TD Love & Money
TD Love & Money Report of Findings
Customer Insights July 2017
Background, Objectives, & Methodology Background & Objectives TD Bank conducted a survey focused on Couples & Money. Survey topics include how often couples discuss money, saving and spending habits, advice, and financial goals and challenges.
Methodology We conducted an online survey with 1482 respondents. The national sample size of 1482 has a margin of error of +/2.5%. Qualifying respondents were over 18 years of age, live in the U.S, and are in a relationship (not single). The survey fielded from June 20, 2017 to June 27, 2017. Survey was 12 minutes in length and fielded in English only.
Reporting This report presents the findings in summary charts and tables. The statistical cross-tabulations are reported under a separate cover. Significance is tested at 95% confidence interval and is represented by circles: • Significantly higher: • Significantly lower:
Internal
2
Detailed Findings
3
Relationship Status & Overall Happiness Relationship Status •
Nearly 8-in-10 who are in relationship are married / committed (80%). 2016
2017
Male
Married/Committed
Female 18-34
35-54
55+
NYC
BOS
Phila
79%
74%
70%
73%
84%
84%
70%
78%
3%
4%
5%
6%
1%
4%
5%
0%
0%
0%
1%
0%
0%
1%
0%
0%
10%
11%
12%
11%
9%
6%
12%
10%
7%
11%
12%
10%
7%
5%
13%
11%
Engaged and living together Engaged, but not living together
77%
80%
In a relationship and living together, but not engaged or married In a relationship; neither living together, engaged nor married
10% 9%
9% 8%
Relationship Happiness •
Most are happy - more than 7-in-10 report that they are in an extremely or very happy relationship (73%). Happiness is more likely to be reported among males (80%) and millennials (90%). Male
2016 Extremely happy, soul mate
42%
Very happy Content
2017
Top 2 Box: 74%
37%
32%
36%
20% 5% 1%
20% 5%
Female 18-34
35-54
55+
NYC
BOS
Phila
40%
34%
44%
32%
40%
42%
28%
37%
40%
32%
46%
40%
28%
32%
41%
34%
16%
24%
8%
19%
27%
20%
25%
24%
3%
8%
2%
6%
5%
7%
4%
4%
1%
1%
0%
2%
1%
0%
2%
2%
Top 2 Box 80%
67%
90%
72%
67%
74%
69%
70%
Top 2 Box: 73%
On shaky ground Not happy, not going to make it
Q1. What is your current relationship status? Q3A. How would you describe your level of happiness with your significant other?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
4
Talking About Money First Discuss Money •
Money is a topic most have early on - 43% in the first three months and nearly 80% in the first year.
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
46%
40%
35%
42%
47%
39%
35%
35%
17%
13%
25%
15%
11%
14%
13%
20%
20%
23%
22%
24%
19%
24%
24%
21%
10%
16%
13%
14%
11%
14%
19%
15%
3%
3%
3%
2%
4%
3%
1%
3%
5%
5%
3%
3%
8%
5%
8%
5%
NET: 1st Year 83%
76%
82%
81%
76%
78%
72%
76%
Female 18-34
35-54
55+
NYC
BOS
Phila
Within the first 3 months Within 4-6 months
43%
Within 6 months – 1 year Within 1-3 years Within 3-5 years After 5 years of more
1st Year: 79%
15% 21% 13% 5%
Comfort Talking About Money •
Nearly 8-in-10 are comfortable talking about money with their partner (78%); males (82%) and millennials (86%) tend to be more comfortable talking about money.
Extremely comfortable
46%
Very comfortable Somewhat comfortable Uncomfortable Very uncomfortable
Top 2 Box: 78%
32%
Male
43%
48%
44%
45%
47%
45%
38%
45%
39%
26%
43%
29%
32%
35%
29%
34%
13%
17%
11%
18%
14%
17%
24%
13%
4%
7%
2%
7%
5%
3%
9%
5%
1%
2%
1%
2%
1%
0%
0%
3%
Top 2 Box 82%
74%
86%
74%
79%
80%
67%
79%
15% 5%
Q6. How early in your relationship did you first discuss money? Q7. How comfortable are you talking about money with your partner?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
5
Talking About Money, cont’d Frequency: Talking About Money •
6-in-10 talk about money with their significant other at least once a week (61%). Those who are younger are more apt to talk about it daily (28%). 2016 2017 Daily
At least once a week Once every few weeks Monthly
43%
89%
42%
Less often Never
NYC
BOS
Phila
21% 41% 16% 11% 5% 1% 3% 1%
12% 43% 16% 9% 11% 1% 6% 2%
27% 38% 13% 12% 4% 0% 6% 0%
13% 41% 19% 9% 10% 2% 6% 2%
19% 46% 16% 4% 7% 0% 5% 4%
NET: Weekly 59% NET: Monthly 88%
62% 86%
70% 96%
63% 89%
55% 80%
64% 90%
54% 81%
64% 85%
87%
15% 11% 7%
17% 10% 6%
55+
28% 41% 11% 15% 2% 0% 1% 1%
Once every few months Once every six months
35-54
21% 41% 16% 8% 7% 2% 4% 1%
61%
64%
Female 18-34
17% 42% 15% 14% 7% 1% 4% 1%
19%
19%
Male
Frequency: Argue About Money •
16% argue about money weekly and 36% argue about money at least monthly. More likely to talk about money, younger couples are more likely to argue as well. Male
Daily At least once a week Once every few weeks Monthly Once every few months Once every six months Less often Never
2016 5% 9% 10% 6% 14% 5% 24% 27%
14%
30%
2017 5% 11% 11% 9% 12% 5% 24% 23%
Female 18-34
35-54
55+
NYC
BOS
Phila
5% 10% 10% 11% 13% 5% 25% 22%
5% 13% 12% 7% 12% 5% 24% 23%
10% 16% 17% 15% 12% 3% 14% 13%
6% 13% 13% 10% 15% 8% 18% 17%
2% 7% 5% 5% 9% 3% 36% 33%
13% 14% 9% 9% 10% 2% 20% 23%
2% 13% 6% 6% 20% 5% 27% 21%
4% 8% 11% 4% 14% 7% 30% 22%
NET: Weekly 16% NET: Monthly 36%
17% 36%
26% 58%
19% 42%
9% 19%
27% 45%
15% 27%
12% 27%
16% 36%
Q4. How often do you talk about money with your significant other? Q5. How often do you argue about money with your significant other?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
6
Financial Outlook Which is Harder: Financial Success or True Love? •
True love edge out financial success in terms of being harder to find. New Yorkers find it especially challenging! Male
Financial Success
42%
Female 18-34
35-54
55+
NYC
BOS
Phila
42%
41%
46%
42%
39%
21%
36%
44%
58%
59%
54%
58%
61%
79%
64%
56%
58%
True Love
Confidence: “Feel confident that couple has personal finance skills needed to “achieve financial success” in life •
The majority agree that their relationship has the personal finance skills that they need to be successful; males (79%) and millennials (88%) tend to be more likely to agree with this statement. Male
37% Strongly agree
Top 2 Box: 72%
Somewhat agree Neither
15% 8% 6%
Q3B. Which is harder to find, financial success or true love? Q8. Agree/Disagree: I feel confident that my partner and I have the personal finance skills needed to “achieve financial success” in life.
Internal
35-54
55+
NYC
BOS
Phila
41%
33%
44%
33%
38%
50%
27%
28%
38%
32%
44%
33%
33%
26%
48%
39%
14%
16%
6%
18%
15%
13%
14%
19%
3%
12%
5%
9%
7%
6%
4%
6%
4%
7%
1%
6%
7%
4%
7%
7%
Top 2 Box 79%
65%
88%
66%
71%
76%
75%
68%
35%
Somewhat disagree Strongly disagree
Female 18-34
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
7
Sources of Advice •
Primary sources of financial advice are experts (20%), followed by mom (8%), and professional blogs (8%), though almost half don’t seek advice at all (44%). Not seeking advice on finances is particularly common among women (50%). Primary sources of relationship advice are friends (20%), while more than half don’t turn to anyone at all (52%).
