, P > t = 001. 1565 t = 3.8, P > t = 0.00. 1566 t = -2.1, P < t = 0.02. 1567 t = -2.6, P < t = 0.00. 1568 t = -2.8, P < t = 0.00. 1569 t = -3.1, P < t = 0.01. 1570 t = 1.9, P > t = 0.03. 1571 t = 2.9, P > t = 0.00. 1572 t = 3.0, P > t = 0.00. 1573 t = 2.1, P > t = 0.02. 1574 t = -2.3, P < t = 0.01. 1575 t = -1.6, P < t = 0.06. 1576 t = 2.1, P > t = 0.02. 1577 t = -1.6, P < t = 0.06. 1578 t = -2.4, P < t = 0.01. 1579 t = 2.1, P > t = 0.02. 1580 t = 1.3, P > t = 0.09. 1581 t = 1.5, P > t = 0.07. 1582 t = 2.0, P > t = 0.02. 1583 t = 2.7, P > t = 0.00. 1584 t = -1.3, P < t = 0.10. 1585 t = -1.7, P < t = 0.04. 1586 t = -1.3, P < t = 0.09. 1587 t = -1.9, P < t = 0.03. 1588 t = -3.2, P < t = 0.00. 1589 t = -3.2, P < t = 0.00. 1590 t = -1.9, P < t = 0.03. 1591 t = -3.3, P < t = 0.00. 1592 t = -2.2, P < t = 0.02. 1593 t = -2.7, P < t = 0.00. 1594 t = 2.3, P > t = 0.01. 1595 t = 2.1, P > t = 0.02. 1596 t = 2.7, P > t = 0.00. 1597 t = -1.3, P < t = 0.10. 1598 t = -2.0, P < t = 0.02. 1599 t = -3.1, P < t = 0.00. 1600 t = 1.5, P > t = 0.06. 1601 t = -2.5, P < t = 0.01. 1602 t = 3.8, P > t = 0.00. 1603 t = -1.5, P < t = 0.07. 1551
Office of Financial Empowerment Financial Services Survey
172
NEW ENGLAND MARKET RESEARCH, INC. 1604
t = 2.6, P > t = 0.00. t = 1.9, P > t = 0.02. 1606 t = -2.8, P < t = 0.00. 1607 t = -1.4, P < t = 0.08. 1608 t = -1.4, P < t = 0.08. 1609 t = 1.5, P > t = 0.07. 1610 t = 1.5, P > t = 0.07. 1611 t = -3.3, P < t = 0.00. 1612 t = -2.1, P < t = 0.02. 1613 t = -4.5, P < t = 0.00. 1614 t = -3.5, P < t = 0.00. 1615 t = -3.8, P < t = 0.00. 1616 t = -2.9, P < t = 0.00. 1617 t = -2.3, P < t = 0.01. 1618 t = -1.4, P < t = 0.08. 1619 t = -1.7, P < t = 0.04. 1620 t = -1.9, P < t = 0.03. 1621 t = 1.4, P > t = 0.08. 1622 t = -1.5, P < t = 0.06. 1623 t = 3.0, P > t = 0.00. 1624 t = 1.8, P > t = 0.04. 1625 t = 1.9, P > t = 0.03. 1626 t = -3.4, P < t = 0.00. 1627 t = -2.9, P < t = 0.00. 1628 t = -2.0, P < t = 0.02. 1629 t = 2.7, P > t = 0.00. 1630 t = -2.6, P < t = 0.00. 1631 t = -1.9, P < t = 0.03. 1632 t = -2.2, P < t = 0.01. 1633 t = -1.6, P < t = 0.64. 1634 t = -1.3, P < t = 0.09. 1635 t = -3.5, P < t = 0.00. 1636 t = -2.3, P < t = 0.01. 1637 t = 1.7, P > t = 0.05. 1638 t = -2.9, P < t = 0.00. 1639 t = -1.7, P < t = 0.05. 1640 t = -1.3, P < t = 0.09. 1641 t = -1.5, P < t = 0.06. 1642 t = -1.9, P < t = 0.03. 1643 t = -1.9, P < t = 0.03. 