TD Love & Moneyfilecache.drivetheweb.com/mr5mr_tdbank/199039/download/TD_Lovea… · have financial secrets ... 33% 20% 5% Q3. ... 6 Q6. Have you ever used a digital dating service

July 2016

TD Love & Money

2

Internal

Overview

Fieldwork was completed July 20th - 29th 2016.

Where possible results are tracked to the 2015 Couples &

Money survey.

This report presents the findings in summary charts and tables.

The statistical cross-tabulations are reported under separate

cover.

Significance is tested at 95% confidence interval and is

represented by color: significantly higher , significantly

lower than the average.

To guide press and marketing strategies TD Bank conducted a survey focused on Couples & Money. Survey topics include how often couples talk about money, how much they spend on special occasions, how they manage their money and if they have financial secrets

Methodology

The total sample includes 1902 respondents who are currently in

a relationship. The sample size of 1902 has a margin of error of

+/- 2.9%.

Subgroup of interest include: Hispanic Rep: N=280; Boston: N=154; Philly: N=153; NYC: N=165; South Florida: N=164; LGBT: N=199

Data has been weighted by age, gender and region to reflect the

population.

80%

9% 8%

Q1. What is your current relationship status?

Current Relationship Status

18-34 35-54 55+ Male Female Hispanic LGBT

69% 79% 85% 82% 78% 75% 56%

6% 3% 1% 2% 3% 3% 5%

0% 0% 0% 0% 0% 0% 0%

13% 9% 8% 8% 11% 12% 24%

12% 8% 6% 8% 8% 10% 14%

Married/Committed

Engaged and living together

Engaged, not living together

In a relationship & living together, not

engaged or married

In a relationship; neither living together,

engaged nor married

78%

10% 8%

2015 2016

3

Internal

Happiness & Commitment


42%

33%

20%

5%

Q3. How would you describe your level of happiness with your significant other?

Q2. What do you feel signifies commitment in a relationship?


49% 38% 43% 42% 42% 38% 45%

37% 33% 30% 37% 28% 40% 31%

10% 22% 23% 17% 24% 15% 17%

4% 6% 4% 4% 5% 5% 6%

1% 1% 1% 1% 1% 1% 1%

85% 71% 73% 79% 70% 78% 76%

Extremely happy, they’re my

soulmate

Very happy

Content

On shaky ground

Not happy, it’s not going to

work out

38%

35%

22%

5%

2015 2016

73% 74%

Top 2 Box

• Happiness levels are similar to last year. Millennials are happier in their current relationship than their older counterparts.

Being married

Living together

Having children

Buying/owning a home together

Being engaged

Traveling/vacationing together

Other

80%

50%

48%

46%

29%

29%

9%

Level of Happiness with Significant Other

What do you feel signifies commitment in a relationship? 18-34 35-54 55+ Male Female Hispanic LGBT

73% 80% 83% 81% 80% 77% 61%

61% 49% 47% 53% 48% 50% 69%

56% 49% 44% 50% 46% 53% 43%

52% 45% 46% 46% 47% 43% 58%

40% 29% 24% 27% 31% 25% 36%

34% 27% 28% 32% 26% 27% 42%

8% 8% 10% 8% 10% 6% 16%

4

Internal

Communication Habits


5% 9% 10% 6%

14% 5%

24%

27%

5% 10% 9% 7%

13% 4%

26%

24%

19%

43%

17%

10% 6% 4%


10% 5% 2% 5% 5% 10% 9%

14% 11% 5% 12% 7% 18% 10%

13% 12% 5% 10% 9% 14% 7%

8% 7% 5% 7% 6% 7% 6%

15% 14% 12% 12% 15% 9% 13%

5% 6% 5% 6% 4% 5% 4%

18% 22% 29% 22% 26% 22% 24%

17% 23% 37% 26% 29% 14% 26%

24% 16% 7% 17% 11% 28% 19%

45% 35% 17% 34% 26% 49% 32%

• 62% talk about money with their partner at least once a week. Those who are younger are more apt to talk about it daily.

Frequency of Talking About Money

Q4. How often do you talk about money with your significant other?

Q5. How often do you argue about money with your significant other?

18%

43%

16%

11% 6%

Daily

At least once a week

Once every few weeks

Monthly

Once every few months

Once every six months

Less often

Never


29% 22% 11% 19% 19% 26% 23%

45% 41% 43% 44% 41% 42% 39%

14% 16% 19% 18% 16% 16% 14%

5% 11% 12% 10% 11% 11% 14%

3% 6% 8% 6% 6% 3% 5%

0% 1% 0% 0% 1% 0% 0%

3% 3% 4% 3% 4% 2% 2%

1% 1% 2% 1% 1% 1% 3%

74% 63% 55% 63% 60% 68% 62%

93% 90% 86% 90% 87% 94% 90%

NET: Weekly

NET: Monthly

61%

88%

Arguing About Money

• The younger demographic, as well as Hispanics also argue more about more often.

NET: Weekly

NET: Monthly

15% 32%

2015 2016

2015 2016

14% 30%

62%

89%

Daily

At least once a week

Once every few weeks

Monthly

Once every few months

Once every six months

Less often

Never

5

Internal

Happiness & Communication


42%

32%

20%

5%

Q3. How would you describe your level of happiness with your significant other?

Q4. How often do you talk about money with your significant other?

Extremely happy, they’re

my soulmate

Very happy

Content

On shaky ground

Not happy, it’s not going

to work out

• Those who talk about money more often have a higher level of happiness with their significant other – 78% who talk at least once a

week say they are happy, compared to 50% who talk less than every few months.

46% 36% 31% 30%

32% 37%

28% 20%

16% 22% 38%

36%

5% 4% 2% 8% 6%

Frequency of Talking About Money

Weekly Monthly Every Few Months Less Often

74%

6%

78%

6%

73%

5%

60%

3%

50%

14%

6

Internal

Digital Dating

Use of Digital Dating Service

Q6. Have you ever used a digital dating service like Tinder, OKCupid, or Match.com? Q7. Did you meet your current significant other on a digital dating service

such as Tinder, OKCupid, or Match.com? Q8 When using digital dating services such as Tinder, OKCupid, or Match.com, who pays for the date? Q9. Have you

ever discussed how much money either of you makes with a potential partner before meeting in person?

79%

21%

Yes

No


43% 23% 8% 25% 16% 30% 38%

57% 77% 92% 75% 84% 70% 62%

Met Current Partner Using Dating Services Use Digital Dating Service

36%

64% Yes

No


62% 64% 67% 66% 61% 73% 63%

38% 36% 33% 34% 39% 27% 37%

64%

36%

Yes

No


48% 36% 10% 43% 27% 58% 35%

52% 64% 90% 57% 73% 42% 65%

Discussed Income Before Meeting? Use Digital Dating Service

54%

19%

10%

17%

I do

My date does

Split it

No dates yet

Who Pays? Use Digital Dating Service


58% 56% 40% 77% 19% 68% 47%

18% 16% 26% 2% 44% 15% 10%

14% 17% 27% 14% 23% 13% 32%

10% 11% 7% 8% 13% 4% 11%

• More than 2-in-5 Millennials have used a dating

service.

• Results are effective - two thirds who have used a

dating service met their current partner that way.

• Over one third have discussed incomes before

meeting – higher among Millennials, Men and

Hispanics.

• Half say they pay for the date, higher for men and

Hispanics.

7

Internal

Making & Following Budgets

62%

58%

51%

41%

41%

39%


73% 65% 53% 63% 60% 73% 63%

68% 61% 52% 62% 55% 68% 65%

67% 55% 40% 53% 49% 68% 54%

62% 45% 28% 44% 38% 60% 47%

55% 46% 31% 43% 40% 53% 47%

53% 40% 31% 44% 34% 54% 46%

Groceries/alcohol

Savings/unexpected expenses

Eating out

Entertainment

Clothing/personal items

Travel

Budgeted Items

Q10. [YES Summary] For which of the following, if any, do you and your partner have a monthly budget?

Q11. And how often do you and your partner follow your monthly budget?

62%

58%

51%

41%

41%

39%

Groceries/alcohol

Savings/unexpected expenses

Eating out

Entertainment

Clothing/personal items

Travel 38%

36%

38%

28%

37%

33%

42%

42%

44%

47%

43%

49%

15%

18%

15%

19%

16%

14%

4%

3%

2%

4%

4%

3%

Always Most of the time Sometimes Rarely Never

Frequency of Following Budgets

• Millennials and Hispanic couples are budgeting all around.

• The monthly Eating Out budget is the first to go.

8

Internal

Sharing & Merging Money

Q13. Which statement below best reflects your current approach to sharing or merging your money with your significant other?

Q14. Do you and your partner share a bank account?

