Customer Experience
10 Best Income Survey Questions to Use When Asking About Finances (+ Example)
Article written by Parvathi Vijayamohan
Content Marketer at SurveySparrow
10 min read
5 August 2024
Customer Experience
Article written by Parvathi Vijayamohan
Content Marketer at SurveySparrow
10 min read
5 August 2024
How do you get details about a person’s finances from a survey form? By using carefully crafted income survey questions.
To help you out, we have created a list of income survey questions below. These questions are designed to measure four different income components – wages, supplemental income, transfers, and assets.
In this blog, you can expect the following –
Let’s get into it.
Income surveys are sets of questions that focus on helping researchers and organizations learn about individual or household earnings.
These surveys focus on different aspects of income, such as amount, frequency, sources, and so on. The data can help one understand more about the economic standings, income distribution, etc., in a specific population.
Here’s a sample of what an income survey would look like.
Income Survey Questionnaire
Use This TemplateThese kinda surveys are often used by government agencies, research organizations, and businesses. There are more such templates available that too for free. All you have to do is sign up, and all the templates are free to use.
The 10 questions we discuss offer insight into various aspects of income. Go through them and see if they are helpful for you.
NOTE: There’s AI for practically everything, and we have something for surveys as well. SurveySparrow AI. Just add the prompt, and the tool will do the rest. Here’s some BTS for you.
The feature is available on the free version of the tool. So, feel free to use it for your needs. You can sign up for a free account below to create more customized forms like this with omnichannel sharing features.
This income level survey question provides an overview of the respondent’s income. This information can help sort your audience into income segments. Given the diverse types of audiences you could be reaching out to, it’s best to word this question in a way that resonates with them.
Household income is the total net income of all members in a housing unit above a particular age, regardless of whether they are related. Household income survey questions are helpful for financial institutions for underwriting loans, economists for indicating an area’s standard of living, and market researchers for segmenting their audience.
This income question is a discreet way of asking about salary or monthly personal income. This question is often asked by financial institutions, companies who want to determine the average compensation for employees, and businesses to determine product pricing.
‘Income from other sources’ excludes income from salary, house property, capital gains, or a business/profession. Furthermore, this includes one-time revenues such as winnings from lotteries, horse races, crossword puzzles, card games, gambling, or betting of any form.
Asking about social security benefits or disability income is another way to ask about age and health status. Again, these demographic details can help you personalize your communications with that respondent and provide a product/service more tailored to their needs.
This income survey question assesses capital gains. Capital gains are the profit one earns from selling an asset – like stocks, bonds, or real estate. Capital gains are made when an asset’s sale price exceeds its purchase price.
Personal income can come from more than one source, and the most common sources are salary and supplemental income sources. This question is a way to help respondents separate salary income from extra income like rent payments or utility payments.
This income survey question is a discreet way of finding out the respondent’s marital status – a detail you wouldn’t ask upfront in person, let alone on a survey! We’ve included this question because alimony can sometimes be a source of supplementary income.
This income survey question is an un-intrusive way of learning if the respondent is a parent or guardian to a minor.
If you want to help respondents itemize income sources they may have missed, use this income survey question. This could include income changes due to mortgaged loans for the respondent’s home. Moreover, you can frame it as an open-ended, multiple-choice, or dropdown question type like in the survey example we shared above.
Sign up for free to access and customize SurveySparrow’s income survey questionnaire sample. Feel free to customize the survey according to your needs.
It’s probable that you are here because you understand the importance of using an income survey. But, just in case, if you are still on the fence, maybe the following points may help you come to a decision.
If you are having trouble deciding on how to price your products with respect to the region, it’s crucial you know this. Income surveys with the right questions can help you understand what income is like across countries.
A well-known example to consider here is India and the USA. You wouldn’t price a product the same for both regions, would you? Definitely not! Indians make significantly less monthly when compared to those in the USA. However, the cost of living is much lower in India than in the USA.
Similarly, you can learn about specific regions.
You can segment your target audience based on their income and tailor the offerings accordingly.
Imagine offering luxurious products to middle-class families. It’ll be a total disaster, no doubt about that. Using income survey questions in your regular surveys can help you avoid this.
This way, you can target your audience with relevant and aligned products, leading to a better conversion rate.
This is more focused on individuals who want to plan and improve their financial situation. Individuals can use these questions to clearly understand where they are lagging behind or wasting money and take steps to resolve them.
Governments and organizations can use income survey data to develop and refine policies related to taxation, social welfare, and economic development. This way, they make policies that are best for their people and facilitate healthy economic growth.
At least some of you are thinking – Maybe my government ought to conduct one before they decide the taxes for their people.
Income sources can fall into five broad categories:
According to Moore, Stinson & Welniak, there are two major challenges in measuring income in surveys. The first is that there are plenty of potential sources of income, as well as losses that impact these earnings. Recalling all of these is a major hassle for survey respondents.
Secondly, few of us like to spill the beans on how much money we earn! So asking lots of income questions can feel invasive.
Consequently, around 10–15% of the income data on surveys goes unanswered because either the respondent refuses to answer the question or because they don’t remember. So, it’s best to frame the answer options as ranges instead of forcing respondents to provide an exact number.
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