1644 t = 3.4, P > t = 0.00. 1645 t = 3.7, P > t = 0.00. 1646 t = 5.0, P > t = 0.00. 1647 t = 3.0, P > t = 0.00. 1648 t = 4.6, P > t = 0.00. 1649 t = -4.5, P < t = 0.00. 1650 t = -1.9, P < t = 0.03. 1651 t = 2.0, P > t = 0.02. 1652 t = 5.0, P > t = 0.00. 1653 t = 2.5, P > t = 0.00. 1654 t = 2.9, P > t = 0.00. 1655 t = -2.6, P < t = 0.00. 1656 t = -1.8, P < t = 0.04. 1657 t = -1.8, P < t = 0.04. 1605
Office of Financial Empowerment Financial Services Survey
173
NEW ENGLAND MARKET RESEARCH, INC. 1658
t = -1.4, P < t = 0.08. t = 1.8, P > t = 0.03. 1660 t = 2.6, P > t = 0.00. 1661 t = -2.3, P < t = 0.01. 1662 t = -2.5, P < t = 0.01. 1663 t = -2.8, P < t = 0.00. 1664 t = -1.4, P < t = 0.08. 1665 t = 2.4, P > t = 0.01. 1666 t = 2.8, P > t = 0.00. 1667 t = 3.1, P > t = 0.00. 1668 t = 1.7, P > t = 0.04. 1669 t = 1.4, P > t = 0.08. 1670 t = -1.4, P < t = 0.09. 1671 t = -2.2, P < t = 0.02. 1672 t = -1.3, P < t = 0.10. 1673 t = 1.3, P > t = 0.09. 1674 t = 1.3, P > t = 0.09. 1675 t = 1.6, P > t = 0.05. 1676 t = -2.6, P < t = 0.00. 1677 t = -1.7, P < t = 0.04. 1678 t = -1.6, P < t = 0.05. 1679 t = -1.6, P < t = 0.06. 1680 t = -2.6, P < t = 0.00. 1681 t = -3.1, P < t = 0.00. 1682 t = -3.2, P < t = 0.00. 1683 t = 3.4, P > t = 0.00. 1684 t = 1.5, P > t = 0.06. 1685 t = 1.8, P > t = 0.04. 1686 t = 1.8, P > t = 0.04. 1687 t = -2.9, P < t = 0.00. 1688 t = -1.4, P < t = 0.09. 1689 t = -1.6, P < t = 0.06. 1690 t = 5.1, P > t = 0.00. 1691 t = 2.5, P > t = 0.01. 1692 t = 1.6, P > t = 0.06. 1693 t = 2.0, P > t = 0.02. 1694 t = -2.5, P < t = 0.01. 1695 t = -2.5, P < t = 0.01. 1696 t = -4.0, P < t = 0.00. 1697 t = -1.7, P < t = 0.05. 1698 t = -1.8, P < t = 0.04. 1699 t = 1.5, P > t = 0.07. 1700 t = 3.0, P > t = 0.00. 1701 t = -2.9, P < t = 0.00. 1702 t = 2.5, P > t = 0.01. 1703 t = -1.3, P < t = 0.10. 1704 t = -3.3, P < t = 0.00. 1705 t = 3.8, P > t = 0.00. 1706 t = -2.1, P < t = 0.02. 1707 t = -3.0, P < t = 0.00. 1708 t = -2.1, P < t = 0.02. 1709 t = -2.9, P < t = 0.00. 1710 t = 1.3, P > t = 0.09. 1711 t = -3.3, P < t = 0.00. 1659
Office of Financial Empowerment Financial Services Survey
174
NEW ENGLAND MARKET RESEARCH, INC. 1712
