Too tired to think? Survey fatigue and the quality of financial literacy responses

Last registered on December 09, 2025
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Pre-Trial

Trial Information

General Information

Title
Too tired to think? Survey fatigue and the quality of financial literacy responses
RCT ID
AEARCTR-0017425
Initial registration date
December 08, 2025

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
December 09, 2025, 8:18 AM EST

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

Country
Albania
Region
Country
Bosnia and Herzegovina
Region
Country
Bulgaria
Region
Country
Czechia
Region
Country
Hungary
Region
Country
Macedonia (the former Yugoslav Republic of)
Region
Country
Poland
Region
Country
Romania
Region
Country
Serbia
Region

Primary Investigator

Name
Jette Weinel
Affiliation
Oesterreichische Nationalbank
Contact Primary Investigator

Other Primary Investigator(s)

PI Name
Joseph Sakshaug
PI Affiliation
Institute for Employment Research (IAB), Germany
Contact Investigator

Additional Trial Information

Status
Completed
Start date
2025-09-30
End date
2025-11-30
Keywords
Behavior, Education, Finance & Microfinance, Gender
Additional Keywords
JEL code(s)
C83, D14, G53, C93
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
This study investigates the impact of survey design on the measurement of financial literacy in cross-national surveys. Using a randomized controlled trial (RCT) embedded in the 2025 wave of the OeNB Euro Survey across nine Central, Eastern, and Southeastern European countries, we examine whether the placement of the financial literacy module within the questionnaire influences response quality and reliability. Specifically, we analyze four research questions related to survey fatigue, gender-specific treatment effects, interviewer-induced variance, and order effects on subsequent modules. Respondents are randomly assigned to either an early-placement treatment group or a control group where the module appears at the end of the survey. The financial literacy module includes the widely used “Big Three” questions and an additional item on exchange rates. Our empirical strategy employs multinomial logistic models and multilevel specifications to assess response validity, heterogeneity by gender, and interviewer variance, complemented by tests for priming effects on subsequent questions. By addressing methodological challenges such as fatigue and interviewer bias, this study aims to improve the robustness and comparability of financial literacy measures in surveys.
External Link(s)

Registration Citation

Citation
Sakshaug, Joseph and Jette Weinel. 2025. "Too tired to think? Survey fatigue and the quality of financial literacy responses." AEA RCT Registry. December 09. https://doi.org/10.1257/rct.17425-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
To assess whether the placement of the financial literacy module within the questionnaire influences response quality and measurement reliability, we implement a randomized controlled design in a face-to-face survey in nine CESEE countries. Respondents assigned to the treatment group receive the financial literacy module at the earliest feasible position in the survey, whereas those in the control group encounter the identical module at its conventional position near the end of the questionnaire.
Intervention (Hidden)
see pre-analysis plan section 5
Intervention Start Date
2025-09-30
Intervention End Date
2025-11-30

Primary Outcomes

Primary Outcomes (end points)
Survey Fatigue: Share of correct, incorrect, `don't know', and `no answer' responses to each financial literacy item
Gender Gap: Difference between male and female respondents on financial literacy responses.
Interviewer variance: Interviewer-level variance in responses to financial literacy questions. Measured via intraclass correlation coefficients (ICC) in multilevel models.
Primary Outcomes (explanation)
see pre-analysis plan section 7

Secondary Outcomes

Secondary Outcomes (end points)
Order Effect: Changes in response patterns in later modules, especially the savings module, due to cognitive priming.
Secondary Outcomes (explanation)
see pre-analysis plan section 7.4

Experimental Design

Experimental Design
The study employs a randomized controlled trial (RCT) embedded in the 2025 wave of the OeNB Euro Survey across nine CESEE countries. Respondents are randomly assigned to one of two groups with equal probability. The Treatment Group (Group A) receives the financial literacy module at the earliest feasible position in the questionnaire. The Control Group (Group B) receives the identical module at its conventional position near the end of the survey. The intervention involves only the placement of the module, not its content or wording. The module consists of four questions: the widely used “Big Three” items (interest rates, inflation, risk diversification) and an additional question on exchange rates.
Experimental Design Details
see pre-analysis plan section 3 and 4
Randomization Method
We use the standard randomisation procedure established in the OeNB Euro Survey.
See also Beckmann, E., M. Koch, V. Leins, S. Bergmann, K. Allinger, T. Scheiber, and J. Weinel (2025). Oenb euro survey methodology.
Randomization Unit
Individuals aged 18+
Was the treatment clustered?
Yes

Experiment Characteristics

Sample size: planned number of clusters
9 CESEE countries.
Sample size: planned number of observations
9,000 respondents (1000 per country)
Sample size (or number of clusters) by treatment arms
4,500 per treatment arm (500 per country)
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
see pre-analysis plan section 6.1
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
IRB Approval Date
IRB Approval Number
Analysis Plan

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Post-Trial

Post Trial Information

Study Withdrawal

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Intervention

Is the intervention completed?
No
Data Collection Complete
Data Publication

Data Publication

Is public data available?
No

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials