More Millennials Are Saving for a Rainy Day
- More than half of millennials budgeted for all surveyed categories: Groceries/alcohol (73 percent), eating out (67 percent), entertainment (62 percent), travel (53 percent), clothing/personal items (55 percent) and savings/unexpected expenses (68 percent).
- Only 38 percent of millennials actually stick to their budgets, and dining out monthly is the first to go (65 percent).
- When it comes to savings, however, millennials bettered their counterparts with 68 percent indicating it’s budgeted for monthly compared with 61 percent of Gen Xers and 52 percent of boomers.
Keeping a Secret? It Could Ruin Your Relationship
- Although millennials are twice as likely (one-in-five) to break up with their partners if they discover a financial secret, they’re also twice as likely (one-in-five) to be keeping one (versus 10 percent overall).
- The most common financial secrets across all generations are: a secret bank account (48 percent); significant credit card debt (37 percent) and a bad credit score (32 percent). Fifteen percent of those keeping a financial secret never plan to come clean.
“Secret bank accounts, or major debt not revealed, are secrets that can really impact trust and intimacy in a relationship,” saysApril Masini, renowned relationship expert and author of the ‘Ask April’ advice column, who analyzed the results of the TD Bank survey. “The damage is never about the money — it’s about the secret. The secret is the damaging dynamic.”
Additional highlights are available on the TD Bank Media Room.
Survey Methodology
Research company MARU/VCR&C conducted the survey among a nationally representative sample of Americans who are currently in a relationship. The online fieldwork occurred between July 20th and July 29th, 2016. In total, 1902 completes were gathered in the U.S. Data has been weighted by age, gender and region to reflect the population. Margin of Error on the total sample is +/-2.9percent.
Curated by Erbe
Original Article