CHERRY HILL, N.J., June 24, 2015 /PRNewswire/ -- Talking about money
on a regular basis may be the key to a happy relationship,
according to research released today by TD Bank, America's Most
Convenient Bank®. The bank polled 1,339 Americans that are either
married, engaged or in relationships to explore the impact finances
have on relationships.
The TD Bank Love & Money Study revealed that couples who
regularly talk about money are happier in their relationships than
those who discuss finances less frequently. Among respondents who
said they talk about money at least once per week, 42 percent
described their relationship as "extremely happy," compared with 27
percent of those who talk about money less than once per month and
38 percent of all respondents.
"Many of us are taught from a young age that money is a taboo
topic of conversation, but when it comes to romantic relationships,
discussing finances needs to happen sooner or later," said Ryan
Bailey, Head of Deposit Products, Payments and Non-Real Estate
Lending at TD Bank. "Couples who are hesitant to talk about money
should be encouraged to see that doing so could result in a happier
relationship."
Millennial Couples Talk – And Fight – More About
Money
- Nearly three quarters (73 percent) of millennials (ages 18-34)
in relationships talk about money with their significant other at
least once per week, compared with only 61 percent of all survey
respondents
- More than a third of millennials in relationships (36 percent)
fight about money at least once per week, compared with 15 percent
of gen Xers (ages 35-54) and 7 percent of baby boomers (ages
55+).
- Eighty-three percent of millennials believe their significant
other overspends in some way, compared with only 63 percent of all
respondents.
- Explore more Millennial-specific results of the TD Bank Love
& Money Study here.
"Money can be the elephant in the room, but many Americans—and
millennials in particular—are trying to relieve the tension," said
Bailey. "When arguments arise related to things like overspending,
having an open discussion about budgeting and aligning on how to
divide or share their finances is important."
LGBT Couples Approach Money Differently
- Fifty-seven percent of respondents who identify as
lesbian, gay, bisexual or transgender said talking about money and
finances is "very important" to a happy relationship, compared to
72 percent of non-LGBT respondents.
- Forty-five percent of LGBT Americans in relationships talk
about money with their significant other at least once a week,
compared with 63 percent of non-LGBT respondents.
- Almost half of LGBT survey respondents (49 percent) started
talking about money with their partner before they started living
together or got engaged, compared with 37 percent of non-LGBT
respondents.
- Explore more LGBT-specific results of the TD Bank Love &
Money Study here.
Women and Men Aren't On the Same Financial Page
- Women find talking about money more important to a happy
relationship than men do: 75 percent of female respondents feel
that it's "very important," compared to 67 percent of male
respondents.
- Four out of five respondents state they make big financial
decisions with their significant other, but men are almost twice as
likely as women to say that they are the decision maker (26 percent
of men vs. 14 percent of women).
- Women in relationships with children are more likely than men
to say that they are the one that spoils their kids with money (42
percent of women vs. 28 percent of men).
Additional highlights from the TD Bank Love & Money Study
are available at http://mediaroom.tdbank.com/couplesandmoney.
Survey Methodology
The total sample includes 1339
respondents who are in a relationship (not single). The National
sample size of 1339 has a margin of error of +/- 2.9%. Data has
been weighted by age, gender and region to reflect the population.
The survey was fielded May 28th –
June 3rd, 2015.
About Vision Critical
Vision Critical provides a
cloud-based customer intelligence platform that helps companies
build engaged, secure communities of customers they can use
continuously, across the enterprise, for ongoing, real-time
feedback and insight.
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 8
million customers with a full range of retail, small business and
commercial banking products and services at approximately 1,300
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.tdbank.com. 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.
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SOURCE TD Bank