Financial Literacy: Knowledge, Confidence, and Financial Behaviors

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* 1. Description of this Study:
You are invited to participate in a research study examining financial knowledge, financial confidence, financial behaviors, and access to financial resources among adults. Participation in this study is entirely voluntary. You do not have to take part if you do not wish to, and you may stop at any time.

If you choose to participate, you will complete an online survey that asks about your familiarity with financial concepts (such as retirement accounts and interest), your confidence in making financial decisions, your financial habits, your level of financial autonomy, and basic demographic information. The survey takes approximately 8-10 minutes to complete.

Procedure:
If you agree to participate, you will begin by reading and acknowledging this informed consent form. You will then complete one anonymous online survey. You may skip any question you prefer not to answer, and you may stop the survey at any time by closing your browser window.

Risks and Benefits:
The risks of participating in this study are minimal and similar to those you might experience in normal daily life. Some individuals may feel mild discomfort when answering questions related to finances or personal financial confidence. There are no direct personal benefits for participating. However, your responses will contribute to a better understanding of financial literacy trends.

Cost and Payment:
There is no cost to you for participating. There is no form of compensation or incentive provided for this study.

Confidentiality, Data Collection, and Storage:
Your responses will remain completely anonymous. The survey will not collect your name, email address, IP address, or any other identifying information. All responses will be stored in a password-protected digital file. Data will be retained for up to 2 months and then permanently deleted.

Contact Information:
For questions or concerns, please contact:

Principal Investigator: Olivia Bishop bishopoj@wofford.edu

IRB Office: ur@wofford.edu

IRB Protocol #: 2025_12_8_1

Right to Withdraw from the Study:
Your participation is voluntary. You may refuse to participate or withdraw at any time without penalty. You may exit the survey at any point simply by closing your browser window.

Voluntary Consent Statement:
By checking the box below, you acknowledge the following:

I have read the information in this consent form.
I understand the procedures and minimal risks involved.
I understand participation is voluntary and I may withdraw at any time.
I am 18 years of age or older.
I voluntarily agree to participate.

I agree to participate in this study and I certify that I am 18 years of age or
older.

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* 2. How familiar are you with common retirement accounts (e.g., 401(k), 403(b), IRA)?

0 (Not At All Familiar)

3 (Somewhat Familiar)

5 (Very Familiar)

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 3. How familiar are you with how employer matches for 401(k) plans work?

0 (Not At All Familiar)

3 (Somewhat Familiar)

5 (Very Familiar)

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 4. How familiar are you with the concept of compound interest?

0 (Not At All Familiar)

3 (Somewhat Familiar)

5 (Very Familiar)

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 5. How familiar are you with basic investment types (stocks, bonds, mutual funds, ETFs)?

0 (Not At All Familiar)

3 (Somewhat Familiar)

5 (Very Familiar)

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 6. How familiar are you with the idea of risk vs. return in investing?

0 (Not At All Familiar)

3 (Somewhat Familiar)

5 (Very Familiar)

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 7. How confident do you feel in your ability to choose appropriate investment options?

0 (Not At All Confident)

3 (Somewhat Confident)

5 (Very Confident)

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 8. How confident do you feel explaining a financial concept (e.g., interest, inflation) to someone else?

0 (Not At All Confident)

3 (Somewhat Confident)

5 (Very Confident)

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 9. How confident do you feel comparing different savings or investment accounts?

0 (Not At All Confident)

3 (Somewhat Confident)

5 (Very Confident)

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 10. Do you currently contribute to a retirement account?

Yes

Unsure

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* 11. How often do you review your bank account or financial statements?

A Few Times Per Year

Monthly

Daily

Weekly

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* 12. How often do you set financial goals (short-term or long-term)?

Regularly

Often

Sometimes

Rarely

Never

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* 13. If you received an unexpected $1,000, how likely would you be to invest it?

0 (Very Unlikely)

3 (Somewhat Likely)

5 (Very Likely)

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 14. How often do you follow financial news or financial education sources?

