Adults Surveyed on Impact of Financial Background Checks in the Workplace

“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.

Survey Question

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

2,403 Respondents

The Results

Answers by Respondent Age Group


Aged 18-24

0
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. 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?

1,165 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?

1,100 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. 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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