2016 Puerto Rico Survey Retirement Security & Financial Resilience Labor Force Participants (working or looking for work) age 35 to 64 and current Retirees Total sample n=800, max Retirees (may be current or former retirees for quota count) n=200 TRO We are calling people in Puerto Rico to ask for their opinions about some public issues. We are not trying to sell you anything, we are only interested in your thoughts and there is no right or wrong answer. Your views are important and we would greatly appreciate your participation in this survey. SCREENG & QUOTA MARKG S1. To begin, can you please tell me your age as of your last birthday? [ YEARS] PROG: MUST BE 35 TO 64 TO QUALIFY. ALL OTHERS TERMATE. COUNTER QUOTA FOR AGE GROUPS. 35-44 yrs 32 43 20 45-54 yrs 33 37 28 55-64 yrs 35 20 52 S2. GENDER RECORD BY OBSERVATION. ASK ONLY IF ABSOLUTELY NECESSARY: To ensure it is recorded accurately, could you please state your gender? Male 53 56 50 Female 47 44 50 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 1 of 20
S3. Which of the following best describes your current employment status? Are you? (READ LIST. SELECT ONE.) 1. Employed full-time 41 75 2. Employed part-time 7 14 3. Retired and not working at all 46 100 4. Unemployed and looking for work 6 11 FORCE = 1, 2, 4 EMPLOYED = 1, 2 RETIRED = 3 In Labor Force 54 100 Employed 48 89 Retirees 46 100 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 2 of 20
S3b. In which municipality do you live? Adjuntas Aguada 1 1 1 Aguadilla 1 1 Aguas Buenas 1 1 Aibonito Añasco 2 1 3 Arecibo 7 6 9 Arroyo 1 Barceloneta 3 3 2 Barranquitas 1 Bayamón 5 6 4 Cabo Rojo 2 1 3 Caguas 4 4 3 Camuy 1 1 1 Canóvanas 1 1 1 Carolina 7 6 9 Cataño 2 2 1 Cayey 1 2 Ceiba Ciales Cidra 1 Coamo 1 1 1 Comerío Corozal 1 Culebras Dorado 1 1 1 Fajardo 1 1 1 Florida Guánica Guayama 1 1 2 Guayanilla 1 Guaynabo 2 4 1 Gurabo 1 1 1 Hatillo 1 1 Hormigueros 1 1 Humacao 1 1 1 Isabela 1 1 Jayuya Juana Díaz 1 1 Juncos 1 2 Lajas Lares 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 3 of 20
Las Marías 1 1 Las Piedras 1 1 1 Loíza Luquillo 1 1 Manatí 1 1 2 Maricao 1 Maunabo 1 1 Mayaguez 1 1 2 Moca 1 1 2 Morovis 1 1 Naguabo 1 1 1 Naranjito 1 1 2 Orocovis Patillas 1 1 Peñuelas Ponce 5 7 3 Quebradillas 1 Rincón 1 Rio Grande 2 2 2 Sabana Grande Salinas 1 1 San Germán 1 1 1 San Juan 10 8 11 San Lorenzo 3 3 3 San Sebastian 1 2 1 Santa Isabel 1 1 Toa Alta 1 1 2 Toa Baja 3 4 2 Trujillo Alto 3 3 2 Utuado Vega Alta 1 1 1 Vega Baja 1 1 1 Vieques Villalba 1 Yabucoa 1 1 1 Yauco 1 1 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 4 of 20
REGION San Juan Metro 50 48 51 East 7 7 7 West 14 13 15 South 12 15 10 North 17 17 17 S4. [IF S3=1,2 - EMPLOYED] Are you? READ LIST, SELECT ONE. [IF S3=3 - RETIRED] Before you retired, were you? READ LIST, SELECT ONE. Unweighted Base 708 508 200 Base: 752 384 368 A local, state or federal government employee 39 32 45 An employee of a private sector business, company or organization (IF NECESSARY: non-government organization that may be either non-profit or for profit.) 50 51 49 Self employed 11 17 6 Not sure/don t know Refused 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 5 of 20
