CHERRY HILL, N.J., Oct. 1, 2019 /PRNewswire/ -- 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, America's Most
Convenient 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®
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®, 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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SOURCE TD Bank