t = -1.9, P < t = 0.03. t = 1.7, P > t = 0.04. 1714 t = 1.8, P > t = 0.03. 1715 t = -3.1, P < t = 0.00. 1716 t = -1.5, P < t = 0.07. 1717 t = -3.6, P < t = 0.00. 1718 t = -1.4, P < t = 0.08. 1719 t = 1.9, P > t = 0.03. 1720 t = 1.6, P > t = 0.06. 1721 t = 1.6, P > t = 0.05. 1722 t = -1.8, P < t = 0.03. 1723 t = -2.4, P < t = 0.01. 1724 t = -1.6, P < t = 0.06. 1725 t = -2.3, P < t = 0.01. 1726 t = 3.5, P > t = 0.00. 1727 t = 3.4, P > t = 0.00. 1728 t = 3.1, P > t = 0.00. 1729 t = -3.1, P < t = 0.00. 1730 t = -2.4, P < t = 0.01. 1731 t = -4.4, P < t = 0.00. 1732 t = -2.1, P < t = 0.02. 1733 t = -2.2, P < t = 0.01. 1734 t = -2.0, P < t = 0.02. 1735 t = 1.8, P > t = 0.03. 1736 t = -1.6, P < t = 0.06. 1737 t = 1.8, P > t = 0.04. 1738 t = -1.4, P < t = 0.08. 1739 t = -1.5, P < t = 0.07. 1740 t = -1.4, P < t = 0.08. 1741 t = 1.5, P > t = 0.07. 1742 t = 1.4, P > t = 0.08. 1743 t = -1.9, P < t = 0.02. 1744 t = -1.7, P < t = 0.05. 1745 t = -1.6, P < t = 0.06. 1746 t = -2.9, P < t = 0.00. 1747 t = -2.9, P < t = 0.00. 1748 t = 1.4, P > t = 0.08. 1749 t = -2.6, P < t = 0.00. 1750 t = 3.0, P > t = 0.00. 1751 t = 3.3, P > t = 0.00. 1752 t = 1.8, P > t = 0.03. 1753 t = 4.2, P > t = 0.00. 1754 t = 2.5, P > t = 0.01. 1755 t = 3.1, P > t = 0.01. 1756 t = 1.8, P > t = 0.04. 1757 t = -2.6, P < t = 0.01. 1758 t = 1.8, P > t = 0.03. 1759 t = -2.5, P < t = 0.01. 1760 t = 5.0, P > t = 0.00. 1761 t = 5.4, P > t = 0.00. 1762 t = 4.2, P > t = 0.00. 1763 t = -2.0, P < t = 0.03. 1764 t = -2.0, P < t = 0.02. 1765 t = -2.5, P < t = 0.01. 1713
Office of Financial Empowerment Financial Services Survey
175
NEW ENGLAND MARKET RESEARCH, INC. 1766
t = -2.2, P < t = 0.01. t = -2.0, P < t = 0.02. 1768 t = -1.9, P < t = 0.03. 1769 t = -1.9, P < t = 0.03. 1770 t = -2.3, P < t = 0.01. 1771 t = 1.5, P > t = 0.07. 1772 t = -2.1, P < t = 0.02. 1773 t = 1.6, P > t = 0.06. 1774 t = -2.5, P < t = 0.01. 1775 t = -2.9, P < t = 0.00. 1776 t = -1.4, P < t = 0.08. 1777 t = -2.5, P < t = 0.01. 1778 t = -4.6, P < t = 0.00. 1779 t = -1.9, P < t = 0.03. 1780 t = 1.7, P > t = 0.05. 1781 t = 1.3, P > t = 0.10. 1782 t = 1.6, P > t = 0.06. 1783 t = 1.3, P > t = 0.09. 1784 t = 2.4, P > t = 0.01. 1785 t = 1.8, P > t = 0.04. 1786 t = -1.6, P < t = 0.06. 1787 t = -4.1, P < t = 0.00. 1788 t = -2.7, P < t = 0.00. 1789 t = 4.4, P > t = 0.00. 1790 t = 3.8, P > t = 0.00. 1791 t = 2.7, P > t = 0.00. 1792 t = -3.6, P < t = 0.00. 1793 t = -3.0, P < t = 0.00. 1794 t = -5.5, P < t = 0.00. 1795 t = 1.3, P > t = 0.10. 1796 t = -2.3, P < t = 0.01. 1797 t = -3.2, P < t = 0.00. 1798 t = -3.4, P < t = 0.00. 1799 t = -2.5, P < t = 0.01. 