Regularly

Often

Sometimes

Rarely

Never

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* 15. Do you currently have full access to and control over your own bank accounts?

Yes

Partial Control

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* 16. Who primarily manages your personal finances?

I manage them independently

I manage them jointly with someone else

Someone else primarily manages them

Not applicable

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* 17. Do you currently have an emergency savings fund?

Yes

Unsure

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* 18. How prepared do you feel for unexpected financial expenses?

0 (Not Prepared At All)

3 (Somewhat Prepared)

5 (Very Prepared)

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 19. Do you regularly monitor your credit score?

Yes

Unsure

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* 20. Do you feel you have primary control over how your income is used?

Yes

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* 21. Please rate the following statements based on your personal experiences.

	0 (Not At All Accurate)	1	2	3	4	5 (Very Accurate)
I feel confident managing my day-to-day financial responsibilities.	I feel confident managing my day-to-day financial responsibilities. 0 (Not At All Accurate)	I feel confident managing my day-to-day financial responsibilities. 1	I feel confident managing my day-to-day financial responsibilities. 2	I feel confident managing my day-to-day financial responsibilities. 3	I feel confident managing my day-to-day financial responsibilities. 4	I feel confident managing my day-to-day financial responsibilities. 5 (Very Accurate)
I feel comfortable discussing money with others (family, partners, professionals).	I feel comfortable discussing money with others (family, partners, professionals). 0 (Not At All Accurate)	I feel comfortable discussing money with others (family, partners, professionals). 1	I feel comfortable discussing money with others (family, partners, professionals). 2	I feel comfortable discussing money with others (family, partners, professionals). 3	I feel comfortable discussing money with others (family, partners, professionals). 4	I feel comfortable discussing money with others (family, partners, professionals). 5 (Very Accurate)
I feel capable of achieving my long-term financial goals.	I feel capable of achieving my long-term financial goals. 0 (Not At All Accurate)	I feel capable of achieving my long-term financial goals. 1	I feel capable of achieving my long-term financial goals. 2	I feel capable of achieving my long-term financial goals. 3	I feel capable of achieving my long-term financial goals. 4	I feel capable of achieving my long-term financial goals. 5 (Very Accurate)
I feel confident understanding financial documents or statements.	I feel confident understanding financial documents or statements. 0 (Not At All Accurate)	I feel confident understanding financial documents or statements. 1	I feel confident understanding financial documents or statements. 2	I feel confident understanding financial documents or statements. 3	I feel confident understanding financial documents or statements. 4	I feel confident understanding financial documents or statements. 5 (Very Accurate)
I feel confident making investment decisions without assistance.	I feel confident making investment decisions without assistance. 0 (Not At All Accurate)	I feel confident making investment decisions without assistance. 1	I feel confident making investment decisions without assistance. 2	I feel confident making investment decisions without assistance. 3	I feel confident making investment decisions without assistance. 4	I feel confident making investment decisions without assistance. 5 (Very Accurate)
I believe I have enough knowledge to avoid major financial mistakes.	I believe I have enough knowledge to avoid major financial mistakes. 0 (Not At All Accurate)	I believe I have enough knowledge to avoid major financial mistakes. 1	I believe I have enough knowledge to avoid major financial mistakes. 2	I believe I have enough knowledge to avoid major financial mistakes. 3	I believe I have enough knowledge to avoid major financial mistakes. 4	I believe I have enough knowledge to avoid major financial mistakes. 5 (Very Accurate)

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* 22. Gender

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* 23. Age

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* 24. Race/Ethnicity

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* 25. Household Income Level

Under $25,000

Between $30,000-$50,000

Between $50,000-$75,000

Between $75,000-$125,000

Over $125,000

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* 26. What is the highest level of school you have completed or the highest degree you have received?

Less than high school degree

High school degree or equivalent (e.g., GED)

Some college but no degree

Associate degree

Bachelor degree

Graduate degree