New in the 2010–11 MacroMonitor
New Loss-Aversion and Discount-Rate Questions
For more information about these new 2010–11 MacroMonitor questions, watch our mini-presentation, Behavioral Finance and the MacroMonitor: Losses, Gains, and Time in the New Normal.
Loss Aversion
Consider a bet based on the toss of a (fair) coin. If the coin turns up heads, then you win $20; if the coin turns up tails, you lose $2. Would you make this bet? For each of the following bets, please record whether you would make these bets.
Please provide an answer for every row.
Heads | Tails | Yes | No |
---|---|---|---|
You win $20 | You lose $2 | ☐ | ☐ |
You win $20 | You lose $4 | ☐ | ☐ |
You win $20 | You lose $8 | ☐ | ☐ |
You win $20 | You lose $12 | ☐ | ☐ |
You win $20 | You lose $16 | ☐ | ☐ |
You win $20 | You lose $20 | ☐ | ☐ |
Discount Rate
Suppose you did some work for pay. When the time came for payment, you had the following choice: You can have $100 today or, if you are willing to wait one year, you have a guarantee to receive more. For each of the following choices please record which choice you prefer.
Please provide an answer for every row.
$100 today | ☐ | - or - | $110 in 12 months | ☐ |
$100 today | ☐ | - or - | $125 in 12 months | ☐ |
$100 today | ☐ | - or - | $150 in 12 months | ☐ |
$100 today | ☐ | - or - | $175 in 12 months | ☐ |
$100 today | ☐ | - or - | $200 in 12 months | ☐ |
$100 today | ☐ | - or - | $250 in 12 months | ☐ |
New Financial-Needs Questions
We are asking respondents to evaluate the importance of their household's financial needs and the usefulness of their current financial products and services for meeting those needs. Among other types of analysis, survey results from these questions can be combined to produce a gap analysis showing opportunities for financial institutions. We can produce a gap-analysis report for any population of interest such as current customers, life stage segments, or demographic or socioeconomic groups.
For more information about these new 2010–11 MacroMonitor questions, watch our mini-presentation, Financial Needs in the New Normal: From Measurement to Insight, where we discuss why and how the questions were developed and how they will be used.
The new questions follow.
Please rate how important the following financial needs are for your household.
Use the following rating scale:
1 — Not at all important
2 — Somewhat important
3 — Important
4 — Very important
- Paying for purchases without cash
- Accessing cash
- Having credit available for everyday purchases
- Minimizing basic monthly expenses
- Maximizing money for non-basic purchases
- Accessing account information
- Having credit available for emergencies
- Replacing sufficient income if a wage earner dies
- Replacing sufficient income if a wage earner becomes disabled
- Protecting against loss of property
- Protecting against loss of savings and/or investments
- Protecting against financial crimes
- Saving money for use in the near future
- Saving money for use in the distant future
- Investing money for use in the near future
- Investing money for use in the distant future
- Borrowing money to finance a home
- Borrowing money to finance large purchases (not a home)
- Planning financial goals with the help of a professional
- Relying on a professional for financial transactions
- Managing finances without the help of a professional
- Planning finances out for the next one-two months
- Considering a budget for the next one-two months
Please think about the financial products and services your household currently uses. How useful are these products or services for fulfilling the financial needs you rated above?
Use the following rating scale:
1 — Not at all useful
2 — Somewhat useful
3 — Useful
4 — Very useful
5 — Does not apply
Please rate how useful your household's financial products and services are for:
- Paying for purchases without cash
- Accessing cash
- Having credit available for everyday purchases
- Minimizing basic monthly expenses
- Maximizing money for non-basic purchases
- Accessing account information
- Having credit available for emergencies
- Replacing sufficient income if a wage earner dies
- Replacing sufficient income if a wage earner becomes disabled
- Protecting against loss of property
- Protecting against loss of savings and/or investments
- Protecting against financial crimes
- Saving money for use in the near future
- Saving money for use in the distant future
- Investing money for use in the near future
- Investing money for use in the distant future
- Borrowing money to finance a home
- Borrowing money to finance large purchases (not a home)
- Planning financial goals with the help of a professional
- Relying on a professional for financial transactions
- Managing finances without the help of a professional
- Planning finances out for the next one-two months
- Considering a budget for the next one-two months