All separate; what's mine is mine and

theirs is theirs

Each have our own, but combine some

Combine everything, it's "our" money

• Evolving over time, Boomers are most likely to share all their money. Hispanics and LGBT are more likely to keep things separate.

15%

34%

51%

18-34 35-54 55+ Male Female Hispanic LGBT Happy

31% 17% 8% 17% 15% 21% 23% 14%

32% 32% 28% 32% 29% 38% 38% 30%

37% 51% 64% 51% 56% 41% 39% 56%

16%

30%

54%

2015 2016

Approach to Sharing Money


51% 58% 60% 58% 58% 55% 49% 61%

17% 15% 21% 19% 17% 20% 20% 18%

32% 27% 19% 24% 26% 26% 31% 21%

Yes, we have at least one shared

bank account

Yes, we have shared account(s) in

addition to separate accounts

No, we have only separate accounts

58%

18%

24%

Sharing Bank Accounts

• Over half of couples share at least one bank account with their partner.

9

Internal

Sharing Credit Cards


65% 72% 78% 72% 75% 61% 71% 72%

61% 61% 68% 65% 63% 55% 64% 64%

63% 60% 60% 65% 56% 56% 64% 60%

58% 53% 45% 56% 45% 55% 60% 51%

47% 45% 42% 47% 41% 43% 45% 44%

51% 54% 29% 44% 41% 47% 35% 43%

2% 3% 6% 4% 4% 2% 5% 5%

• Unexpected expenses and big ticket items are the top uses for shared cards.

• Nearly half of couples also share a credit card.

What do you use shared credit cards for?

Q15. Do you and your partner share a credit card?

Q16. What do you use your shared credit card(s) for?


40% 45% 52% 49% 45% 41% 42% 53%

18% 14% 17% 16% 16% 20% 17% 16%

42% 41% 31% 35% 39% 38% 41% 32%

47%

16%

37%

Yes, we have at least one shared credit card

Yes, we have shared credit card(s) in

addition to our own separate cards

No, we have only separate credit cards

Unexpected expenses

Big ticket items

Day-to-day purchases

Household expenses

Medical expenses

Purchases for children

Other

74%

64%

61%

50%

44%

43%

4%

Share a Credit Card

10

Internal

Special Occasion Spending

• Holiday spend on children doubles

birthday spend. Spend on children is

higher then spend on partners.

• Holidays attract the most spend.

Birthdays are a big deal to

Millennials.

Amount Spent on Children


$145 $166 $129 $173 $123 $138 $160 $157

$95 $83 $62 $104 $50 $90 $79 $86

$114 $91 $71 $104 $71 $101 $95 $95

$63 $50 $28 $58 $29 $59 $42 $49

Amount Spent on Significant Other

$148

$77

$87

$43

Holidays

Anniversary

Birthday

Valentine's Day

Q17. Thinking about special occasions, how much do you typically spend on your significant other? Q18. Thinking about special occasions as a couple, how much

do you typically spend on your children? Q19. Thinking about special occasions, how much do you typically spend on friends/family other than your significant

other? Q20. As a couple, how much do you, or would you, typically spend on a wedding gift for the following people?

$244

$119

$29

Holidays

Birthday

Valentine's Day


$209 $271 $224 $255 $234 $226 $224 $241

$134 $125 $103 $124 $113 $134 $108 $118

$54 $34 $11 $40 $19 $43 $43 $32

$112

$51

$14

Holidays

Birthday

Valentine's Day

$110 $118 $107 $119 $106 $112 $120 $109

$69 $53 $41 $59 $43 $65 $47 $52

$32 $17 $4 $22 $6 $24 $17 $17

• Celebrating friends and family is

important.

Amount Spent on Friends & Family

$112

$67

$38

Family

Friends

Co-workers

$120 $107 $115 $122 $103 $103 $80 $104

$83 $69 $57 $74 $60 $65 $60 $56

$55 $43 $25 $43 $33 $40 $33 $37

• For weddings, Millennial couples are

outspending their older counterparts.

Amount Spent on Wedding Gifts

11

Internal

Paying for Gifts

Q21. How do you typically pay for gifts?

22%

4% 9%

25%

36%

4%

We specifically save up/budget

We use a financial windfall

We forgo other expenses

We use a credit card, worry later

We always have enough set aside

Other

• Over one third (36%) have enough saved away for gifts; while 31% specifically need to save up (22%) or forgo other expenses (9%).

• One quarter worry about it later and use a credit card.


