2004 Signature Study Survey

Purpose of the Study

The Signature Study was conducted by the InCharge Education Foundation (ICEF) to assess the financial challenges, money management skills, and bill paying behavior of the debt distressed and the general population of the United States. It sought to determine the extent to which their financial situation affects their lifestyle, family life and health, life at work, and preparation for retirement. It also investigated the difference in the financial attitude and behavior of the debt distressed population and the general population of the United States.

Methodology

• The Signature study, conducted in 2004, included two separate mail surveys. One was a survey of the general US population. The other was a survey of debt distressed people from the InCharge database. These debt relief seekers had contacted InCharge Debt Solutions between March and June 2004.
• The initial sample for the debt distressed group was 5000. However, 253 were deleted from the sample because addresses were incomplete or incorrect and 237 questionnaires were returned as undeliverable. These two groups were counted as non-responders. There were 585 responders and 4,415 non-responders for a response rate of approximately 12%. Given this relatively low response rate, there was a concern that responders might differ from non-responders on key demographic or financial measures. An analysis was undertaken to address this issue by comparing the responder and non-responder groups on these key measures. No significant biases existed.
• In the case of the general population, a panel was used. The number of questionnaires mailed out was 2000. Thirteen hundred (1300) were completed for a return rate of 65 percent.

Findings - Highlights

Variable Distributions

Crosstabulations - Debt Distressed

Crosstabulations - General Population