S5. A. [IF S3=1,2 & S4=1,2 - EMPLOYED PRIVATE SECTOR/NON GOVERNMENT] Approximately how many employees are employed at the organization where you work? Would you say READ LIST B. [IF S3=3 & S4=1,2 - RETIRED FROM PRIVATE SECTOR/NON GOVERNMENT] Approximately how many employees were employed by the organization where you work? Would you say READ LIST C. [IF S3=1,2 & S4=3 - SELF EMPLOYED] Approximately how many employees do you employ? Would you say READ LIST Unweighted Base 708 508 200 Base: Employed or retired 752 384 368 1 to 250 (Net) 61 62 60 1 to 10 22 28 16 11 to 250 39 34 44 251 to 500 9 8 9 501 to 5,000 17 18 17 More than 5,000 8 8 9 Not sure/don t know 4 3 6 Refuse 1 1 S6. [IF S3=1,2,4 - FORCE] Have you ever retired from a previous job? Unweighted Base 600 600 Base: 432 432 Yes 15 15 No 85 85 PROG: IF YES AT S6, ALSO COUNT TOWARD RETIREE QUOTA 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 6 of 20
S7. [IF S3=3 OR S6=1 - RETIRED OR PREVIOUS RETIREE] Did you have to retire earlier than you expected because of either job loss, a health issue or some other event? Unweighted Base 283 83 200 Base: Retired or previous retiree 430 62 368 Yes 82 83 81 No 18 17 19 Don t know Refused S8. [IF S3=3 - RETIRED] After retiring, some people will return to some form of work. How likely are you to ever go back to working for pay? Would you say READ LIST RETIRED Unweighted Base 200 % Base: 368 Extremely likely 3 Very likely 8 Moderately likely 15 Not very likely 18 Not at all likely 52 Not sure/ Don t know 3 Refused EX/V LIKELY 10 NOT LIKELY 71 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 7 of 20
MA QUESTIONNAIRE 1. Which one of the following best describes how well you are managing financially these days? Living comfortably 17 14 20 Doing okay 24 30 17 Just getting by 40 38 42 Struggling 18 17 20 Not sure/don t know 1 1 1 Refuse COMFORTABLE/OKAY 41 44 37 GETTG BY/STRUGGLG 58 55 62 2. Which of the following did you, or your family living with you, experience in the past year? Lost a job 29 30 29 Work hours and/or pay reduced 31 32 30 Received a foreclosure or eviction notice 7 7 7 Business you owned had financial difficulty 13 15 11 Had a health emergency in the family 45 41 50 Death of primary breadwinner 11 8 13 Investments lost value 32 32 31 3. Are you currently providing any financial support to SERT FROM LIST, ROTATE i. and ii. i. your adult children or grandchildren? ii. your parents? iii. Someone else? (SPECIFY) Your adult children or grandchildren 61 67 53 Your parents 33 36 29 Other family members 10 12 8 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 8 of 20
4. Do you currently receive any financial support from your children or grandchildren? Yes 9 6 12 No 91 94 88 Don t know Refused 5. Compared to five years ago (since 2011), would you say that you (and your family living with you) are better off, the same, or worse off financially? [IF BETTER OR WORSE:] And is that somewhat or much? Much better off 6 6 6 Somewhat better off 13 13 13 About the same 42 42 43 Somewhat worse off 21 23 18 Much worse off 18 16 20 BETTER OFF 18 18 19 WORSE OFF 39 39 39 6. Think about the next generation of your family (e.g., your children, nieces, nephews, etc.). When they are your age, do you think that they will be better off, the same, or worse off financially than you are today? [IF BETTER OR WORSE:] And would that be somewhat or much? Much better off 24 26 22 Somewhat better off 20 16 24 About the same 18 18 18 Somewhat worse off 22 23 20 Much worse off 17 17 16 BETTER OFF 44 41 47 WORSE OFF 38 40 36 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 9 of 20