Primary Source for Financial Advice Experts (i.e. professional advisors)
20%
Experts (i.e. professional advisors)
5%
Mom
8%
Mom
Professional articles or blogs
8%
Professional articles or blogs
3%
Dad
7%
Dad
4%
Other family member
6%
Other family member
Friends
4%
Colleagues
0%
I don’t turn to anyone
Female 18-34
22% 8% 9% 7% 5% 6% 2% 1% 39%
17% 8% 7% 6% 7% 3% 1% 0% 50%
17% 18% 10% 17% 6% 7% 4% 1% 20%
8%
7%
Friends
2%
Celebrity or TV Personality
Male
Primary Source for Relationship Advice
Colleagues
1%
Celebrity or TV Personality
1%
44%
35-54
55+
NYC
BOS
Phila
17% 10% 8% 7% 6% 6% 3% 0% 44%
25% 2% 7% 2% 7% 2% 0% 0% 55%
25% 5% 10% 6% 6% 7% 3% 1% 37%
28% 4% 5% 9% 6% 5% 0% 1% 41%
17% 6% 6% 8% 9% 3% 0% 1% 49%
20%
I don’t turn to anyone
Male Experts Mom Professional articles or blogs Dad Other family member Friends Colleagues Celebrity or TV Personality I don’t turn to anyone
7% 8% 3% 7% 6% 17% 1% 1% 50%
Female 18-34
3% 8% 3% 1% 7% 23% 0% 0% 54%
6% 20% 5% 10% 8% 29% 1% 1% 19%
52% 35-54
55+
NYC
BOS
Phila
5% 8% 2% 5% 6% 24% 1% 1% 47%
5% 3% 2% 0% 7% 11% 0% 0% 72%
10% 9% 7% 6% 8% 17% 1% 0% 41%
6% 6% 3% 2% 4% 24% 0% 1% 54%
3% 5% 4% 1% 5% 24% 0% 1% 57%
Q9. Who do you turn to most often for money advice? Q10. Who do you most often turn to for relationship advice?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
8
Advice and Success •
Couples most need advice on investing and retiring. Budgeting and paying off debt have been some greatest successes.
Most Needed Topic of Advice Investing
Biggest Success as Couple 20%
Paying off debt
13%
Retiring
Female 18-34
20%
Budgeting
6%
13%
Buying a home
None, we don't need any
Male
17%
Saving
14%
Buying a home
6%
Retiring
12%
Budgeting
19%
Paying off debt
14%
Saving
9%
Investing
22%
35-54
55+
NYC
BOS
Phila
16%
None
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
25%
14%
27%
18%
18%
22%
22%
16%
Investing
12%
5%
12%
12%
4%
8%
6%
3%
13%
13%
11%
15%
12%
6%
10%
19%
Paying off debt
18%
20%
13%
19%
21%
15%
18%
27%
12%
15%
6%
15%
15%
8%
21%
20%
Retiring
8%
5%
2%
3%
12%
6%
8%
3%
8%
16%
15%
15%
7%
23%
12%
7%
Saving
18%
16%
25%
14%
16%
20%
20%
16%
13%
15%
16%
15%
11%
11%
12%
10%
Budgeting
19%
20%
23%
21%
17%
21%
23%
22%
7%
5%
18%
5%
2%
10%
2%
7%
Buying a home
12%
14%
16%
12%
13%
8%
12%
13%
22%
21%
6%
16%
35%
20%
20%
20%
None
12%
20%
9%
18%
17%
23%
13%
16%
Q11. If you had to choose one, which financial topic do you need the most advice on as a couple? Q12. If you had to choose one, which of the following are you most successful at as a couple?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
9
Financial Advice Meet Financial Advisor •
Only 3-in-10 meet with a financial advisor at least once per year (27%). Males (34%), millennials (36%), and New Yorkers (39%) are more likely to meet at least yearly with a financial advisor. Male
27%
Yes No: Only for major milestone
9% 60%
No: Never meet with advisor We plan to next year
4%
Female 18-34
35-54
55+
NYC
BOS
Phila
34%
19%
36%
24%
26%
39%
29%
19%
10%
8%
13%
9%
8%
12%
8%
11%
52%
69%
47%
61%
65%
45%
57%
68%
4%
4%
4%
6%
2%
3%
5%
2%
Saving: Advice for Young Couples •
Top pieces of savings advice for young couples tends to revolve around budgeting / planning, forcing yourself to save, starting early, thinking about retirement, and not wasting money.
“
• It is imperative to save from each and every paycheck. It will add up quicker than you think. Be glad, because you will grow old quicker than you think. BE READY!! • Really watch how you can waste your money and when you realize just how much, you will be shocked • Put as much as you can into your retirement account. Put some money into savings even if you're paying off debt • Forego too many luxuries or expensive vacations till you can fulfill a monthly budget. Be sure one or both partners has a secure career. • Start early, save your raises towards your retirement. Make a budget. • Make sure there is a designated amount going into savings each month, and don't touch it for ANYTHING. Also, do not wait until you have money to have a baby, you will never be financially ready. • Don't waste your money on stuff from Starbucks and Apple. • Make a budget and stick to it
Q15. Do you and your partner meet with a financial advisor at least once a year? Q16. What advice do you have for young couples when it comes to saving?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
”
10
Financial Barriers & Milestones Barriers to Meeting Goals •
Top barriers to meeting financial goals are living paycheck to paycheck (37%), followed by the stress of repaying debt (26%), and the fear of not being able to make payments (16%). Male
Living paycheck to paycheck
37%
The stress of repaying other debt first
26%
Fear of not being able to make payments
16%
Don't fully understand what steps to take
9%
Don't have the time to research
8%
None of the above
35%
Female 18-34
35-54
55+
NYC
BOS
Phila
34%
39%
39%
45%
26%
25%
41%
31%
26%
26%
42%
30%
15%
37%
19%
29%
15%
16%
21%
18%
10%
20%
12%
16%
8%
10%
17%
10%
6%
9%
10%
9%
10%
7%
16%
11%
3%
9%
9%
3%
38%
33%
17%
25%
55%
29%
38%
42%
Delaying Milestones due to Finances •
Most, 6-in-10, aren’t holding off on any milestones until they feel financially ready. Buying a house (21%) tends to be the most common milestone that gets put on hold for financial reasons, particularly among millennials (45%). Male
Starting a business Taking a new job Having a baby
35-54
55+
NYC
BOS
Phila
22%
20%
45%
25%
5%
24%
16%
14%
14%
9%
16%
13%
8%
17%
12%
3%
10%
12%
7%
20%
12%
2%
15%
10%
5%
9%
10%
7%
17%
12%
1%
13%
8%
11%
8%
6%
24%
6%
0%
13%
6%
3%
57%
64%
20%
53%
87%
46%
62%
69%
Buying a house Moving to a new city
Female 18-34
21% 12%
7%
Not holding off
60%
Q13. As a couple, which of the financial frustrations below is preventing you or has prevented you from reaching your goals? Q14. What milestones, if any, are you holding off on until you feel financially ready?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
11
Advice to the Younger Self •
Thinking of advice to their younger selves in their 20s, the top milestones to hold off on tend to be getting married (26%), starting a family (22%), and saving / investing (15%). By contrast, the top milestones that they would advise their younger selves not to wait on focus on saving / investing (54%).
Finish Sentence: “Start now, don’t wait to…”
Finish Sentence: “Just wait , there’s no rush to…” 26% 22%
Get married Start a family Start saving or investing
Move out Get a degree/further education Start a career
Male
Female 18-34
Start a family
15% 14%
Travel and see the world Buy a home
Get married
3% 3%
Start saving or investing Travel and see the world Buy a home
8% 6% 5% 4%
Move out Get a degree/further education Start a career
35-54
55+
NYC
BOS
Phila
24%
28%
23%
27%
26%
17%
23%
38%
22%
23%
22%
24%
20%
27%
21%
14%
15%
9%
12%
19%
20%
15%
13%
11%
11%
18%
9%
8%
8%
15%
9%
6%
5%
7%
8%
7%
5%
4%
4%
7%
2%
9%
Male
Female 18-34
54% 9% 5% 3% 14% 7%
35-54
55+
NYC
BOS
Phila
Get married
3%
3%
5%
3%
3%
9%
3%
2%
17%
Start a family
3%
4%
4%
4%
3%
8%
7%
2%
21%
15%
Saving or investing
54%
55%
38%
52%
61%
41%
65%
60%
15%
7%
Travel /see the world
8%
10%
10%
10%
7%
9%
10%
15%
8%
10%
12%
Buy a home
7%
4%
12%
5%
5%
5%
3%
2%
4%
7%
8%
7%
Move out
3%
3%
6%
3%
2%
5%
1%
1%
5%
4%
4%
2%
3%
Education
14%
15%
16%
15%
14%
14%
6%
13%
4%
3%
7%
0%
Start a career
9%
6%
9%
8%
6%
9%
5%
5%
Q17/Q18. Thinking of yourself in your 20s, how would you finish the following sentences? Q17. Just wait, there is no rush to….; Q18. Start now, don’t wait to…
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
12
Budget Planning & Spending Have Monthly Budget for the Following •
Top budgeted items are groceries / alcohol (62%), followed by savings (59%), and eating out (51%). Budgeting is more prevalent among males and younger respondents. 2016
2017
Groceries / alcohol
Male
58%
Eating out
55+
NYC
BOS
Phila
64%
60%
76%
63%
54%
60%
60%
65%
59%
64%
54%
77%
59%
51%
60%
58%
53%
55%
47%
71%
54%
39%
55%
39%
42%
51%
51%
35-54
62%
62%
Savings / setting aside
Female 18-34
Clothing / personal items
41%
43%
46%
40%
62%
47%
31%
48%
35%
33%
Entertainment
41%
42%
46%
38%
65%
47%
27%
44%
40%
37%
Travel
39%
39%
29%
51%
35%
26%
42%
30%
33%
Female 18-34
35-54
55+
NYC
BOS
Phila
34%
Good at Saving (as a couple) •
Almost 7-in-10 think that they are either very good or good at saving as a couple; males (75%), younger respondents (77%), and New Yorkers are more likely to report being either good or very good at saving (83%). 28% Very good Good Fair
67%
39%
Poor Very poor
24%
Male
31%
24%
32%
22%
32%
38%
22%
37%
44%
34%
45%
39%
37%
45%
37%
32%
19%
31%
17%
30%
22%
15%
32%
22%
5%
8%
4%
7%
7%
2%
8%
7%
1%
3%
2%
2%
2%
0%
0%
2%
Top 2 Box 75%
58%
77%
61%
69%
83%
59%
69%
6% Q19. For which of the following, if any, do you and your partner have a monthly budget? Q25B. How good at saving do you consider you and your significant other to be?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
13
Sharing Financials Approach to Sharing Money •
Half of respondents combine their money (51%). Those who are younger are more likely to keep things separate (62%). Male Female 18-34 35-54 55+ 2016 2017
We combine everything
54%
51%
30% 16%
34%
We each have our own We keep it separate
15%
NYC
BOS
Phila
50%
51%
34%
47%
62%
38%
48%
42%
35%
33%
37%
36%
30%
40%
34%
42%
15%
16%
29%
16%
9%
22%
18%
17%
Sharing Bank Account •
Almost 6-in-10 have one shared bank account (58%); this is more prevalent among older respondents (65%).
