Employee Surveys, Finance Survey

3 Types of Money Management Surveys (Banks, Employers, and Individuals)

“I work all night, I work all day, to pay the bills I have to pay. Ain’t it sad? And still there never seems to be a single penny left for me. That’s too bad.”

ABBA sang this in their 1976 hit Money, Money, Money, and today these lyrics ring more true than ever. Global inflation and other economic concerns have resulted in higher levels of financial stress as people try to navigate increasing prices, uneven wage growth, and record credit card debt. With many now paying more attention to their personal finance, money management surveys can provide valuable insights into individuals’ financial behaviors, benefitting a number of parties. In this blog, we will explore the significance of money management surveys, who should use them, and why they’re valuable.

What is a Money Management Survey?

Money management surveys, often referred to as personal finance surveys or financial surveys, are questionnaires designed to collect data on individuals’ financial habits, attitudes, and goals. These surveys cover various aspects of personal finance, such as spending habits, saving practices, debt management, investment preferences, and more. The collected data is analyzed to provide insights into personal finance trends, patterns, and statistics.

The most common user of money management surveys include:

  • Banks and lenders, who use them to better understand their customers in order to tailor their services and products more effectively. 
  • Employers, who use them to inform financial wellness and retirement programs that they offer.
  • Individuals, who use them as an opportunity to assess their financial well-being, compare their spending and saving habits with others, and gain valuable insights into personal finance management. 

How Financial Institutions Use Money Management Surveys

Banks and lenders regularly send out money management surveys to get to know their customers better. Here’s how these financial institutions can use these types of surveys and what they can gain from them.

Customer Understanding and Tailored Services

Money management surveys allow banks and lenders to gain a deeper understanding of their customers’ financial behaviors and preferences. By analyzing the survey responses, financial institutions can identify patterns, trends, and specific customer needs. This knowledge helps them tailor their services and develop customized financial solutions that meet their customers’ requirements more effectively.

Risk Assessment and Responsible Lending

Money management surveys assist banks and lenders in assessing the financial risk associated with potential borrowers. By collecting data on income, spending habits, debt levels, and creditworthiness, financial institutions can make more informed decisions when evaluating loan applications. These surveys contribute to responsible lending practices, ensuring that individuals are provided with financial products and services that align with their financial capabilities.

Product Development and Innovation

Money management surveys provide valuable insights into customers’ financial goals and aspirations. This data helps banks and lenders identify gaps in their existing product offerings and develop innovative solutions to bridge them. By understanding the evolving needs and preferences of their customers, financial institutions can stay ahead of the curve and offer products and services that cater to the changing landscape of personal finance.

How Employers Use Money Management Surveys

A recent PwC Pulse Survey reveals that 60% of full-time employees are stressed about their finances, higher than even at the height of the pandemic. Unfortunately for employers, financial stress impacts a wide range of employee health and well-being areas from mental health to sleep to self-esteem. PwC reports that one in three employees say this makes them more distracted and less engaged at work, and more likely to seek another job. Here are three ways employers can use money management surveys to assist employees and benefit the company as a whole (be sure to check out our employee survey templates too).

Offer Financial Coaching and Resources

These types of programs benefit all employees especially when they are provided on a one-on-one basis. They’re also very important for employers that may be considering implementing headcount reductions, including voluntary retirement programs, so that employees can evaluate their options and make well-informed decisions about their future. 

Evaluate Their Financial Wellness Provider

It’s important for employers to think about the company that provides financial wellness services to employees, because although retirement plan providers are often a source of financial advice, PwC reports that employees across all generations would be more trusting of an objective financial advisor not tied to financial products and/or company retirement plan. 

Offer Better Benefits Packages

Employers should also always be looking for better healthcare and 401K programs that employees can participate in. A good health insurance program greatly eliminates employee concerns over life’s “what ifs” such as illness and accidents. In addition, a good retirement program (401K etc) allows people to grow a nest egg that will benefit them in the future. Lastly, employers can use the survey to gauge what other fringe benefits employees would be most interested in that save them money (gym membership deals, ride share programs, food discounts, etc). 

How Individuals Use Money Management Surveys

Many individuals also take money management surveys on their own. This can benefit them in three different ways.

Self-Assessment and Financial Awareness

Money management surveys allow people to assess their own financial habits and behaviors. By participating in these surveys, people can reflect on their spending, saving, and investment patterns. The survey results act as a benchmark, helping individuals gauge their financial well-being and identify areas where they can make improvements. This helps to put them in the driver’s seat when it comes to their personal finances.

Comparative Analysis and Learning Opportunities

Money management surveys often provide participants with access to personal finance statistics culled from other survey takers. This lets them compare their financial habits with their peers. By understanding how others manage their money, especially those within similar demographics such as household income and age, individuals can learn new financial strategies, discover potential areas for improvement, and adopt best practices for achieving financial goals.

Contributing to Research or Receiving Incentives

Individuals who participate in money management surveys play an active role in shaping financial research and decision-making processes. By sharing their financial experiences and perspectives, survey participants contribute to the development of financial policies, products, and services that better address the needs of the broader population. Taking these surveys allows individuals to have a voice and influence the future of personal finance. They may also take money management surveys to receive a survey incentive provided by the researcher, e.g. a gift card. Researchers offer these incentives to get a bigger pool of participants, improving their results and analysis.

Example of a Money Management Survey

Wondering what a money management survey looks like? We created one using SurveyLegend below. The survey includes a variety of types of survey questions, using multiple choice, image selection, sliders, and more. Then, we recorded a member of our team taking the survey so you can see how it works! (Wish we were all as financially well off as he appears to be!)


Money management surveys offer a win-win-win situation. They benefit financial institutions, employers, and individuals. Whichever category you fall in, you’ll want to make your survey with SurveyLegend. Our online survey tool makes creating a questionnaire a cinch, and as you’ve seen in the video, they’re easy on the eyes and allow you to use many types of questions. And, because this is a survey about finances, you’ll want your survey to be secure. We just happen to offer superior encryptions to keep your survey participants safe.

Are you a lender or employer? Looking to create a survey but be smart with your money? You’re in luck – SurveyLegend is free to start!

Frequently Asked Questions (FAQs)



What is a money management survey?

Also known as personal finance surveys or financial surveys, these are questionnaires designed to collect data on individuals’ financial habits, attitudes, and goals often used by financial institutions and employer benefits programs.

Why do banks and lenders use money management surveys?

Most financial institutions use financial surveys to better understand their customers and tailor new products and services to them. They also use them to gauge a potential borrowers creditworthiness to protect themselves and the borrower.

How do employers use money management surveys?

Employers use money management survey to determine what types of benefits appeal to their employees (health, retirement, perks, etc) and to gauge employee financial stress to determine if a financial coach program would be beneficial.

About the Author
A born entrepreneur, passionate leader, motivator, great love for UI & UX design, and strong believer in "less is more”. A big advocate of bootstrapping. BS in Logistics Service Management. I don't create company environments, I create family and team environments.