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Stony Brook University College of Business Launches First Public Interest Poll to Focus Solely on America's Understanding of Money, Finance

Nov 19, 2010 - 10:17:34 AM

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STONY BROOK, NY, November 19, 2010 - Stony Brook University College of Business announced the launch of 'The Stony Brook Poll' today. This new Poll, to be conducted jointly with Left Right Research, a Long Island based marketing research concern, will focus on how well Americans understand money, financial systems and financial math.

Manuel London
“Particularly now, when America is struggling under personal and national debt, how well or poorly we understand money affects every aspect of our lives.” said Dr. Manuel London, Dean, College of Business at Stony Brook University. “From buying versus leasing, to credit card debt to deciding for whom to vote, our understanding of money flavors many of our major decisions.  We decided that Stony Brook should take the lead in measuring this vitally important element.”

The Stony Brook Poll is funded and orchestrated by Left Right Research.

“We are particularly pleased to have a partnership with Left Right,” added Dr. London. “Their survey techniques will enable us to survey much larger groups to obtain better, more clearly defined results. And since Left Right Research is funding the Poll, no student or taxpayer money is involved.”

First Stony Brook Poll Results: Credit Cards & Minimum Payments
The first Stony Brook Poll asked more than 2,000 respondents about credit cards and minimum payments. Using a highly focused survey technique, respondents were asked how long it would take to pay off a recent purchase (dinner out, clothes, vacation, electronics, etc.) if they made only the minimum monthly payment and continued to use the credit card for purchases.

More than 94% of respondents underestimated the payoff time of a single item by more than two years. 

“With our very first effort, The Stony Brook Poll has measured a baseline understanding of minimum payments,” said Dr. Michael Kamins, Professor of Marketing and Lead Advisor to the Poll. “It is clear that Americans are woefully under-educated about credit cards.  We will conduct this same survey once a year to see if the new credit card disclosure rules have any effect.”

About Stony Brook University College of Business
Stony Brook University's College of Business is one of the leading business programs in the world. Students come from around the corner, around the globe, to participate in an integrated curriculum that combines classroom and real-world learning. The College of Business provides comprehensive education and research for the business, public, and nonprofit sectors. Our programs are taught by senior Stony Brook faculty with decades of experience. They are complemented by key executives recruited as visiting professors from throughout the tri-state region-industry leaders who have built stellar careers in today’s global business world. Both our MBA and our undergraduate students complete our programs as leaders ready to take on the complex challenges of the business world. 

About Left Right Research LLC
Left Right Research offers an innovative web-based research methodology that gauges “top view” consumer attitudes and insights.  By removing biases within its survey methodologies, Left Right provides more accurate and much clearer insights into consumer thinking, resulting in powerful value for its clients.  Learn more about Left Right Research at www.leftrightresearch.com.

Media contact:
Stony Brook University Office of Media Relations
631-632-6310

For a report of this study or general information about the poll contact:
Professor Michael Kamins
631-632-9095
Michael.Kamins@stonybrook.edu

-or-

Jessica Poretsky
Left Right Research
+1 (631) 820-4834
Jessica.Poretsky@LeftRightResearch.com

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© Stony Brook University 2013

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