Targeted News Service
(Press Releases) October 2, 2019
Millennials
value financial openness in their relationships, with 31 percent saying they
would consider breaking up with their partner if they discovered hidden debt or
a bad credit score, according to the fifth annual Love and Money Survey by TD
Bank.
The
survey polled 1,753 U.S. individuals who are married, in a committed
relationship or divorced to learn more about how they approach money.
The
survey revealed that more than one-in-four (27 percent) millennials currently
keep a financial secret from their partner - more than any other generation.
The biggest financial secret is significant credit card debt, with 43 percent
of all respondents hiding debt, and millennials leading the pack at 48 percent.
Baby
boomers and the silent generation (ages 73 and older) have their secrets, too.
When it comes to hiding bank accounts, 46 percent and 52 percent of these older
generations, respectively, conceal money secrets from their partners. In fact,
these generations have no plans to tell their financial secrets (81 percent and
82 percent, respectively), whereas more than half (55 percent) of millennials
plan to disclose their secret within the next year.
Additionally,
despite the threat of financial instability, most Americans (59 percent) admit
to making impulsive money decisions, even when they know it's irrational. The
survey revealed that 72 percent of millennial respondents in relationships knew
a money decision was irrational but acted on it anyway.
"It's
important that couples are honest and open about their money challenges. Often
times a partner will hide a credit card bill or low score due to guilt or
embarrassment, yet when the debt comes to light it's often not the debt that
creates the conflict - it's the secrecy," said Rachel DeAlto, relationship
expert, coach and television personality. "If you want to maintain trust
with your partner, own it and create a plan to improve your financial
situation."
Five
Years Later: More Talk, More Problems?
Since
2015, communication between millennials talking about finances with their
partners is up 21 percent, more than other generations. Now, almost all
millennial couples (94 percent) discuss the subject together at least once per
week. However, the survey found millennials are still more likely than other
generations to argue with their significant others about money. Nearly 40
percent of those ages 23 to 38 admit to fighting about finances at least once a
week, up four percent from 2015, while 14 percent of Gen Xers and five percent
of baby boomers say they argue about money.
Bending
Boundaries for Love
The
survey also uncovered how far couples may be willing to go to advance their
child's education. The survey found that nearly one-in-two parents (48 percent)
would consider offering a monetary incentive to an educational institution to
accept their child. But there is some disconnect between couples, as men (60
percent) are more likely to take this action than women (35 percent). When
couples were asked whether they would pay for answers to a standardized test to
help get their child into a good school, fathers (68 percent) again were more
likely to bend the rules than mothers (32 percent). Overall, sixty percent of
millennials would be inclined to pay to improve their child's chance of
success- more than any other generation.
The
study also showed that while men (70 percent) are more likely than women (48
percent) to reward their child with money, women are twice as likely to say
that their love for their child would sway their money decisions (23 percent of
women versus 12 percent of men). Meanwhile, men (16 percent) were more likely
to say their spouse would influence their money choices.
"It's
easy to get carried away with spending on our loved ones in the moment but
knowing when to draw the line and setting boundaries for spending is critical
to staying on track and building your financial health together," said
Jason Thacker, Head of Consumer Deposits, Products and Payments at TD Bank.
"The most important thing to consider when making money decisions as a
couple is to establish a financial plan that reflects unified goals and a
system for managing your money."
To
learn more about the survey data and managing money with a partner, please
visit www.tdloveandmoney.com.
Survey
Methodology
Research
company MARU/Matchbox conducted the survey among a nationally representative
sample of US consumers focused on couples and money. The online fieldwork
occurred between July 2, 2019 to July 10, 2019. A total 1,753 completes were
gathered in the U.S. Data have been weighted by age, gender and region to
reflect the population. Margin of Error on the total sample is +/-2.3 percent.
* * *
About
MARU/Matchbox
MARU/Matchbox,
formerly the Research & Consulting division of Vision Critical, is a
professional services firm dedicated to improving its clients' business
outcomes. It delivers its services through teams of sector-specific research
consultants that have technology in their DNA, specializing in the use of
Insight Community and Voice of Market technology. MARU/ Matchbox's research
drives decision-making across all aspects of customer experience, including
innovation, product, branding, commercialization and communications.
About
TD Bank, America's Most Convenient Bank(R)
TD
Bank, America's Most Convenient Bank, is one of the 10 largest banks in the
U.S., providing more than 9 million customers with a full range of retail,
small business and commercial banking products and services at more than 1,200
convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the
Carolinas and Florida. In addition, TD Bank and its subsidiaries offer
customized private banking and wealth management services through TD Wealth(R),
and vehicle financing and dealer commercial services through TD Auto Finance.
TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us.
Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD
Bank, America's Most Convenient Bank, is a member of TD Bank Group and a
subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial
services company in North America. The Toronto-Dominion Bank trades on the New
York and Toronto stock exchanges under the ticker symbol "TD". To
learn more, visit www.td.com/us.
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