Do Financial Opposites Attract? Female Spenders Likely to Seek the Security of Male Savers, While Money Isn't a Deal-Breaker ...
15 November 2016 - 12:30AM
Business Wire
TD Ameritrade survey: Savers more likely to
marry Savers, couples say their financial commonalities prevent
arguments about money
First comes love, then comes marriage, then comes the inevitable
conversation about money. The TD Ameritrade Millennials and Money
Survey examines the relationships between Savers and Spenders and
the financial considerations taken when choosing a potential
spouse. The survey also reveals some key differences in financial
habits between men and women. Of the more than 2,100 American
adults surveyed:
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20161114005815/en/
TD Ameritrade's 2016 Millennials and
Money Survey (Graphic: TD Ameritrade).
- The majority of Savers prefer a spouse
who is also a Saver (61 percent Saver men, 60 percent Saver
women)
- A majority of Spender women (59
percent) married a Saver spouse, as opposed to 39 percent of
Spender men with a Saver spouse
- One benefit 6 in 10 Savers noted for
being married to another Saver is that it prevents arguments
Does the Saver/Spender distinction matter more later in
life?
- Two-thirds of Boomer Savers are married
to Savers, compared to 52 percent of Millennial Savers
- Forty percent of Boomer Savers say they
would not be happy in a relationship with a Spender vs. 23 percent
of Millennial Savers
“It’s more about attaining the right balance than finding an
identical match,” says Matt Sadowsky, director of retirement at TD
Ameritrade. “It becomes more and more important over time for
spouses to be aligned on how to manage their finances, especially
when they are living off their nest egg in retirement. It’s not
critical that both spouses be Spenders or both be Savers. But it is
critical that there is an open dialogue between the two about what
retirement looks like for them and a shared vision and plan for
their future.”
Sixty percent of Millennial Savers say they save in order to
meet their financial goals. While Millennial men and women share
several common long-term goals including saving for a retirement,
56 percent of Millennial women save for non-retirement items versus
46 percent of Millennial men.
- More Millennial women said saving for a
vacation is top of their list (69 percent), while 49 percent of
Millennial men are concerned with affording a vacation. Millennial
men are more likely to put a vacation on their credit card (22
percent vs. 19 percent of women)
- Millennial women appear to be more
concerned with the potential for a financial disruption with 62
percent saving for an emergency vs. 50 percent of Millennial
men
- Twenty-nine percent of Millennial men
are investing in the stock market, which significantly outweighs
the 18 percent of Millennial women
- About one-third of Millennials are
saving for a down payment on a home (32 percent Millennial women,
27 percent Millennial men)
Millennial and Boomer women have different attitudes toward
money. Boomer women are more financially conservative and strict
about saving, whereas Millennial women are more like men in how
they save, spend and help support their families.
- Millennial women save to help their
families (58 percent), while Boomer women mostly save for
themselves with only 37 percent saving to help their families
- Fifty-three percent of Millennial women
are most anxious about having debt vs. 39 percent of Boomer
women
- Millennial women (41 percent) would
choose to spend $200 on an experience they enjoy vs. 28 percent of
Boomer women
Millennial men and Boomer men are similar in how they spend,
however, the older men save more and allocate more money to
family-related expenses. Millennial men need the most money in
order to be happy and feel the greatest pressure to spend.
- At an average of $925 a month, Boomer
men save the most for retirement followed by Millennial men at an
average of $593
- Boomer men spend $130 more per month on
groceries than Millennial men, $105 more on utilities, $45 more on
technology, and $50 on eating out and entertainment
- More Millennial men (18 percent) like
to spend money in order to make a good impression vs. 3 percent of
Boomer men
- Millennial men need the most money in
order to be happy saying they require a minimum income of
$73,000
“Millennial men’s spending habits are vastly different than
their female partners. Men want to enjoy life by spending money now
because they’re confident they can make up the money later,” says
Dara Luber, senior manager of retirement at TD Ameritrade. “Women
appear to have more anxiety over spending and fear they will not be
able to make up a gap in their savings. Part of this reason could
be their fear of debt since they tend to earn less over their
lifetime.”
TD Ameritrade’s 2016 Goal Planning Survey shows that people who
have a savings plan with specific goals are more likely to make
progress toward fulfilling their savings or investing targets. Not
sure how to get started? Investors of any age and experience level
can benefit from a free, comprehensive financial goal planning
session with an investment consultant at TD Ameritrade’s more than
100 branch locations. Visit tdameritrade.com/goalplanning.
About TD Ameritrade Holding CorporationMillions of
investors and independent registered investment advisors (RIAs)
have turned to TD Ameritrade’s (Nasdaq: AMTD) technology, people
and education to help make investing and trading easier to
understand and do. Online or over the phone. In a branch or with an
independent RIA. First-timer or sophisticated trader. Our clients
want to take control, and we help them decide how — bringing Wall
Street to Main Street for more than 40 years. An official sponsor
of the 2014 and 2016 U.S. Olympic and Paralympic Teams, TD
Ameritrade has time and again been recognized as a leader in
investment services. Please visit TD Ameritrade’s newsroom or
www.amtd.com for more information.
Brokerage services provided by TD Ameritrade, Inc., member
FINRA (www.FINRA.org)/SIPC (www.SIPC.org)
About Head Solutions GroupHead Solutions Group (U.S.)
Inc., is a leading market research partner for Financial Services
companies in North America. With offices in New York, Toronto and
Montreal, Head delivers the deep customer insights that increase
institutional knowledge and propel business action. TD Ameritrade
and Head Solutions Group are separate and unaffiliated firms and
are not responsible for each other’s services or policies.
About the 2016 Millennials and Money SurveyA 20-minute
online survey was conducted with 2,100 American adults (half
Boomers and half Millennials) by Head Solutions Group, between June
17 to June 21, 2016, on behalf of TD Ameritrade Holding
Corporation. The statistical margin of error for the total sample
of N=2,100 American adults within the target group is +/- 2.1
percent. This means that, in 19 out of 20 cases, survey results
will differ by no more than 2.1 percentage points in either
direction from what would have been obtained by the opinions of all
target group members in the U.S. Sample was drawn from major
regions in proportion to the U.S. Census. Generations used in this
report are defined according to the Pew Research Center.
Millennials (born 1981 to 1997, ages 18 to 35 in 2016) and Baby
Boomers (born 1946 to 1964, ages 52 to 70 in 2016).
Source: TD Ameritrade Holding Corporation
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161114005815/en/
TD Ameritrade Holding CorporationRebecca Niiya,
402-574-6652Communications & Public
Affairsrebecca.niiya@tdameritrade.com@TDAmeritradePR
TD Ameritrade (NASDAQ:AMTD)
Historical Stock Chart
From Apr 2024 to May 2024
TD Ameritrade (NASDAQ:AMTD)
Historical Stock Chart
From May 2023 to May 2024