How Much Money Does it Take to Be Happy?
September 12 2016 - 9:00AM
Business Wire
TD Ameritrade survey examines Savers vs.
Spenders: Savers are more likely to be married, some Spenders just
give up on saving
So much for retail therapy … the TD Ameritrade Millennials and
Money Survey showed saving and the financial security it may bring
makes people happier than spending. Of course, it’s easier for some
to save than others. For example, Millennials have more debt and
student loans than Boomers. The survey of 2,100 U.S. adults
identified Americans as either Savers or Spenders and found:
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TD Ameritrade's 2016 Millennials and
Money Survey (Graphic: TD Ameritrade).
- The minimum personal income to be happy
is $58,000 for Boomers and $51,000 for Millennials
- Only a quarter of Millennials say
spending money helps them enjoy life
- Savers are more likely than Spenders to
be married, own homes and have higher incomes
- Savers marry Savers, which they say
prevents arguments (59 percent Boomers, 57 percent
Millennials)
- Savers – both Millennials and Boomers –
find saving makes them happy (67 percent, 71 percent) and most (8
out of 10) equate it with security
“Our research shows that it isn’t so much having more
money as it is saving money that can make people feel more
financially secure and happy,” said Dara Luber, a retirement and
long-term investing professional at TD Ameritrade. “The more money
you have saved, the freer you are to take control of your own
destiny and make choices to improve your quality of life.”
Eighty-two percent of Millennials are saving for something other
than retirement, such as vacation or an emergency fund while 80
percent of Boomers, who are nearing a time when they may no longer
work, are saving primarily for retirement.
- One in four Millennials is saving for a
down-payment on a home, almost one in five (18 percent) is saving
for education and one in 10 for a wedding/civil ceremony
- Boomers are saving twice as much for
retirement as Millennials, with a median of $300 vs. $150 per
month
Despite the fact that Millennials are saving for other things,
more than two-thirds (72 percent) have already started saving for
retirement.
“While we’re thrilled to learn the majority of Americans have
positive savings habits, we can’t ignore the fact that a
significant number of non-savers find long-term saving to be
difficult, if not impossible,” Luber said. For instance:
- Of those who aren’t saving, two-thirds
(67 percent) of Millennials and more than half (56 percent) of
Boomers say they can’t afford to save
- More than a quarter (26 percent) of
non-retired Boomers expect that they will never fully retire, along
with 23 percent of Millennials
- 14 percent of Millennial Spenders say
they are Spenders because they have so much debt they don’t care
about saving anymore
- Millennials hold more non-mortgage debt
($15,000) than Boomers ($10,000)
- Four in 10 (39 percent) Millennials are
paying off student loans by making median monthly payments of
$200
“Everyone needs to start somewhere, and a commitment to a
regular long-term savings plan – no matter how small – is well
worth the effort,” Luber said. “If your end goal seems daunting,
break it down into smaller goals and celebrate milestones along the
way. Use these small happy moments as motivation toward your big
money goals like retirement.”
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 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 and 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
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version on businesswire.com: http://www.businesswire.com/news/home/20160912005121/en/
TD Ameritrade Holding CorporationRebecca Niiya,
402-574-6652Communications & Public
Affairsrebecca.niiya@tdameritrade.com@TDAmeritradePR
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