One shared account Shared and personal Only separate accounts
2016
2017
58%
58%
18% 24%
17% 25%
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
59%
56%
50%
55%
65%
59%
43%
51%
20%
14%
20%
17%
16%
29%
26%
21%
21%
29%
30%
28%
20%
12%
30%
28%
Share Credit Card •
Almost half have one shared credit card (46%); again, this is more prevalent among older respondents (52%). 2016
2017
Male
47%
46%
49%
42%
One shared credit card Shared and personal
16%
16%
18%
Only separate credits cards
37%
39%
33%
Female 18-34
35-54
55+
NYC
BOS
Phila
38%
43%
52%
52%
39%
40%
13%
22%
15%
14%
19%
16%
21%
44%
41%
42%
34%
29%
45%
40%
Q20. Which statement below best reflects your current approach to sharing or merging your money with your significant other? Q21. Do you and your partner share a bank account?; Q22. Do you and your partner share a credit card?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
14
Financial Windfalls •
Typical uses of a financial windfall are to pay bills (25%), pay down debt (22%), or to buy a new item or experience (20%).
Male
25%
Pay bills Pay down debt
22%
Buy new item or experience
20%
Save up for a larger purchase
12%
Fund a savings account / emergency fund
11%
Female 18-34
35-54
55+
NYC
BOS
Phila
21%
29%
21%
32%
20%
21%
16%
28%
21%
23%
21%
22%
22%
16%
23%
22%
20%
19%
15%
21%
20%
25%
25%
19%
18%
7%
17%
10%
13%
11%
8%
11%
12%
11%
15%
8%
13%
17%
12%
10%
Investments
5%
5%
5%
10%
4%
4%
6%
9%
2%
Other
5%
4%
6%
2%
3%
8%
3%
7%
8%
Q23. How do you and your significant other typically handle a financial windfall?.
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
15
Saving Together Started Saving Together •
Half started saving when they reached the point of having a married / committed relationship (51%), while almost 2-in-10 don’t save together at all (19%). Married/Committed Engaged and living together
51% Engaged, but not living together In a relationship and living together, but not engaged or married
9% 4% 12% 5% 19%
In a relationship; neither living together, engaged nor married Don’t save together
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
53%
48%
39%
46%
62%
51%
43%
53%
12%
7%
13%
11%
6%
12%
10%
5%
5%
4%
6%
4%
3%
9%
2%
6%
13%
11%
16%
14%
8%
8%
18%
13%
4%
5%
11%
4%
2%
6%
8%
3%
13%
25%
15%
21%
19%
14%
19%
19%
Currently Saving For •
Top reasons to save money are “just because” / as an emergency fund (45%), for retirement (41%), and for vacation/ travel (33%). Male
Just because / Emergency fund Retirement Vacation/travel Large purchase Buying a house Moving to a new city Starting a business Having a baby Planning a wedding Furthering your education None of the above
35-54
55+
NYC
BOS
Phila
46%
44%
53%
50%
37%
29%
43%
42%
42%
40%
21%
51%
39%
38%
49%
49%
36%
29%
44%
35%
25%
37%
41%
40%
27%
18%
33%
30%
10%
22%
26%
18%
21%
16%
46%
19%
6%
20%
13%
13%
9%
10%
7%
16%
10%
4%
18%
3%
1%
8%
10%
6%
21%
10%
0%
11%
7%
2%
7%
9%
5%
22%
7%
0%
16%
3%
8%
5%
5%
4%
13%
5%
1%
7%
2%
2%
5%
7%
3%
14%
6%
0%
8%
3%
1%
9%
15%
4%
7%
21%
11%
16%
14%
45% 41% 33% 23% 19%
12%
Q24. When did you and your significant other start saving together, if ever?
Internal
Indicates statistically higher than comparison group.
Female 18-34
Q25. What are you and your significant other currently saving for together? Indicates statistically lower than comparison group.
16
Digital Dating Services Met Significant Other On Digital Dating Service •
14% met their significant other on a digital dating service; not surprisingly, this is more common among the young (32%). Male
Yes, Met On Digital Dating Service :14%
17%
Female 18-34
11%
32%
35-54
55+
NYC
BOS
Phila
16%
4%
20%
11%
8%
Discussed Money on DDS (Those who used Service) •
Almost 3-in-10 report talking about money (28%) before going out on their first date through a digital dating service. Males (39%) and millennials (46%) are more likely to report talking about money beforehand.
Yes
2016
2017
36%
28%
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
39%
13%
46%
23%
6%
41%
24%
8%
61%
87%
54%
77%
94%
59%
76%
92%
No
64%
72%
Q26. Did you meet your current significant other on a digital dating service such as Tinder, OKCupid, or Match.com? Q27. When using digital dating services like Tinder, OKCupid, or Match.com, have you ever discussed how much money either of you makes with a potential partner before meeting in person
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
17
Wedding Finances Acceptable Financial Risks When Planning a Wedding •
Top financial risks to take for weddings include asking parents to chip in (17%), going over budget (14%), and taking out a loan (13%). Females are more risk adverse than males, with 72% stating that no financial risks should be taken. Male
Asking family other than parents to chip in
17%
Female 18-34
35-54
55+
NYC
BOS
Phila
20%
13%
28%
19%
9%
26%
14%
15%
Going over budget
14%
19%
8%
23%
15%
8%
23%
14%
12%
Taking out a loan
13%
19%
6%
28%
14%
5%
20%
14%
10%
Dipping into an emergency fund
11%
15%
6%
16%
11%
8%
19%
13%
8%
53%
72%
34%
59%
78%
45%
63%
71%
None, you should not take financial risks
63%
Who Should Pay For Wedding •
The majority believe that the cost of a weddings should be spread out among both the couple and their families (59%).
The couple
28%
Male
11%
28%
29%
14%
Female 18-34
35-54
55+
NYC
BOS
Phila
26%
32%
25%
28%
24%
22%
9%
11%
10%
13%
14%
9%
10%
2%
1%
2%
2%
0%
2%
3%
57%
62%
62%
56%
62%
55%
64%
Parents of the bride Parents of the groom A combination
59%
69%
Q28. What financial risks are OK to take when planning a wedding? Q29. Who should pay for a wedding?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
18
Wedding Finances, cont’d Spend on Engagement Ring Average engagement ring spend is $2,016. New Yorkers tend to spend significantly more, with an average spend of $3,465.