1800 t = 1.8, P > t = 0.03. 1801 t = 2.1, P > t = 0.02. 1802 t = -1.6, P < t = 0.05. 1803 t = -2.6, P < t = 0.00. 1804 t = -1.8, P < t = 0.04. 1805 t = 1.3, P > t = 0.10. 1806 t = -1.9, P < t = 0.03. 1807 t = -1.4, P < t = 0.08. 1808 t = -1.7, P < t = 0.04. 1809 t = -2.2, P < t = 0.02. 1810 t = 1.6, P > t = 0.06. 1811 t = -2.4, P < t = 0.01. 1812 t = 1.8, P > t = 0.04. 1813 t = 2.9, P > t = 0.00. 1814 t = 3.1, P > t = 0.00. 1815 t = 3.1, P > t = 0.00. 1816 t = 3.0, P > t = 0.00. 1817 t = 2.8, P > t = 0.00. 1818 t = 1.5, P > t = 0.07. 1819 t = 2.6, P > t = 0.00. 1767
Office of Financial Empowerment Financial Services Survey
176
NEW ENGLAND MARKET RESEARCH, INC. 1820
t = 2.6, P > t = 0.00. t = 2.3, P > t = 0.01. 1822 t = -2.4, P < t = 0.01. 1823 t = 1.3, P > t = 0.10. 1824 t = 4.5, P > t = 0.00. 1825 t = 4.9, P > t = 0.00. 1826 t = 4.7, P > t = 0.00. 1827 t = 1.4, P > t = 0.08. 1828 t = -2.2, P < t = 0.01. 1829 t = -2.9, P < t = 0.00. 1830 t = -1.7, P < t = 0.04. 1831 t = -1.4, P < t = 0.08. 1832 t = -1.5, P < t = 0.06. 1833 t = -1.7, P < t = 0.04. 1834 t = 2.5, P > t = 0.01. 1835 t = -1.8, P < t = 0.04. 1836 t = 4.1, P > t = 0.00. 1837 t = 1.3, P > t = 0.09. 1838 t = -3.4, P < t = 0.00. 1839 t = -2.7, P < t = 0.00. 1840 t = -2.1, P < t = 0.02. 1841 t = -2.7, P < t = 0.00. 1842 t = -1.5, P < t = 0.07. 1843 t = -1.9, P < t = 0.03. 1844 t = -4.1, P < t = 0.00. 1845 t = -2.0, P < t = 0.02. 1846 t = 2.9, P > t = 0.00. 1847 t = 1.6, P > t = 0.06. 1848 t = 1.9, P > t = 0.03. 1849 t = -4.1, P < t = 0.00. 1850 t = -3.2, P < t = 0.00. 1851 t = 2.9, P > t = 0.00. 1852 t = 3.6, P > t = 0.00. 1853 t = 2.4, P > t = 0.01. 1854 t = -1.5, P < t = 0.07. 1855 t = -3.6, P < t = 0.00. 1856 t = -3.0, P < t = 0.00. 1857 t = -3.6, P < t = 0.00. 1858 t = -2.7, P < t = 0.00. 1859 t = -3.2, P < t = 0.00. 1860 t = -2.2, P > t = 0.02. 1861 t = 2.0, P > t = 0.02. 1862 t = -1.4, P > t = 0.09. 1863 t = 1.8, P > t = 0.04. 1864 t = -2.0, P > t = 0.02. 1865 t = 3.3, P > t = 0.00. 1866 t = -2.6, P < t = 0.00. 1867 t = -1.9, P < t = 0.03. 1868 t = -1.5, P < t = 0.07. 1869 t = -2.0, P < t = 0.02. 1870 t = -1.7, P < t = 0.04. 1871 t = -1.5, P < t = 0.06. 1872 t = 1.5, P > t = 0.06. 1873 t = -2.0, P < t = 0.02. 1821
Office of Financial Empowerment Financial Services Survey
177
NEW ENGLAND MARKET RESEARCH, INC. 1874
