PERCEIVED AND FINANCIAL LITERACY (Adapted Instrument)

ALLGOOD & WALSTAD (2016)

SECTION A: RESPONDENT PROFILE

1. Gender a) Male b) Female

2. Age range: a) 18–24 b) 25–34 c) 35–44 d) 45–54 e) 55–64, f) 65+

3. Academic level in UG a) Level 300 b) Level 300

4. What is your program of specialization? ……………………………………
5. Marital status: (a) Married (b) Single (c) Divorced (d) Widowed

6. Number of people who are financial dependents’ (those who depend on you).
a) Non b) 1-3 c) 4-5 d) 6-8 e) 10+

7. Employment or work status: (a) self-employed; (b) work full-time for an employer; (c) work
part-time for an employer; (d) homemaker; (e) full-time student; (f) disabled, or unable to
work; (g) Retired

8. Living arrangements: (a) Live Alone (b) live with my spouse/partner/significant other;
(c) live in my parents’ home; (d) live with other family, friends, or roommates.

9. Estimate of Income (from all sources per anum) :……………….

10. Have you experienced a large drop in income you did not expect? a) Yes b) No
(B) FINANCIAL LITERACY

11. Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5
years how much do you think you would have in the account if you left the money to
grow?

(a) more than $102*; (b) exactly $102; (c) less than $102.

12. Imagine that the interest rate on your savings account was 1% per year and inflation was 2%
per year. After 1 year, how much would you be able to buy with the money in the account?
(a) more than today; (b) exactly the same; (c) less than today*
13. If interest rates rise, what will typically happen to bond prices?
(a) they will rise; (b) they will fall*; (c) they will remain the same; (d) there is no
relationship between bond prices and the interest rate.
14. A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage,
but the total interest paid over the life of the loan will be less.
(a) true*; (b) false.
15. Buying a single company’s stock usually provides a safer return than a stock mutual fund.
(a) true; (b) false*.
16. On a scale from 1 to 7, where 1 means very low and 7 means very high, how would you
assess your overall financial knowledge?
 SECTION C: MOBILE MONEY SUBSCRIPTION AND USAGE BEHAVIOR

17. Which Mobile Network do you use? (Please Tick all that apply)
a) MTN b) Vodafone c) Airtel d) TiGO e) GLO f) Expresso

18. Have you subscribed to any mobile money service?

a) Yes b) No c) I am not aware of mobile money

19. Which Mobile Money operator do you subscribe to?

a) MTN Mobile money b) Vodafone cash c) Airtel Money d)TiGO Cash

20. How long have you been using the Mobile Money service?
a) Less than 1-year b) 1 – 2 years c) 3 – 4 years d) 5 – 6 years

21. Which one would you prefer?

a) Cash in your pocket
b) Money in your Mobile wallet
c) Money in your Bank account

Mobile Money usage Behavior

On a scale of 7, Please indicate the frequency at which you use the following MM services.
Never Very Rarely Neutral Occas- Very always
rarely ionally frequently

1 2 3 4 5 6 7
I use MM to Transfer
money
I use MM to Top up
airtime
I use MM to Cash out
Money
I use MM to pay bills
I receive Payments using
MM
I deposit money into my
bank account using MM
I use mobile money as an
alternative to bank
savings.
Factors influencing mobile money adoption
Enhancing Factors
On a scale of 7, Please indicate the extent to which you agree to the following statement.
 Completely Mostly Slightly neutral Slightly Mostly Completely
Disagree disagree disagree agree agree agree
1 2 3 4 5 6 7

Mobile Money menu is

easy to use
Using a token is easy
I do not encounter any
problem when accessing
any mobile money
service
Mobile Money charges
are affordable
I believe my Mobile
Money wallet is safe and
secured
Challenges
Indicate the extent to which each of the following is a challenge to you when using Mobile Money services.

Completely Mostly Slightly neutral Slightly Mostly Completely

Disagree disagree disagree agree agree agree
1 2 3 4 5 6 7
MM network or service
instability for transaction
to take place
Limited amount of cash-
out per day
Non-availability of a
merchant close enough to
your location at any point
in time
Forgetting your PIN
Non-availability ATM
cash out service
Satisfaction with MM services (kindly rate of a scale of 7)
Completely Mostly Slightly neutral Slightly Mostly Completely
Disagree disagree disagree agree agree agree
1 2 3 4 5 6 7
I will recommend Mobile
Money to other people
I am very satisfied with
Mobile Money services
I will always use Mobile
Money services
I am considering
stopping the use of
Mobile Money
I wish mobile money
services had never been
invented

End of questionnaire!!!