•
7% 17%
$10,000 or more $5,000-$9,999 $2,500-$4,999 $1,000-$2,499 $500-$999 Less than $500 Nothing / Not necessary
32%
Average: $2,016
17% 16% 10%
Male
2% 9% 18% 33% 14% 16% 8%
Female 18-34
1% 6% 15% 30% 19% 16% 13%
35-54
55+
NYC
BOS
Phila
2% 9% 19% 31% 14% 15% 10%
1% 3% 13% 30% 20% 20% 13%
4% 19% 22% 34% 11% 8% 2%
2% 8% 21% 28% 15% 14% 11%
0% 9% 17% 35% 17% 8% 13%
2% 11% 20% 38% 15% 9% 5%
Average $2,261 $1,770 $2,587 $2,291 $1,456 $3,465 $2,312 $2,077
Wedding Party Spend •
More than half believe that the wedding party spend should be nothing, that their presence is enough. 7% 7% 32%
Spend whatever is asked Spend more than $500 Spend up to $500
54%
Nothing: Presence is enough
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
7%
6%
6%
7%
6%
5%
6%
9%
10%
5%
14%
9%
2%
11%
4%
7%
31%
34%
42%
33%
27%
39%
37%
36%
52%
56%
37%
50%
64%
45%
53%
48%
Female 18-34
35-54
55+
NYC
BOS
Phila
Wedding Gift Spend •
Average wedding gift spend as a couple is highest for family at $128. Average spend is higher among males, younger respondents, and New Yorkers. Male
2016
2017
Family Friends Coworkers
$112 $67 $38
$128 $76 $49
$144
$113
$161
$127
$116
$231
$145
$180
$84
$68
$111
$78
$59
$139
$90
$105
$59
$40
$90
$50
$32
$97
$61
$65
Q30. How much should be spent on an engagement ring?; Q31. How much should someone in the wedding party be willing to spend on your wedding? Q34. As a couple, how much do you, or would you, typically spend on a wedding gift for the following
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
19
Special Occasion Spending Spend on Significant Other •
Spending on significant other is highest for December holidays ($194), followed by birthdays ($103), and anniversaries ($94). Average spend is higher among males, younger respondents, and New Yorkers. 2016
Male
2017
December Holidays
$136
Mother’s Day N/A Father’s Day N/A Valentine’s Day
NYC
BOS
Phila
$244
$212
$152
$297
$240
$202
$103
$129
$78
$162
$105
$77
$211
$111
$102
$94
$137
$51
$144
$99
$67
$189
$78
$74
$84
$117
$43
$123
$69
$58
$224
$68
$67
$80
$64
$118
$57
$21
$186
$64
$64
$72
$28
$92
$55
$27
$122
$37
$39
$72 $64
55+
$136
$194
$110
Anniversary
35-54
$252
$211
Birthday
Female 18-34
$50
Spend on Friends and Family •
Spending on friends and family is highest on the December holidays ($216), followed by birthdays ($95). 2016 $112
December Holidays
$51
Birthday Mother’s Day N/A Father’s Day N/A Valentine’s Day
Male
2017
$14
$216
Female 18-34
35-54
55+
NYC
BOS
Phila
$225
$206
$212
$221
$211
$261
$199
$293
$91
$99
$118
$93
$87
$154
$69
$102
$55
$30
$95
$46
$16
$98
$25
$39
$31
$40
$21
$70
$34
$10
$74
$24
$30
$27
$38
$15
$64
$28
$10
$82
$13
$20
$95 $42
Q32. Thinking about special occasions, how much do you typically spend on your significant other? Q33. Thinking about special occasions, how much do you typically spend on friends/family other than your significant other?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
20
Vacations Frequency of Vacations w/ Significant Other •
Most go on vacation at least once per year (57%).
At least twice a year or more Once a year Every other year Once every 2-3 years Less often Never
2016
2017
28%
26%
30% 6% 7% 14% 15%
31% 6% 8% 12% 18%
Male
31% 34% 5% 7% 11% 11%
Female 18-34
20% 27% 6% 10% 13% 24%
35% 35% 7% 3% 8% 12%
35-54
55+
NYC
BOS
Phila
20% 33% 5% 11% 10% 22%
28% 26% 5% 8% 17% 16%
31% 36% 8% 5% 7% 13%
18% 41% 3% 6% 15% 17%
27% 31% 4% 8% 15% 15%
Pay for Vacations •
The majority pay for vacations by either saving up (38%), or always having enough set aside (38%). 2016
Male
2017
Should save up / budget
38%
38%
Use financial windfall
30%
38%
Forgo other expenses to pay
19% 7%
12% 6% 5%
Always have enough to set aside Use credit card and worry later
Other
35-54
55+
NYC
BOS
Phila
35%
Female 18-34
41%
46%
40%
31%
38%
25%
43%
38%
37%
27%
35%
45%
37%
44%
31%
14%
10%
11%
12%
13%
8%
16%
13%
5%
6%
9%
5%
4%
9%
4%
5%
6%
5%
7%
7%
3%
8%
6%
5%
2%
1%
1%
1%
3%
0%
4%
3%
55+
NYC
BOS
Phila
Vacation Spend •
Average vacation spend for the whole family is $1,549 and with only a significant other is $1,273. 2016 2017 Male Female 18-34 35-54 w/ Entire Family
w/ Significant Other
$1,722 … $1,213 …
$1,549 $1,273
$1,694 $1,369 $1,239 $1,736 $1,117 $2,336 $1,649 $1,618 $1,303 $1,238 $1,023 $1,169 $1,496 $1,733 $1,027 $1,263
Q35. How often do just you go on vacation with only your significant other?; Q36. How do you pay for vacations with your significant other? Q37. Thinking about vacations, how much do you typically spend on the following?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
21
Financial Secrets Keeping Secret •
13% report keeping a financial secret from their significant other, with more males (16%) and millennials (30%) keeping secrets overall.
Yes, Keeping Secret
2016
2017
Male
10%
13%
16%
Female 18-34
10%
30%
35-54
55+
NYC
BOS
Phila
14%
4%
16%
6%
6%
Biggest Financial Secret •
The top relationship secrets are hidden bank accounts (35%), following by credit card debt (23%). Male
Bank account that my partner doesn't know about
35% 23%
Significant credit card debt
Female 18-34
35-54
37%
31%
31%
39%
18%
32%
24%
22%
Unpaid student loans
8%
9%
5%
10%
8%
Bad credit score
8%
11%
2%
10%
8%
8%
4%
15%
2%
3%
1%
4%
2%
12%
24%
6%
18%
Child support payments/alimony Bankruptcy Other
7% 2% 17%
Q39. Are you currently keeping a financial secret from your partner? Q40. What is your biggest financial secret (we won’t tell anyone)?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
22
Financial Secrets, cont’d Break up over Secret •
13% would break up with their significant other over a discovered financial secret, with both males (16%) and millennials (28%) more likely to break up. Yes, Would Break Up Over Secret
2016
2017
11%
13%
Male
16%
Female 18-34
10%
28%
35-54
55+
NYC
BOS
Phila
13%
7%
17%
7%
16%
Plans to Tell Secret • Of those who are keeping a secret, 38% plan to tell in the next year, while 35% plan never to tell their secret. Females are more likely never to tell their secret (62%). Male
In the next year In the next five years
38%
When we move in together When we get engaged
14%
Female 18-34
35-54
46%
25%
45%
37%
16%
11%
21%
12%
13%
2%
17%
5%
4%
0%
4%
1%
2%
0%
3%
0%
0%
0%
0%
0%
19%
62%
10%
43%
9% When we get married When we have children
35%
I don't plan to tell my partner about my secret
Q41. When do you plan to tell your partner about your financial secret? Q42. Would you consider breaking up with your partner if you discovered a financial secret such as hidden debt or a bad credit score?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
23
Debt and Dating Willingness to Date: When Significant Student Debt •
For most, significant student debt would have no impact on a relationship (68%). Male
I’d be more willing to date
I'd be a lot less likely to date them
35-54
55+
NYC
BOS
Phila
21%
6%
0%
15%
1%
1%
23%
13%
22%
20%
18%
21%
20%
68%
68%
63%
67%
72%
67%
66%
69%
6%
7%
3%
6%
8%
1%
11%
10%
35-54
55+
NYC
BOS
Phila
2017 6% 20%
11%
2%
16%
69%
68%
I'd be a little less likely to date them It would have no impact
Female 18-34
2016 5% 19%
7%
6%
Willingness to Date: When Significant Credit Card Debt •
For half, significant credit card debt would have no impact on a relationship (50%). Male
2016 5% 31%
2017 7% 30%
It would have no impact
51%
I'd be a lot less likely to date them
13%
I’d be more willing to date
Female 18-34
11%
2%
21%
7%
0%
13%
3%
2%
26%
34%
22%
33%
31%
38%
36%
33%
50%
54%
47%
49%
50%
51%
47%
45%
47%
15%
9%
18%
8%
10%
19%
2%
17%
19%
I'd be a little less likely to date them
Q43. How would a potential partner's significant student debt make an impact on your willingness to date them? Q44. How would a potential partner's significant credit card debit make an impact on your willingness to date them?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
24
Customer Insights July 2017
Background, Objectives, & Methodology Background & Objectives TD Bank conducted a survey focused on Couples & Money. Survey topics include how often couples discuss money, saving and spending habits, advice, and financial goals and challenges.
