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I Am So Tired! I Don’t Know What to Do! Survey Fatigue and Financial Literacy: Results from a Randomized Experiment

Author

Listed:
  • Anna Chernesky
  • Kim P. Huynh
  • Marcel C. Voia

Abstract

Cross-country evidence finds that there are low levels of financial literacy. Financial literacy is often measured using the “Big Three” questions about interest rates, inflation, and risk. These questions are usually part of a longer survey. Respondents in long surveys may suffer survey fatigue and have lower quality responses. Therefore, the placement of the questions (and survey fatigue) may play a role in the results. We use a randomization of question placement to estimate the causal effect on financial literacy results. We find that when financial literacy questions are placed at the end of a survey, respondents are more likely to answer “Don’t know.” The increase in “Don’t know” responses comes largely at the expense of correct responses. We find that this leads to a drop in financial literacy by 5%-15%. This research suggests a measure of financial literacy that is adapted to account for survey length.

Suggested Citation

  • Anna Chernesky & Kim P. Huynh & Marcel C. Voia, 2026. "I Am So Tired! I Don’t Know What to Do! Survey Fatigue and Financial Literacy: Results from a Randomized Experiment," Staff Working Papers 26-5, Bank of Canada.
    • Handle: RePEc:bca:bocawp:26-5
    DOI: 10.34989/swp-2026-5
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    JEL classification:

    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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