t = -1.5, P < t = 0.07. t = 1.3, P > t = 0.10. 1876 t = 1.6, P > t = 0.06. 1877 t = 1.3, P > t = 0.10. 1878 t = 1.4, P > t = 0.08. 1879 t = 3.8, P > t = 0.00. 1880 t = 2.7, P > t = 0.00. 1881 t = -1.8, P < t = 0.03. 1882 t = -2.1, P < t = 0.02. 1883 t = -1.4, P < t = 0.08. 1884 t = 3.3, P > t = 0.04. 1885 t = -2.7, P < t = 0.00. 1886 t = -1.4, P < t = 0.08. 1887 t = -3.4, P < t = 0.00. 1888 t = 4.3, P > t = 0.00. 1889 t = 1.7, P > t = 0.04. 1890 t = -2.8, P < t = 0.00. 1891 t = 1.5, P > t = 0.07. 1892 F = 2.21, P > F = 0.03 1893 t = -1.5, P < t = 0.06. 1894 t = 1.4, P > t = 0.08. 1895 t = -1.7, P < t = 0.04. 1896 t = 1.9, P > t = 0.03. 1897 t = 2.2, P > t = 0.01. 1898 t = 1.3, P > t = 0.10. 1899 t = -1.5, P < t = 0.07. 1900 t = -1.9, P < t = 0.04. 1901 t = -2.5, P < t = 0.01. 1902 t = -1.5, P < t = 0.06. 1903 t = -2.8, P < t = 0.00. 1904 t = -1.8, P < t = 0.04. 1905 t = -1.6, P < t = 0.07. 1906 t = -1.8, P < t = 0.10. 1907 t = -2.3, P < t = 0.01. 1908 t = -1.6, P < t = 0.06. 1909 t = -1.5, P < t = 0.08. 1910 t = 1.9, P > t = 0.03. 1911 t = 1.7, P > t = 0.04. 1912 t = -2.7, P < t = 0.01. 1913 t = -2.2, P < t = 0.01. 1914 t = -2.8, P < t = 0.00. 1915 t = 1.5, P > t = 0.07. 1916 t = -2.3, P < t = 0.01. 1917 t = -2.5, P < t = 0.01. 1918 t = 1.8, P > t = 0.08. 1919 t = 1.7, P > t = 0.05. 1920 t = 2.1, P > t = 0.02. 1921 t = 1.9, P > t = 0.03. 1922 t = 1.9, P > t = 0.03. 1923 t = 1.6, P > t = 0.05. 1924 t = 1.6, P > t = 0.05. 1925 t = -2.4, P < t = 0.01. 1875
Office of Financial Empowerment Financial Services Survey
178
NEW ENGLAND MARKET RESEARCH, INC. 1926
t = 1.6, P > t = 0.05. t = 2.1, P > t = 0.02. 1928 t = 1.4, P > t = 0.08. 1929 t = -2.5, P < t = 0.01. 1930 t = -1.9, P < t = 0.02. 1931 t = -1.4, P < t = 0.09. 1932 t = -2.7, P < t = 0.00. 1933 t = -1.6, P < t = 0.06. 1934 t = -2.2, P < t = 0.01. 1935 t = -1.6, P < t = 0.05. 1936 t = -2.8, P < t = 0.00. 1937 t = 1.9, P > t = 0.03. 1938 t = -1.4, P < t = 0.08. 1939 t = 1.6, P > t = 0.05. 1940 t = 1.6, P > t = 0.06. 1941 t = 2.2, P > t = 0.01. 1942 t = 1.3, P > t = 0.10. 1943 t = -3.3, P < t = 0.00. 1944 t = 1.6, P > t = 0.05. 1945 t = 2.3, P > t = 0.01. 1946 t = 1.6, P > t = 0.06. 1947 t = 1.4, P > t = 0.08. 1948 F = 1.9, P > F = 0.10. 1949 t = -1.5, P < t = 0.07. 1950 t = -1.8, P < t = 0.04. 1951 t = -1.4, P < t = 0.08. 1952 t = -1.5, P < t = 0.07. 1953 t = -1.6, P < t = 0.06. 1954 t = 1.4, P > t = 0.08. 1955 t = -2.1, P < t = 0.02. 