7. A. [IF S3=1,2,4 - FORCE] How much thought have you given to the financial planning for your retirement? B. [IF S3=3 - RETIRED] How much thought did you give to the financial planning for your retirement? A lot 7 7 7 A fair amount 22 23 21 Some 21 26 15 A little 21 18 25 None at all 27 25 28 Don t know 1 2 Refuse 1 1 2 A LOT OR FAIR AMOUNT OF PLANNG 29 30 28 LITTLE OR NO PLANNG 48 43 53 8. [IF S3=1,2,4 - FORCE ONLY] Thinking about your future, do you hope to be able to completely retire one day and not work either full-or part-time for pay? FORCE Unweighted Base 600 % Base: 432 Yes 65 No 28 I haven t thought about it 4 Not sure 2 Refused 1 9. [IF S3=1,2,4 - FORCE ONLY] Overall, how confident are you that you will be able to retire at some point and no longer work for money? FORCE Unweighted Base 600 % Base: 432 Extremely confident 4 Very confident 15 Somewhat confident 32 Not too confident 26 Not at all confident 21 Not sure/don t know 1 Refused 1 EX/V CONFIDENT 19 NOT CONFIDENT 47 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 10 of 20
10. A. [IF S3=1,2,4 - FORCE ONLY] People have different ideas about retirement, what age do you consider to be YOUR retirement age? B. [IF S3=3 - RETIRED] At what age did you retire? Less than 55 yrs. 36 5 73 55 to 64 yrs. 34 44 23 65 yrs. or more 22 40 DO NOT EXPECT TO RETIRE 2 4 DON T KNOW 5 6 4 REFUSE 1 1 Mean 54.65 64.19 44.25 11. [IF S3=3 - RETIRED] Did you have to work longer than you expected to? RETIRED Unweighted Base 200 % Base: 368 Yes 22 No 78 Not sure Refused 12. [IF S3=1,2,4 - FORCE ONLY] Which one of the following best describes your plan for retirement? FORCE Unweighted Base 600 % Base: 432 I do not plan to retire 3 Gradually work fewer hours before I stop working altogether 13 Work full time then retire and stop working altogether 27 Retire from my current career and then find a different full-time job 1 Retire from my current career and then find a different part-time job 11 Retire from my current career and then work for myself 12 Keep working as long as possible 30 Other (please specify): Don't know 2 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 11 of 20
13. As you think about your finances in the future, how anxious do you feel about having enough money to live comfortably through your retirement years? Are you [READ EACH ANSWER CATEGORY]? Extremely anxious 13 11 14 Very anxious 20 17 24 Moderately anxious 32 32 32 Not very anxious 16 18 13 Not anxious at all 19 21 16 Not sure/ Don t know 1 1 1 Refused EX/V ANXIOUS 33 28 38 NOT ANXIOUS 34 38 29 14. Based on your current financial situation, what is the largest emergency expense that you could pay for right now using cash or money in your checking/savings account? (Without having to borrow or use a credit card.) Would you say READ LIST < $200 (Net) 36 30 44 < $400 (Net) 57 52 63 < $500 (Net) 64 61 68 $100 or less 26 21 31 $100 to $199 11 9 13 $200 to $299 12 12 13 $300 to $399 8 10 6 $400 to $499 7 9 5 $500 or more 29 34 23 Don t know 4 3 5 Refuse 3 2 4 Mean $264.65 $298.33 $229.29 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 12 of 20
15. Which of the following categories, if any, are you saving for? Education (yours or someone else's) 10 14 6 Retirement 20 32 6 Your children 12 14 8 Home purchase 5 6 4 Some other significant purchase like a car or a trip 8 9 7 To support my lifestyle and buy things that I want 6 7 5 Pay off debts 16 15 18 Unexpected expenses or emergencies 25 23 27 Just to save 16 14 19 Home improvements Other family members 1 None, am not saving 16. [IF S3=1,2 - EMPLOYED] Does your current employer offer any of the following ways to save for retirement or not? [IF S3=4 - UNEMPLOYED] Did your most recent employer offer any of the following ways to save for retirement or not? [IF S3=3 - RETIRED] Did your previous employer offer any of the following ways to save for retirement or not? A. A traditional pension plan that pays retirees a fixed amount during retirement based on a formula of salary and years of service? [IF NEEDED: It is not a 401(k) plan]. Yes 40 36 44 No 59 62 55 Don t know 1 1 1 Refused 1 1 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 13 of 20
