Wedding Bells a Financial Wake-Up Call for Americans
14 November 2017 - 12:30AM
Business Wire
TD Ameritrade survey reveals that a third of
married Americans are not entirely financially faithful with their
spouse
Love is in the air as engagement season starts on Thanksgiving
and continues through Valentine’s Day. As these starry-eyed couples
tie the knot, one thing that’s clearly in focus is their finances,
according to TD Ameritrade’s latest survey.
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Marriage and Money survey infographic.
(Graphic: Business Wire)
TD Ameritrade’s Marriage &
Money survey of 1,000 married and 1,000 unmarried adults
(ages 37 and older) reveals that getting married can serve as a
trigger for Americans to focus more on their finances, particularly
for men. In fact, nearly four in ten (37 percent) married Americans
report paying more attention to their finances after getting
married. Married couples also report additional shifts in
perspective and habits:
- A third (33 percent) of married men and
28 percent of married women report saving more money after getting
hitched;
- 32 percent of married men and 28
percent of married women started to worry more about the
future;
- Three in 10 (30 percent) married
individuals rely on their spouses to help manage their savings and
investments (39 percent of females vs. 19 percent of males);
and
- 30 percent of married Americans say the
moral support that keeps each other on track is the biggest
financial benefit of getting married
“For many Americans, wedding bells serve as a wake-up call to
get their finances in order as they now have a partner to think
about,” said JJ Kinahan, chief market strategist and managing
director at TD Ameritrade. “Having a spouse, and perhaps for some a
family, can encourage better financial habits, deter overspending,
and keep long-term goals in focus.”
It’s Not All Wedded BlissWhile marriage often serves as
an incentive to financial responsibility, it also has its
challenges. One-third (34 percent) of married Americans report that
they are not always “financially faithful” with their spouse, and
nearly four in ten (39 percent) don’t believe their spouse is
entirely financially faithful with them. On average, married
Americans report having argued with a spouse about money 4.3 times
in the past year.
Planning for the Golden Years TogetherWhen it comes to
retirement, nearly three in 10 (28 percent) married Americans have
downsized, or expect to downsize their home in retirement, while
singles are more likely to stay put. And, the destination of choice
– warmer climates, according to one in five (20 percent) married
Americans.
On average, married Americans expect to live 23 years in
retirement, and men largely anticipate their wives to have the
upper hand in terms of life expectancy. More than half (53 percent)
expect their wives to outlive them, vs. just 18 percent of married
females who said the same about their husbands.
Sorry kids …One-third (34 percent) of married Americans
say leaving an inheritance is “not at all” a priority for them. In
fact, having a spouse to enjoy retirement with makes married
couples more inclined to say they’re likely or very likely to spend
what they’ve saved – on trips, property, motor vehicles, etc. –
rather than pass it on to their children (44 percent married vs. 29
percent unmarried).
“It’s important for married couples to have a shared vision for
the future, whether that includes spending your money or saving it
for future generations,” says Kinahan. “Being upfront with each
other about finances and having frequent conversations about your
desired retirement lifestyle will help couples be better prepared
for what lies ahead.”
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. 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, or read our stories at Fresh Accounts.
Brokerage services provided by TD Ameritrade, Inc., member
FINRA (www.FINRA.org)/SIPC (www.SIPC.org).
Survey conducted by 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 2017 Marriage & Money SurveyA
20-minute online survey was conducted with 2,019 American adults
aged 37 and older by Head Solutions Group, between August
11 and August 14, 2017, on behalf of TD Ameritrade Holding
Corporation. The statistical margin of error for the total sample
of N=2,019 within the target group is +/- 2.19 percent. This means
that in 19 out of 20 cases, survey results will differ by no more
than 2.19 percentage points in either direction from what would
have been obtained by the opinions of all target group members
in the United States. Sample was drawn from major regions in
proportion to the U.S. Census.
Source: TD Ameritrade Holding Corporation
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version on businesswire.com: http://www.businesswire.com/news/home/20171113005160/en/
TD Ameritrade Holding CorporationFor Media:Becky Niiya,
402-574-6652Sr. Manager, Corporate
Communicationsrebecca.niiya@tdameritrade.com@TDAmeritradePRorFor
Investors:Jeff Goeser, 402-597-8464Director, Investor
Relationsjeffrey.goeser@tdameritrade.com
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