Methodology We conducted an online survey with 1482 respondents. The national sample size of 1482 has a margin of error of +/2.5%. Qualifying respondents were over 18 years of age, live in the U.S, and are in a relationship (not single). The survey fielded from June 20, 2017 to June 27, 2017. Survey was 12 minutes in length and fielded in English only.
Reporting This report presents the findings in summary charts and tables. The statistical cross-tabulations are reported under a separate cover. Significance is tested at 95% confidence interval and is represented by circles: • Significantly higher: • Significantly lower:
Internal
2
Detailed Findings
3
Relationship Status & Overall Happiness Relationship Status •
Nearly 8-in-10 who are in relationship are married / committed (80%). 2016
2017
Male
Married/Committed
Female 18-34
35-54
55+
NYC
BOS
Phila
79%
74%
70%
73%
84%
84%
70%
78%
3%
4%
5%
6%
1%
4%
5%
0%
0%
0%
1%
0%
0%
1%
0%
0%
10%
11%
12%
11%
9%
6%
12%
10%
7%
11%
12%
10%
7%
5%
13%
11%
Engaged and living together Engaged, but not living together
77%
80%
In a relationship and living together, but not engaged or married In a relationship; neither living together, engaged nor married
10% 9%
9% 8%
Relationship Happiness •
Most are happy - more than 7-in-10 report that they are in an extremely or very happy relationship (73%). Happiness is more likely to be reported among males (80%) and millennials (90%). Male
2016 Extremely happy, soul mate
42%
Very happy Content
2017
Top 2 Box: 74%
37%
32%
36%
20% 5% 1%
20% 5%
Female 18-34
35-54
55+
NYC
BOS
Phila
40%
34%
44%
32%
40%
42%
28%
37%
40%
32%
46%
40%
28%
32%
41%
34%
16%
24%
8%
19%
27%
20%
25%
24%
3%
8%
2%
6%
5%
7%
4%
4%
1%
1%
0%
2%
1%
0%
2%
2%
Top 2 Box 80%
67%
90%
72%
67%
74%
69%
70%
Top 2 Box: 73%
On shaky ground Not happy, not going to make it
Q1. What is your current relationship status? Q3A. How would you describe your level of happiness with your significant other?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
4
Talking About Money First Discuss Money •
Money is a topic most have early on - 43% in the first three months and nearly 80% in the first year.
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
46%
40%
35%
42%
47%
39%
35%
35%
17%
13%
25%
15%
11%
14%
13%
20%
20%
23%
22%
24%
19%
24%
24%
21%
10%
16%
13%
14%
11%
14%
19%
15%
3%
3%
3%
2%
4%
3%
1%
3%
5%
5%
3%
3%
8%
5%
8%
5%
NET: 1st Year 83%
76%
82%
81%
76%
78%
72%
76%
Female 18-34
35-54
55+
NYC
BOS
Phila
Within the first 3 months Within 4-6 months
43%
Within 6 months – 1 year Within 1-3 years Within 3-5 years After 5 years of more
1st Year: 79%
15% 21% 13% 5%
Comfort Talking About Money •
Nearly 8-in-10 are comfortable talking about money with their partner (78%); males (82%) and millennials (86%) tend to be more comfortable talking about money.
Extremely comfortable
46%
Very comfortable Somewhat comfortable Uncomfortable Very uncomfortable
Top 2 Box: 78%
32%
Male
43%
48%
44%
45%
47%
45%
38%
45%
39%
26%
43%
29%
32%
35%
29%
34%
13%
17%
11%
18%
14%
17%
24%
13%
4%
7%
2%
7%
5%
3%
9%
5%
1%
2%
1%
2%
1%
0%
0%
3%
Top 2 Box 82%
74%
86%
74%
79%
80%
67%
79%
15% 5%
Q6. How early in your relationship did you first discuss money? Q7. How comfortable are you talking about money with your partner?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
5
Talking About Money, cont’d Frequency: Talking About Money •
6-in-10 talk about money with their significant other at least once a week (61%). Those who are younger are more apt to talk about it daily (28%). 2016 2017 Daily
At least once a week Once every few weeks Monthly
43%
89%
42%
Less often Never
NYC
BOS
Phila
21% 41% 16% 11% 5% 1% 3% 1%
12% 43% 16% 9% 11% 1% 6% 2%
27% 38% 13% 12% 4% 0% 6% 0%
13% 41% 19% 9% 10% 2% 6% 2%
19% 46% 16% 4% 7% 0% 5% 4%
NET: Weekly 59% NET: Monthly 88%
62% 86%
70% 96%
63% 89%
55% 80%
64% 90%
54% 81%
64% 85%
87%
15% 11% 7%
17% 10% 6%
55+
28% 41% 11% 15% 2% 0% 1% 1%
Once every few months Once every six months
35-54
21% 41% 16% 8% 7% 2% 4% 1%
61%
64%
Female 18-34
17% 42% 15% 14% 7% 1% 4% 1%
19%
19%
Male
Frequency: Argue About Money •
16% argue about money weekly and 36% argue about money at least monthly. More likely to talk about money, younger couples are more likely to argue as well. Male
Daily At least once a week Once every few weeks Monthly Once every few months Once every six months Less often Never
2016 5% 9% 10% 6% 14% 5% 24% 27%
14%
30%
2017 5% 11% 11% 9% 12% 5% 24% 23%
Female 18-34
35-54
55+
NYC
BOS
Phila
5% 10% 10% 11% 13% 5% 25% 22%
5% 13% 12% 7% 12% 5% 24% 23%
10% 16% 17% 15% 12% 3% 14% 13%
6% 13% 13% 10% 15% 8% 18% 17%
2% 7% 5% 5% 9% 3% 36% 33%
13% 14% 9% 9% 10% 2% 20% 23%
2% 13% 6% 6% 20% 5% 27% 21%
4% 8% 11% 4% 14% 7% 30% 22%
NET: Weekly 16% NET: Monthly 36%
17% 36%
26% 58%
19% 42%
9% 19%
27% 45%
15% 27%
12% 27%
16% 36%
Q4. How often do you talk about money with your significant other? Q5. How often do you argue about money with your significant other?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
6
Financial Outlook Which is Harder: Financial Success or True Love? •
True love edge out financial success in terms of being harder to find. New Yorkers find it especially challenging! Male
Financial Success
42%
Female 18-34
35-54
55+
NYC
BOS
Phila
42%
41%
46%
42%
39%
21%
36%
44%
58%
59%
54%
58%
61%
79%
64%
56%
58%
True Love
Confidence: “Feel confident that couple has personal finance skills needed to “achieve financial success” in life •
The majority agree that their relationship has the personal finance skills that they need to be successful; males (79%) and millennials (88%) tend to be more likely to agree with this statement. Male
37% Strongly agree
Top 2 Box: 72%
Somewhat agree Neither
15% 8% 6%
Q3B. Which is harder to find, financial success or true love? Q8. Agree/Disagree: I feel confident that my partner and I have the personal finance skills needed to “achieve financial success” in life.
Internal
35-54
55+
NYC
BOS
Phila
41%
33%
44%
33%
38%
50%
27%
28%
38%
32%
44%
33%
33%
26%
48%
39%
14%
16%
6%
18%
15%
13%
14%
19%
3%
12%
5%
9%
7%
6%
4%
6%
4%
7%
1%
6%
7%
4%
7%
7%
Top 2 Box 79%
65%
88%
66%
71%
76%
75%
68%
35%
Somewhat disagree Strongly disagree
Female 18-34
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
7
Sources of Advice •
Primary sources of financial advice are experts (20%), followed by mom (8%), and professional blogs (8%), though almost half don’t seek advice at all (44%). Not seeking advice on finances is particularly common among women (50%). Primary sources of relationship advice are friends (20%), while more than half don’t turn to anyone at all (52%).
