Money 101 Survey 2022 — Results

Here are the results from our Money 101 Survey 2022. Thank you to all who participated!

Which of the following do you own? (select all that apply)

• Checking Account (90 percent)
• Credit Card (87 percent)
• Debit Card (85 percent)
• Savings Account (77 percent)
• None of the above (Two percent)

Out of the following choices, which is your preferred payment method?

• Credit card (61 percent)
• Debit card (29 percent)
• Cash (Nine percent)
• Writing a check (One percent)

Do you pay off your credit card in full every month?

• Yes (60 percent)
• Sometimes (18 percent)
• No (13 percent)
• I don’t have a credit card. (Nine percent)

In the past six months, have you paid your credit card off in full every month?

• Yes (66 percent)
• No (25 percent)
• I don’t have a credit card. (Nine percent)

What’s most important to you when choosing a credit card?

• Cash back rewards (70 percent)
• Point rewards (11 percent)
• I don’t have a credit card. (Eight percent)
• Travel rewards (Seven percent)
• Store-specific rewards [i.e. Victoria’s Secret Angel Card, Target REDcard, etc.] (Four percent)

Have you ever opened a credit card just to get the sign-up bonus?

• Yes (59 percent)
• No (41 percent)

Have you changed your budget and saving habits due to inflation?

• Yes (71 percent)
• No (29 percent)

What season does your spending increase the most (i.e. saving less)?

• Winter (46 percent)
• Summer (35 percent)
• Fall (14 percent)
• Spring (Five percent)

Do you change your budget depending on the season? 

• Sometimes (42 percent)
• No (31 percent)
• Yes (27 percent)

Do you feel like you’re financially prepared for retirement? 

• No (66 percent)
• Yes (34 percent)

Do you have a side hustle or work overtime to make extra money?

• None of the above (57 percent)
• Yes, I have a side hustle. (24 percent)
• Yes, I work overtime. (10 percent)
• Yes, I do both. (Nine percent)

In the past six months, have you taken a spending hiatus (i.e. major cut back on spending for at least two weeks)?

• No (52 percent)
• Yes (48 percent)

Are you cutting back on driving because of increased gas prices?

• Yes (65 percent)
• No (35 percent)

Have you ever driven further to find a cheaper gas station?

• Yes (54 percent)
• No (46 percent)

What do you typically spend more money on: items/products or experiences?

• Items/products (74 percent)
• Experiences [i.e. concerts, travel, etc.] (26 percent)

Have you ever been influenced to buy something you saw on social media?

• Yes (59 percent)
• No (41 percent)

When you shop, do you buy generic brands to save money?

• Yes (83 percent)
• No (17 percent)

Have you cut back on any of the following expenses recently? (select all that apply)

• Buying new clothing (60 percent)
• Movies/concerts/sporting events (50 percent)
• Donations (34 percent)
• None of the above (26 percent)

Have you ever returned something you only wore once to save money?

• No (81 percent)
• Yes (19 percent)

Would you consider buying refurbished or used items (i.e. clothes, electronics, books, etc.) to save money?

• Yes (81 percent)
• No (19 percent)

Do you shop at thrift stores?

• Yes (40 percent)
• No (31 percent)
• Sometimes (29 percent)

Out of the following, which categories of your spending have been affected the most by inflation? (select all that apply)

• Dining out/takeout/food delivery (64 percent)
• Daily expenses [i.e. coffee runs, public transportation, etc.] (54 percent)
• Entertainment/tickets to events (40 percent)
• Luxury expenses [i.e. tailored suits, brand-name clothes/jewelry, etc.] (38 percent)

*The survey polled a cross-section of 2,593 adults, aged 18 and over.