B. A 401k, 403b or other plan where you contribute a percent of your salary to invest for retirement? [IF NEEDED: in this type of plan the employee has an individual savings account set up in their name. The worker s contributions may be matched by the employer.] Yes 31 34 29 No 65 62 69 Don t know 3 3 3 Refused 1 1 C. A SIMPLE I-R-A or S-E-P plan? [IF NEEDED: a SIMPLE IRA or SEP is a savings incentive plan that allows employers to contribute to a traditional IRA (Individual Retirement Account) or Annuity of an employee.] Yes 12 11 12 No 85 85 86 Don t know 2 3 2 Refused 1 1 16A, 16B, 16C. Combining all the questions into one. Net access to any type of plan 57 55 59 Defined Benefit Only 21 17 27 Defined Contribution Only 17 19 15 Both 18 19 17 Neither/None 42 44 41 Don t know 1 Refuse 1 1 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 14 of 20
17. [If Q16 B or C=1] Do/Did you make contributions to an account through this type of plan? Unweighted Base 287 219 68 Base: 282 163 119 Yes 54 55 52 No 44 45 43 Don t know 2 5 18. Outside of anything offered by your employer, do you have any of the following other types of savings for retirement, or not? YES TO ANY (Net) 54 65 40 A personal retirement savings account such as an Individual Retirement Account (IRA) or Roth IRA 15 19 10 Personal savings account, brokerage account, or stock holdings 42 50 33 Ownership of real estate or land that you plan to sell or rent to generate income in retirement 14 17 10 Ownership of a business 6 8 4 Other retirement savings 1 2 1 None - Yes to None 46 35 60 19. [IF S3=1,2 - EMPLOYED] Thinking about any retirement savings goal you may have for yourself, what percentage of your income do you strive to save for retirement each month? FORCE Unweighted Base 508 % Base: 384 0% 28 Less than 10% 16 10% to 19% 25 20% or more 19 Don t know 11 Refuse 1 Mean 10.41 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 15 of 20
20. [IF S3=1,2 & Q17=1 - EMPLOYED & Yes] And what percentage of your monthly income are you actually contributing to a retirement savings plan? FORCE Unweighted Base 508 % Base: 384 0% 81 Less than 10% 7 10% to 19% 8 20% or more 2 Don t know 2 Refuse Mean 2.05 21. Have any of the following been a major obstacle for you personally when it comes to saving for your retirement years? Please tell me yes or no after each item. PROG - [ROTATE LIST] Facing a major health need or problem for yourself or a family member 61 53 70 Paying for your children s education 42 47 35 Not having money left over after paying bills 69 67 71 Caring for an elderly or ill parent or relative 35 34 36 Having a lot of debt to pay off 53 54 51 Losing a job or taking a big pay cut 46 55 37 Paying for your housing expenses 55 59 51 Divorce 24 22 27 22. [IF S3=3 - RETIRED] Since retiring, have you had to do any of the following for financial reasons? RETIRED Unweighted Base 200 % Base: 368 Borrow money 44 Default on bills 40 Get a reverse mortgage 5 Forgo medications 24 Reduce home energy usage 65 Reduce other utility costs such as telephone, TV or internet 59 Move in with family or friends 11 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 16 of 20