Primary Source for Financial Advice Experts (i.e. professional advisors)
20%
Experts (i.e. professional advisors)
5%
Mom
8%
Mom
Professional articles or blogs
8%
Professional articles or blogs
3%
Dad
7%
Dad
4%
Other family member
6%
Other family member
Friends
4%
Colleagues
0%
I don’t turn to anyone
Female 18-34
22% 8% 9% 7% 5% 6% 2% 1% 39%
17% 8% 7% 6% 7% 3% 1% 0% 50%
17% 18% 10% 17% 6% 7% 4% 1% 20%
8%
7%
Friends
2%
Celebrity or TV Personality
Male
Primary Source for Relationship Advice
Colleagues
1%
Celebrity or TV Personality
1%
44%
35-54
55+
NYC
BOS
Phila
17% 10% 8% 7% 6% 6% 3% 0% 44%
25% 2% 7% 2% 7% 2% 0% 0% 55%
25% 5% 10% 6% 6% 7% 3% 1% 37%
28% 4% 5% 9% 6% 5% 0% 1% 41%
17% 6% 6% 8% 9% 3% 0% 1% 49%
20%
I don’t turn to anyone
Male Experts Mom Professional articles or blogs Dad Other family member Friends Colleagues Celebrity or TV Personality I don’t turn to anyone
7% 8% 3% 7% 6% 17% 1% 1% 50%
Female 18-34
3% 8% 3% 1% 7% 23% 0% 0% 54%
6% 20% 5% 10% 8% 29% 1% 1% 19%
52% 35-54
55+
NYC
BOS
Phila
5% 8% 2% 5% 6% 24% 1% 1% 47%
5% 3% 2% 0% 7% 11% 0% 0% 72%
10% 9% 7% 6% 8% 17% 1% 0% 41%
6% 6% 3% 2% 4% 24% 0% 1% 54%
3% 5% 4% 1% 5% 24% 0% 1% 57%
Q9. Who do you turn to most often for money advice? Q10. Who do you most often turn to for relationship advice?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
8
Advice and Success •
Couples most need advice on investing and retiring. Budgeting and paying off debt have been some greatest successes.
Most Needed Topic of Advice Investing
Biggest Success as Couple 20%
Paying off debt
13%
Retiring
Female 18-34
20%
Budgeting
6%
13%
Buying a home
None, we don't need any
Male
17%
Saving
14%
Buying a home
6%
Retiring
12%
Budgeting
19%
Paying off debt
14%
Saving
9%
Investing
22%
35-54
55+
NYC
BOS
Phila
16%
None
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
25%
14%
27%
18%
18%
22%
22%
16%
Investing
12%
5%
12%
12%
4%
8%
6%
3%
13%
13%
11%
15%
12%
6%
10%
19%
Paying off debt
18%
20%
13%
19%
21%
15%
18%
27%
12%
15%
6%
15%
15%
8%
21%
20%
Retiring
8%
5%
2%
3%
12%
6%
8%
3%
8%
16%
15%
15%
7%
23%
12%
7%
Saving
18%
16%
25%
14%
16%
20%
20%
16%
13%
15%
16%
15%
11%
11%
12%
10%
Budgeting
19%
20%
23%
21%
17%
21%
23%
22%
7%
5%
18%
5%
2%
10%
2%
7%
Buying a home
12%
14%
16%
12%
13%
8%
12%
13%
22%
21%
6%
16%
35%
20%
20%
20%
None
12%
20%
9%
18%
17%
23%
13%
16%
Q11. If you had to choose one, which financial topic do you need the most advice on as a couple? Q12. If you had to choose one, which of the following are you most successful at as a couple?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
9
Financial Advice Meet Financial Advisor •
Only 3-in-10 meet with a financial advisor at least once per year (27%). Males (34%), millennials (36%), and New Yorkers (39%) are more likely to meet at least yearly with a financial advisor. Male
27%
Yes No: Only for major milestone
9% 60%
No: Never meet with advisor We plan to next year
4%
Female 18-34
35-54
55+
NYC
BOS
Phila
34%
19%
36%
24%
26%
39%
29%
19%
10%
8%
13%
9%
8%
12%
8%
11%
52%
69%
47%
61%
65%
45%
57%
68%
4%
4%
4%
6%
2%
3%
5%
2%
Saving: Advice for Young Couples •
Top pieces of savings advice for young couples tends to revolve around budgeting / planning, forcing yourself to save, starting early, thinking about retirement, and not wasting money.
“
• It is imperative to save from each and every paycheck. It will add up quicker than you think. Be glad, because you will grow old quicker than you think. BE READY!! • Really watch how you can waste your money and when you realize just how much, you will be shocked • Put as much as you can into your retirement account. Put some money into savings even if you're paying off debt • Forego too many luxuries or expensive vacations till you can fulfill a monthly budget. Be sure one or both partners has a secure career. • Start early, save your raises towards your retirement. Make a budget. • Make sure there is a designated amount going into savings each month, and don't touch it for ANYTHING. Also, do not wait until you have money to have a baby, you will never be financially ready. • Don't waste your money on stuff from Starbucks and Apple. • Make a budget and stick to it
Q15. Do you and your partner meet with a financial advisor at least once a year? Q16. What advice do you have for young couples when it comes to saving?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
”
10
Financial Barriers & Milestones Barriers to Meeting Goals •
Top barriers to meeting financial goals are living paycheck to paycheck (37%), followed by the stress of repaying debt (26%), and the fear of not being able to make payments (16%). Male
Living paycheck to paycheck
37%
The stress of repaying other debt first
26%
Fear of not being able to make payments
16%
Don't fully understand what steps to take
9%
Don't have the time to research
8%
None of the above
35%
Female 18-34
35-54
55+
NYC
BOS
Phila
34%
39%
39%
45%
26%
25%
41%
31%
26%
26%
42%
30%
15%
37%
19%
29%
15%
16%
21%
18%
10%
20%
12%
16%
8%
10%
17%
10%
6%
9%
10%
9%
10%
7%
16%
11%
3%
9%
9%
3%
38%
33%
17%
25%
55%
29%
38%
42%
Delaying Milestones due to Finances •
Most, 6-in-10, aren’t holding off on any milestones until they feel financially ready. Buying a house (21%) tends to be the most common milestone that gets put on hold for financial reasons, particularly among millennials (45%). Male
Starting a business Taking a new job Having a baby
35-54
55+
NYC
BOS
Phila
22%
20%
45%
25%
5%
24%
16%
14%
14%
9%
16%
13%
8%
17%
12%
3%
10%
12%
7%
20%
12%
2%
15%
10%
5%
9%
10%
7%
17%
12%
1%
13%
8%
11%
8%
6%
24%
6%
0%
13%
6%
3%
57%
64%
20%
53%
87%
46%
62%
69%
Buying a house Moving to a new city
Female 18-34
21% 12%
7%
Not holding off
60%
Q13. As a couple, which of the financial frustrations below is preventing you or has prevented you from reaching your goals? Q14. What milestones, if any, are you holding off on until you feel financially ready?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
11
Advice to the Younger Self •
Thinking of advice to their younger selves in their 20s, the top milestones to hold off on tend to be getting married (26%), starting a family (22%), and saving / investing (15%). By contrast, the top milestones that they would advise their younger selves not to wait on focus on saving / investing (54%).
Finish Sentence: “Start now, don’t wait to…”
Finish Sentence: “Just wait , there’s no rush to…” 26% 22%
Get married Start a family Start saving or investing
Move out Get a degree/further education Start a career
Male
Female 18-34
Start a family
15% 14%
Travel and see the world Buy a home
Get married
3% 3%
Start saving or investing Travel and see the world Buy a home
8% 6% 5% 4%
Move out Get a degree/further education Start a career
35-54
55+
NYC
BOS
Phila
24%
28%
23%
27%
26%
17%
23%
38%
22%
23%
22%
24%
20%
27%
21%
14%
15%
9%
12%
19%
20%
15%
13%
11%
11%
18%
9%
8%
8%
15%
9%
6%
5%
7%
8%
7%
5%
4%
4%
7%
2%
9%
Male
Female 18-34
54% 9% 5% 3% 14% 7%
35-54
55+
NYC
BOS
Phila
Get married
3%
3%
5%
3%
3%
9%
3%
2%
17%
Start a family
3%
4%
4%
4%
3%
8%
7%
2%
21%
15%
Saving or investing
54%
55%
38%
52%
61%
41%
65%
60%
15%
7%
Travel /see the world
8%
10%
10%
10%
7%
9%
10%
15%
8%
10%
12%
Buy a home
7%
4%
12%
5%
5%
5%
3%
2%
4%
7%
8%
7%
Move out
3%
3%
6%
3%
2%
5%
1%
1%
5%
4%
4%
2%
3%
Education
14%
15%
16%
15%
14%
14%
6%
13%
4%
3%
7%
0%
Start a career
9%
6%
9%
8%
6%
9%
5%
5%
Q17/Q18. Thinking of yourself in your 20s, how would you finish the following sentences? Q17. Just wait, there is no rush to….; Q18. Start now, don’t wait to…
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
12
Budget Planning & Spending Have Monthly Budget for the Following •
Top budgeted items are groceries / alcohol (62%), followed by savings (59%), and eating out (51%). Budgeting is more prevalent among males and younger respondents. 2016
2017
Groceries / alcohol
Male
58%
Eating out
55+
NYC
BOS
Phila
64%
60%
76%
63%
54%
60%
60%
65%
59%
64%
54%
77%
59%
51%
60%
58%
53%
55%
47%
71%
54%
39%
55%
39%
42%
51%
51%
35-54
62%
62%
Savings / setting aside
Female 18-34
Clothing / personal items
41%
43%
46%
40%
62%
47%
31%
48%
35%
33%
Entertainment
41%
42%
46%
38%
65%
47%
27%
44%
40%
37%
Travel
39%
39%
29%
51%
35%
26%
42%
30%
33%
Female 18-34
35-54
55+
NYC
BOS
Phila
34%
Good at Saving (as a couple) •
Almost 7-in-10 think that they are either very good or good at saving as a couple; males (75%), younger respondents (77%), and New Yorkers are more likely to report being either good or very good at saving (83%). 28% Very good Good Fair
67%
39%
Poor Very poor
24%
Male
31%
24%
32%
22%
32%
38%
22%
37%
44%
34%
45%
39%
37%
45%
37%
32%
19%
31%
17%
30%
22%
15%
32%
22%
5%
8%
4%
7%
7%
2%
8%
7%
1%
3%
2%
2%
2%
0%
0%
2%
Top 2 Box 75%
58%
77%
61%
69%
83%
59%
69%
6% Q19. For which of the following, if any, do you and your partner have a monthly budget? Q25B. How good at saving do you consider you and your significant other to be?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
13
Sharing Financials Approach to Sharing Money •
Half of respondents combine their money (51%). Those who are younger are more likely to keep things separate (62%). Male Female 18-34 35-54 55+ 2016 2017
We combine everything
54%
51%
30% 16%
34%
We each have our own We keep it separate
15%
NYC
BOS
Phila
50%
51%
34%
47%
62%
38%
48%
42%
35%
33%
37%
36%
30%
40%
34%
42%
15%
16%
29%
16%
9%
22%
18%
17%
Sharing Bank Account •
Almost 6-in-10 have one shared bank account (58%); this is more prevalent among older respondents (65%).
