Financial Background Check in Workplace Surveys

The NFEC’s commitment to conducting financial literacy research to illuminate the connection between financial literacy levels and income. The initial survey results are being collected as a part of a project and to share with others in the financial literacy industry.

In the most recent survey, conducted between August 15th and 17th 2017, 501 small/medium business owners and managers across the United States were asked, “Has your company conducted a credit or financial background check as a condition of hiring or giving a promotion?” The results indicated that 25.9% answered “Yes.”

The results of this business owner survey align with a 2016 survey where NFEC asked employees, “Has an employer or potential employer ever conducted a credit or financial background check as a condition of hiring you or giving you a promotion?” Of the 1,100 respondents 26.3% answered “Yes”. In 2 past surveys, the NFEC asked 3,514 individuals, “Have you ever been turned down for a job or promotion as a result of your credit or financial background?” 4.08% answered “Yes” those aged 18-24 and 45-54 reporting over 5%.

Survey Question

Has your company conducted a credit or financial background check as a condition of hiring or giving a promotion?

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Participants

The Results

25.9%
0

Respondents Answered “Yes”

74.1%
0

Respondents Answered “No”

Answers by U.S. Geographic Region

Financial Background Check Surveys
“West” includes Hawaii and Alaska east to Montana and south to New Mexico. “South” includes Texas and Oklahoma East to Florida and North to West Virginia and Kentucky. “Northeast” includes Pennsylvania to Maine. “Midwest” includes Kansas to North Dakota east to Ohio and Michigan.

Past Survey Results (February 2017)

“Have you ever been turned down for a job or promotion as a result of your credit or financial background?” This question was asked to 2,403 people across the US between February 3 and 5, 2017. The results indicated that 4.08% answered “Yes” – they have been turned down for a job or promotion.

Data from 6 different age ranges were analyzed, with each age group representing at least 400 respondents. Those aged 18-24 and 45-54 answered “Yes” at the highest rates, 5.3% and 5.2% respectively. Further, 90.5% of adults 65 and older entered “No” most often, with 90.5% saying they have not been turned down due to a financial background check. This online survey produced statistically significant results with a 95% confidence interval and a less than 3% margin of error.

The survey asked the following question:

Have you ever been turned down for a job or promotion as a result of your credit or financial
background?

0
Respondents

The Results

Financial Background Check Surveys

Answers by Respondent Age Group


Aged 18-24

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400 Respondents

Percentage Answering “Yes”

5.3%

Percentage Answering “Not Sure”

7.2%


Aged 25-34

0
401 Respondents

Percentage Answering “Yes”

3.7%

Percentage Answering “Not Sure”

20.7%


Aged 35-44

0
400 Respondents

Percentage Answering “Yes”

5.0%

Percentage Answering “Not Sure”

14.8%


Aged 45-54

0
402 Respondents

Percentage Answering “Yes”

5.2%

Percentage Answering “Not Sure”

17.9%


Aged 55-64

0
400 Respondents

Percentage Answering “Yes”

3.5%

Percentage Answering “Not Sure”

13.5%


Aged 65+

0
400 Respondents

Percentage Answering “Yes”

1.8%

Percentage Answering “Not Sure”

7.8%

Past Survey Results (April 2016)

Between March 25 and April 4, 2016, 1,100 35-54 year olds across the United States responded to two surveys conducted by the NFEC to assess their experience with credit or financial background checks being a condition in hiring or promotion. This online survey produced statistically significant results with a 95% confidence interval and a less than 3% margin of error.

These two age-specific surveys conducted by the NFEC and sponsored by the Financial Literacy Action Network and HR Management Solutions are part of a series of testing, polls, research, and interviews that explore financial attitudes and behaviors surrounding workplace financial education programs. The survey asked respondents to answer the following questions: “Have you ever been turned down for a job or promotion as a result of your credit or financial background?” And, “Has an employer or potential employer ever conducted a credit or financial background check as a condition of hiring you or giving you a promotion?”

The surveys asked 35-54 year olds the following questions:

Have you ever been turned down for a job or promotion as a result of your credit or financial background?

0
Respondents

Has an employer or potential employer ever conducted a credit or financial background check as a condition of hiring you or giving you a promotion?

0
Respondents

2016 Results

high school course survey graph 1
high school course survey graph 1

FLAN HRMS 1638w

Survey Sponsors

The survey was sponsored by HR Management Solutions and Financial Literacy Action Network, both led by Brandy Speer a Certified Financial Education Instructor. HR Management Solutions, a small business support center assisting entrepreneurs, business management and independent service providers to protect and grow their businesses. The Financial Literacy Action Network is an independent social enterprise focused on providing personal money management skills to individuals and employee financial wellness programs. Through better education and guidance, and inspiring positive change Speer feels we can help business owners and employees work toward financial well-being.

Has an employer or potential employer ever conducted a credit or financial background check as a condition of hiring you or giving you a promotion?

 

 

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