23. Do you agree or disagree with the following statement? Elected officials should support legislation that makes it easier for workers to save their own money for retirement. Is that strongly or somewhat? (SELECT ONE ANSWER) Strongly agree 54 51 56 Somewhat agree 28 32 23 Neither agree nor disagree 1 1 Somewhat disagree 6 6 6 Strongly disagree 10 9 12 Not sure/ Don t know 2 1 2 Refused AGREE 81 83 80 DISAGREE 16 15 18 24. One way to help more puertorriqueños save for their futures is for the state to set up a retirement savings plan that would be available to all workers. More employees in the private sector and in small businesses would have the option to save for retirement automatically out of their regular paycheck. Participation would be voluntary and if someone chooses to participate, they could have the same retirement savings account at any job. Would you support or oppose this plan? Is that strongly or somewhat? (SELECT ONE ANSWER) Strongly support 62 61 63 Somewhat support 29 30 27 Neither support nor oppose 2 2 2 Somewhat oppose 3 3 3 Strongly oppose 3 3 3 Not sure/ Don t know 2 1 2 Refused 1 SUPPORT 90 91 90 OPPOSE 6 6 6 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 17 of 20
25. If you had to cover the cost of providing care to an aging or elderly parent, spouse or other adult family member, how confident are you that you would be able to afford it? Are you READ LIST Extremely confident 6 6 7 Very confident 9 9 8 Somewhat confident 26 31 21 Not too confident 32 31 33 Not at all confident 26 22 31 Not sure/don t know 1 1 1 Refused 1 EX/V CONFIDENT 15 15 15 EX/V/S CONFIDENT 41 46 36 NOT CONFIDENT 58 53 63 DEMOGRAPHICS D1. Do you own your home, rent, live with someone else or have some other living situation? Own 71 70 73 Rent 12 16 7 Live with someone else (family or friend) 15 12 18 Other 1 1 1 Refused 1 1 1 D2. Please stop me when I say the highest educational level which you have completed: Elementary school 5 3 8 High school 22 16 28 Some college or trade school 21 22 20 Bachelors' degree 37 41 32 Graduate or Professional degree 15 18 11 High School or Less 27 18 36 At Least Some College 73 81 64 Refused 1 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 18 of 20
D3. How many people, including adults and children, are living in your household? Include yourself. One (I live alone) 14 14 14 Two 29 20 39 Three 25 27 22 Four 21 25 16 Five 9 9 7 Six 1 2 Seven or more 1 2 1 2+ Net 86 85 86 3+ Net 57 65 48 Refused 1 Mean 2.90 3.07 2.70 D4. What is your current marital status? Married 50 53 47 Not married, living with your partner or significant other 5 7 4 Separated or Divorced 20 18 23 Widowed 4 2 7 Or are you currently single and never married 20 21 20 Not sure Refused D5. Are you or your spouse or partner currently a member of A-A-R-P? Yes 7 4 10 No 92 94 89 Don't know 1 1 1 Refused 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 19 of 20
D6. Are you registered to vote? Yes 92 90 95 No 7 9 5 Not sure / Don t know Refuse D7. Which of the following categories represents your total household income before taxes? [IF NEEDED: "I just want to remind you that you are completely anonymous. We only use this information in aggregate form to ensure we have a representative group of puertorriqueños."] <$20K 42 32 54 $20K<$40K 31 32 29 $40K+ 21 31 10 Under $10,000 21 15 28 At least $10,000 but under $15,000 11 9 13 At least $15,000 but under $20,000 10 8 12 At least $20,000 but under $25,000 9 9 10 At least $25,000 but under $30,000 11 10 12 At least $30,000 but under $40,000 10 14 6 At least $40,000 but under $50,000 7 9 4 $50,000 or more 15 22 5 Don't know 2 2 3 Refused 3 3 4 Mean in $ $27,005 $31,740 $21,271 THANK AND CLOSE https://doi.org/10.26419/res.00162.002 2016 Puerto Rico Retirement & Financial Resilience Survey, FAL Page 20 of 20