One shared account Shared and personal Only separate accounts
2016
2017
58%
58%
18% 24%
17% 25%
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
59%
56%
50%
55%
65%
59%
43%
51%
20%
14%
20%
17%
16%
29%
26%
21%
21%
29%
30%
28%
20%
12%
30%
28%
Share Credit Card •
Almost half have one shared credit card (46%); again, this is more prevalent among older respondents (52%). 2016
2017
Male
47%
46%
49%
42%
One shared credit card Shared and personal
16%
16%
18%
Only separate credits cards
37%
39%
33%
Female 18-34
35-54
55+
NYC
BOS
Phila
38%
43%
52%
52%
39%
40%
13%
22%
15%
14%
19%
16%
21%
44%
41%
42%
34%
29%
45%
40%
Q20. Which statement below best reflects your current approach to sharing or merging your money with your significant other? Q21. Do you and your partner share a bank account?; Q22. Do you and your partner share a credit card?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
14
Financial Windfalls •
Typical uses of a financial windfall are to pay bills (25%), pay down debt (22%), or to buy a new item or experience (20%).
Male
25%
Pay bills Pay down debt
22%
Buy new item or experience
20%
Save up for a larger purchase
12%
Fund a savings account / emergency fund
11%
Female 18-34
35-54
55+
NYC
BOS
Phila
21%
29%
21%
32%
20%
21%
16%
28%
21%
23%
21%
22%
22%
16%
23%
22%
20%
19%
15%
21%
20%
25%
25%
19%
18%
7%
17%
10%
13%
11%
8%
11%
12%
11%
15%
8%
13%
17%
12%
10%
Investments
5%
5%
5%
10%
4%
4%
6%
9%
2%
Other
5%
4%
6%
2%
3%
8%
3%
7%
8%
Q23. How do you and your significant other typically handle a financial windfall?.
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
15
Saving Together Started Saving Together •
Half started saving when they reached the point of having a married / committed relationship (51%), while almost 2-in-10 don’t save together at all (19%). Married/Committed Engaged and living together
51% Engaged, but not living together In a relationship and living together, but not engaged or married
9% 4% 12% 5% 19%
In a relationship; neither living together, engaged nor married Don’t save together
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
53%
48%
39%
46%
62%
51%
43%
53%
12%
7%
13%
11%
6%
12%
10%
5%
5%
4%
6%
4%
3%
9%
2%
6%
13%
11%
16%
14%
8%
8%
18%
13%
4%
5%
11%
4%
2%
6%
8%
3%
13%
25%
15%
21%
19%
14%
19%
19%
Currently Saving For •
Top reasons to save money are “just because” / as an emergency fund (45%), for retirement (41%), and for vacation/ travel (33%). Male
Just because / Emergency fund Retirement Vacation/travel Large purchase Buying a house Moving to a new city Starting a business Having a baby Planning a wedding Furthering your education None of the above
35-54
55+
NYC
BOS
Phila
46%
44%
53%
50%
37%
29%
43%
42%
42%
40%
21%
51%
39%
38%
49%
49%
36%
29%
44%
35%
25%
37%
41%
40%
27%
18%
33%
30%
10%
22%
26%
18%
21%
16%
46%
19%
6%
20%
13%
13%
9%
10%
7%
16%
10%
4%
18%
3%
1%
8%
10%
6%
21%
10%
0%
11%
7%
2%
7%
9%
5%
22%
7%
0%
16%
3%
8%
5%
5%
4%
13%
5%
1%
7%
2%
2%
5%
7%
3%
14%
6%
0%
8%
3%
1%
9%
15%
4%
7%
21%
11%
16%
14%
45% 41% 33% 23% 19%
12%
Q24. When did you and your significant other start saving together, if ever?
Internal
Indicates statistically higher than comparison group.
Female 18-34
Q25. What are you and your significant other currently saving for together? Indicates statistically lower than comparison group.
16
Digital Dating Services Met Significant Other On Digital Dating Service •
14% met their significant other on a digital dating service; not surprisingly, this is more common among the young (32%). Male
Yes, Met On Digital Dating Service :14%
17%
Female 18-34
11%
32%
35-54
55+
NYC
BOS
Phila
16%
4%
20%
11%
8%
Discussed Money on DDS (Those who used Service) •
Almost 3-in-10 report talking about money (28%) before going out on their first date through a digital dating service. Males (39%) and millennials (46%) are more likely to report talking about money beforehand.
Yes
2016
2017
36%
28%
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
39%
13%
46%
23%
6%
41%
24%
8%
61%
87%
54%
77%
94%
59%
76%
92%
No
64%
72%
Q26. Did you meet your current significant other on a digital dating service such as Tinder, OKCupid, or Match.com? Q27. When using digital dating services like Tinder, OKCupid, or Match.com, have you ever discussed how much money either of you makes with a potential partner before meeting in person
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
17
Wedding Finances Acceptable Financial Risks When Planning a Wedding •
Top financial risks to take for weddings include asking parents to chip in (17%), going over budget (14%), and taking out a loan (13%). Females are more risk adverse than males, with 72% stating that no financial risks should be taken. Male
Asking family other than parents to chip in
17%
Female 18-34
35-54
55+
NYC
BOS
Phila
20%
13%
28%
19%
9%
26%
14%
15%
Going over budget
14%
19%
8%
23%
15%
8%
23%
14%
12%
Taking out a loan
13%
19%
6%
28%
14%
5%
20%
14%
10%
Dipping into an emergency fund
11%
15%
6%
16%
11%
8%
19%
13%
8%
53%
72%
34%
59%
78%
45%
63%
71%
None, you should not take financial risks
63%
Who Should Pay For Wedding •
The majority believe that the cost of a weddings should be spread out among both the couple and their families (59%).
The couple
28%
Male
11%
28%
29%
14%
Female 18-34
35-54
55+
NYC
BOS
Phila
26%
32%
25%
28%
24%
22%
9%
11%
10%
13%
14%
9%
10%
2%
1%
2%
2%
0%
2%
3%
57%
62%
62%
56%
62%
55%
64%
Parents of the bride Parents of the groom A combination
59%
69%
Q28. What financial risks are OK to take when planning a wedding? Q29. Who should pay for a wedding?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
18
Wedding Finances, cont’d Spend on Engagement Ring Average engagement ring spend is $2,016. New Yorkers tend to spend significantly more, with an average spend of $3,465.