1956 t = 1.4, P > t = 0.09. 1957 t = 1.4, P > t = 0.08. 1958 F = 1.9, P > F = 0.07. 1959 t = 2.3, P > t = 0.01. 1960 F = 2.2, P > F = 0.06. 1961 t = -1.3, P < t = 0.09. 1962 t = -1.9, P < t = 0.03. 1963 t = -1.8, P < t = 0.04. 1964 t = -1.8, P < t = 0.03. 1965 t = -2.6, P < t = 0.00. 1966 t = -2.1, P < t = 0.02. 1967 t = -1.8, P < t = 0.04. 1968 t = -1.8, P < t = 0.04. 1969 t = -1.4, P < t = 0.08. 1970 t = -2.2, P < t = 0.01. 1971 t = -1.8, P < t = 0.03. 1972 t = -1.5, P < t = 0.06. 1973 t = -1.7, P < t = 0.05. 1974 t = 1.8, P > t = 0.03. 1975 t = -1.9, P < t = 0.03. 1976 t = -2.6, P < t = 0.00. 1927
Office of Financial Empowerment Financial Services Survey
179
NEW ENGLAND MARKET RESEARCH, INC. 1977
t = -1.8, P < t = 0.04. t = 1.3, P > t = 0.09. 1979 t = 1.3, P > t = 0.09. 1980 t = 1.6, P > t = 0.06. 1981 t = 2.7, P > t = 0.00. 1982 t = 1.3, P > t = 0.00. 1983 t = -1.7, P < t = 0.04. 1984 t = -1.6, P < t = 0.05. 1985 t = 1.9, P > t = 0.03. 1986 t = 1.6, P > t = 0.06. 1987 t = -1.6, P < t = 0.05. 1988 t = 1.5, P > t = 0.07. 1989 t = -1.5, P t = 0.00. 2010 t = 1.6, P > t = 0.05. 2011 t = 2.1, P > t = 0.02. 2012 t = 1.6, P > t = 0.06. 2013 t = 1.6, P > t = 0.05. 2014 t = 1.9, P > t = 0.03 2015 t = 1.4, P > t = 0.08. 2016 t = -2.2, P t = 0.07. 1978
Office of Financial Empowerment Financial Services Survey
180
NEW ENGLAND MARKET RESEARCH, INC. 2028
t = -2.4, P F = 0.00. 2030 t = -2.7, P t = 0.09. 2034 t = 1.6, P > t = 0.05. 2035 t = 2.1, P > t = 0.02. 2036 t = -1.9, P t = 0.02. 2040 t = -1.6, P t = 0.08. 2042 t = 1.6, P > t = 0.06. 2043 t = 1.4, P > t = 0.07. 2044 t = -4.3, P t = 0.05. 2052 t = 1.5, P > t = 0.06. 2053 t = 1.7, P > t = 0.04. 2054 t = 1.5, P > t = 0.07. 2055 t = 1.4, P > t = 0.08. 2056 t = -2.1, P t = 0.07. 2058 t = -2.5, P t = 0.05. 2029
Office of Financial Empowerment Financial Services Survey
181
NEW ENGLAND MARKET RESEARCH, INC. 2079
t = 2.8, P > t = 0.01. t = -1.4, P < t = 0.09. 2081 t = 3.2, P > t = 0.00. 2082 t = 2.4, P > t = 0.01. 2083 t = 1.6, P > t = 0.05. 2084 t = 2.0, P > t = 0.02. 2085 t = 2.4, P > t = 0.01. 2086 t = -1.5, P < t = 0.06. 2087 t = -1.5, P < t = 0.06. 2088 t = -1.3, P < t = 0.10. 2089 t = -1.9, P t = 0.03. 2099 t = 2.0, P > t = 0.02. 2100 t = 1.5, P > t = 0.07. 2101 t = 1.6, P > t = 0.06. 2102 t = 2.5, P > t = 0.00. 2103 t = -1.3, P < t = 0.10. 2080
Office of Financial Empowerment Financial Services Survey
182