•
7% 17%
$10,000 or more $5,000-$9,999 $2,500-$4,999 $1,000-$2,499 $500-$999 Less than $500 Nothing / Not necessary
32%
Average: $2,016
17% 16% 10%
Male
2% 9% 18% 33% 14% 16% 8%
Female 18-34
1% 6% 15% 30% 19% 16% 13%
35-54
55+
NYC
BOS
Phila
2% 9% 19% 31% 14% 15% 10%
1% 3% 13% 30% 20% 20% 13%
4% 19% 22% 34% 11% 8% 2%
2% 8% 21% 28% 15% 14% 11%
0% 9% 17% 35% 17% 8% 13%
2% 11% 20% 38% 15% 9% 5%
Average $2,261 $1,770 $2,587 $2,291 $1,456 $3,465 $2,312 $2,077
Wedding Party Spend •
More than half believe that the wedding party spend should be nothing, that their presence is enough. 7% 7% 32%
Spend whatever is asked Spend more than $500 Spend up to $500
54%
Nothing: Presence is enough
Male
Female 18-34
35-54
55+
NYC
BOS
Phila
7%
6%
6%
7%
6%
5%
6%
9%
10%
5%
14%
9%
2%
11%
4%
7%
31%
34%
42%
33%
27%
39%
37%
36%
52%
56%
37%
50%
64%
45%
53%
48%
Female 18-34
35-54
55+
NYC
BOS
Phila
Wedding Gift Spend •
Average wedding gift spend as a couple is highest for family at $128. Average spend is higher among males, younger respondents, and New Yorkers. Male
2016
2017
Family Friends Coworkers
$112 $67 $38
$128 $76 $49
$144
$113
$161
$127
$116
$231
$145
$180
$84
$68
$111
$78
$59
$139
$90
$105
$59
$40
$90
$50
$32
$97
$61
$65
Q30. How much should be spent on an engagement ring?; Q31. How much should someone in the wedding party be willing to spend on your wedding? Q34. As a couple, how much do you, or would you, typically spend on a wedding gift for the following
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
19
Special Occasion Spending Spend on Significant Other •
Spending on significant other is highest for December holidays ($194), followed by birthdays ($103), and anniversaries ($94). Average spend is higher among males, younger respondents, and New Yorkers. 2016
Male
2017
December Holidays
$136
Mother’s Day N/A Father’s Day N/A Valentine’s Day
NYC
BOS
Phila
$244
$212
$152
$297
$240
$202
$103
$129
$78
$162
$105
$77
$211
$111
$102
$94
$137
$51
$144
$99
$67
$189
$78
$74
$84
$117
$43
$123
$69
$58
$224
$68
$67
$80
$64
$118
$57
$21
$186
$64
$64
$72
$28
$92
$55
$27
$122
$37
$39
$72 $64
55+
$136
$194
$110
Anniversary
35-54
$252
$211
Birthday
Female 18-34
$50
Spend on Friends and Family •
Spending on friends and family is highest on the December holidays ($216), followed by birthdays ($95). 2016 $112
December Holidays
$51
Birthday Mother’s Day N/A Father’s Day N/A Valentine’s Day
Male
2017
$14
$216
Female 18-34
35-54
55+
NYC
BOS
Phila
$225
$206
$212
$221
$211
$261
$199
$293
$91
$99
$118
$93
$87
$154
$69
$102
$55
$30
$95
$46
$16
$98
$25
$39
$31
$40
$21
$70
$34
$10
$74
$24
$30
$27
$38
$15
$64
$28
$10
$82
$13
$20
$95 $42
Q32. Thinking about special occasions, how much do you typically spend on your significant other? Q33. Thinking about special occasions, how much do you typically spend on friends/family other than your significant other?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
20
Vacations Frequency of Vacations w/ Significant Other •
Most go on vacation at least once per year (57%).
At least twice a year or more Once a year Every other year Once every 2-3 years Less often Never
2016
2017
28%
26%
30% 6% 7% 14% 15%
31% 6% 8% 12% 18%
Male
31% 34% 5% 7% 11% 11%
Female 18-34
20% 27% 6% 10% 13% 24%
35% 35% 7% 3% 8% 12%
35-54
55+
NYC
BOS
Phila
20% 33% 5% 11% 10% 22%
28% 26% 5% 8% 17% 16%
31% 36% 8% 5% 7% 13%
18% 41% 3% 6% 15% 17%
27% 31% 4% 8% 15% 15%
Pay for Vacations •
The majority pay for vacations by either saving up (38%), or always having enough set aside (38%). 2016
Male
2017
Should save up / budget
38%
38%
Use financial windfall
30%
38%
Forgo other expenses to pay
19% 7%
12% 6% 5%
Always have enough to set aside Use credit card and worry later
Other
35-54
55+
NYC
BOS
Phila
35%
Female 18-34
41%
46%
40%
31%
38%
25%
43%
38%
37%
27%
35%
45%
37%
44%
31%
14%
10%
11%
12%
13%
8%
16%
13%
5%
6%
9%
5%
4%
9%
4%
5%
6%
5%
7%
7%
3%
8%
6%
5%
2%
1%
1%
1%
3%
0%
4%
3%
55+
NYC
BOS
Phila
Vacation Spend •
Average vacation spend for the whole family is $1,549 and with only a significant other is $1,273. 2016 2017 Male Female 18-34 35-54 w/ Entire Family
w/ Significant Other
$1,722 … $1,213 …
$1,549 $1,273
$1,694 $1,369 $1,239 $1,736 $1,117 $2,336 $1,649 $1,618 $1,303 $1,238 $1,023 $1,169 $1,496 $1,733 $1,027 $1,263
Q35. How often do just you go on vacation with only your significant other?; Q36. How do you pay for vacations with your significant other? Q37. Thinking about vacations, how much do you typically spend on the following?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
21
Financial Secrets Keeping Secret •
13% report keeping a financial secret from their significant other, with more males (16%) and millennials (30%) keeping secrets overall.
Yes, Keeping Secret
2016
2017
Male
10%
13%
16%
Female 18-34
10%
30%
35-54
55+
NYC
BOS
Phila
14%
4%
16%
6%
6%
Biggest Financial Secret •
The top relationship secrets are hidden bank accounts (35%), following by credit card debt (23%). Male
Bank account that my partner doesn't know about
35% 23%
Significant credit card debt
Female 18-34
35-54
37%
31%
31%
39%
18%
32%
24%
22%
Unpaid student loans
8%
9%
5%
10%
8%
Bad credit score
8%
11%
2%
10%
8%
8%
4%
15%
2%
3%
1%
4%
2%
12%
24%
6%
18%
Child support payments/alimony Bankruptcy Other
7% 2% 17%
Q39. Are you currently keeping a financial secret from your partner? Q40. What is your biggest financial secret (we won’t tell anyone)?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
22
Financial Secrets, cont’d Break up over Secret •
13% would break up with their significant other over a discovered financial secret, with both males (16%) and millennials (28%) more likely to break up. Yes, Would Break Up Over Secret
2016
2017
11%
13%
Male
16%
Female 18-34
10%
28%
35-54
55+
NYC
BOS
Phila
13%
7%
17%
7%
16%
Plans to Tell Secret • Of those who are keeping a secret, 38% plan to tell in the next year, while 35% plan never to tell their secret. Females are more likely never to tell their secret (62%). Male
In the next year In the next five years
38%
When we move in together When we get engaged
14%
Female 18-34
35-54
46%
25%
45%
37%
16%
11%
21%
12%
13%
2%
17%
5%
4%
0%
4%
1%
2%
0%
3%
0%
0%
0%
0%
0%
19%
62%
10%
43%
9% When we get married When we have children
35%
I don't plan to tell my partner about my secret
Q41. When do you plan to tell your partner about your financial secret? Q42. Would you consider breaking up with your partner if you discovered a financial secret such as hidden debt or a bad credit score?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
23
Debt and Dating Willingness to Date: When Significant Student Debt •
For most, significant student debt would have no impact on a relationship (68%). Male
I’d be more willing to date
I'd be a lot less likely to date them
35-54
55+
NYC
BOS
Phila
21%
6%
0%
15%
1%
1%
23%
13%
22%
20%
18%
21%
20%
68%
68%
63%
67%
72%
67%
66%
69%
6%
7%
3%
6%
8%
1%
11%
10%
35-54
55+
NYC
BOS
Phila
2017 6% 20%
11%
2%
16%
69%
68%
I'd be a little less likely to date them It would have no impact
Female 18-34
2016 5% 19%
7%
6%
Willingness to Date: When Significant Credit Card Debt •
For half, significant credit card debt would have no impact on a relationship (50%). Male
2016 5% 31%
2017 7% 30%
It would have no impact
51%
I'd be a lot less likely to date them
13%
I’d be more willing to date
Female 18-34
11%
2%
21%
7%
0%
13%
3%
2%
26%
34%
22%
33%
31%
38%
36%
33%
50%
54%
47%
49%
50%
51%
47%
45%
47%
15%
9%
18%
8%
10%
19%
2%
17%
19%
I'd be a little less likely to date them
Q43. How would a potential partner's significant student debt make an impact on your willingness to date them? Q44. How would a potential partner's significant credit card debit make an impact on your willingness to date them?
Internal
Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
24