26% 25% 17% 19% 26% 29% 20% 24%

8% 4% 1% 4% 3% 4% 4% 4%

11% 9% 8% 8% 10% 10% 11% 9%

23% 26% 25% 28% 23% 24% 30% 23%

31% 31% 43% 38% 33% 28% 33% 37%

2% 4% 6% 3% 6% 5% 2% 3%

12

Internal

Couple Vacations

• The large majority of couples travel together (85%), with over half hitting the road at least once a year.

How often do you go on vacation with your significant other?

Q22. How often do you go on vacation with only your significant other?

Q23. What kind of vacation(s) do you usually take with your significant other?

28%

30%

6% 7%

14%

15%

At least twice a year or more

Once a year

Every other year

Once every 2-3 years

Less often

Never


28% 26% 30% 34% 22% 27% 35% 32%

38% 29% 27% 33% 26% 33% 31% 32%

6% 7% 5% 6% 6% 8% 9% 6%

5% 6% 8% 5% 8% 6% 6% 7%

8% 15% 17% 12% 16% 10% 10% 12%

14% 17% 13% 9% 20% 16% 9% 12%

58%

32%

31%

25%

22%

16%

• Domestic travel is the most popular, followed by local rentals and beach vacations.

What kind of vacations do you take?

Domestic travel and sight-seeing

Rental at local beach/lake/mountains

Relaxing at exotic beach

Amusement park trip

Foreign/overseas exploration

Other


65% 57% 56% 61% 55% 55% 64% 60%

42% 33% 26% 33% 30% 33% 33% 33%

42% 38% 19% 33% 29% 40% 40% 32%

36% 30% 14% 28% 21% 34% 29% 26%

36% 21% 17% 26% 17% 28% 28% 24%

5% 9% 27% 12% 21% 8% 11% 15%

58%

13

Internal

Couple Vacations

• Most often, couples are saving up for their vacations together.

Paying for Couple Vacations

Q24. How do you pay for vacations with your significant other?

Q30. [Vacation with only significant other] Thinking about vacations, how much do you typically spend on the following?

Q25. On a scale of 1 to 5, how do you typically feel when on vacation or traveling with your significant other?

Impact of Traveling Together

38%

6% 4%

19%

30%






Other


44% 41% 33% 35% 41% 37% 39% 40%

10% 8% 3% 5% 8% 10% 3% 6%

6% 5% 3% 4% 4% 6% 8% 4%

17% 20% 20% 21% 17% 17% 21% 18%

23% 25% 38% 33% 27% 30% 28% 30%

0% 2% 3% 1% 3% 2% 1% 2%

54%

33%

11% 1%


60% 54% 50% 54% 54% 58% 57% 65%

33% 32% 34% 35% 31% 32% 29% 30%

5% 12% 13% 9% 13% 9% 11% 4%

1% 1% 1% 1% 1% 0% 2% 1%

0% 1% 1% 1% 1% 1% 0% 0%

93% 87% 84% 89% 84% 90% 87% 95%

Extremely happy, brings us closer

.

.

.

Stressed, don’t travel well together

87%

$822 $1,056 $1,566 $1,302 $1,126 $994 $1,266 $1,179 Average Spend: $1,220

• Traveling is worth it and for most couples brings them closer together.

14

Internal

Family Vacations

53%

48%

38%

24%

14%

9%

• Domestic travel and amusement parks are most popular for families.

What kind of vacation do you take?

How often do you go on vacation with your entire family?

Q26. How often do you go on vacation with your entire family, including children?

Q27. What kind of vacation(s) do you usually take with your entire family, including children?

19%

35%

8% 7%

16%

15%

At least twice a year or more

Once a year

Every other year

Once every 2-3 years

Less often

Never

Domestic travel and sight-seeing

Amusement park trip

Rental at local beach/lake/mountains

Relaxing at exotic beach

Foreign/overseas exploration

Other


33% 24% 6% 21% 17% 24% 29% 20%

46% 40% 23% 41% 29% 39% 35% 37%

8% 8% 8% 7% 8% 11% 10% 8%

3% 7% 8% 5% 8% 4% 7% 6%

4% 13% 25% 12% 19% 11% 8% 14%

7% 9% 30% 13% 18% 11% 11% 15%


62% 57% 40% 58% 48% 58% 59% 55%

58% 51% 34% 47% 48% 57% 59% 50%

42% 38% 37% 38% 39% 30% 44% 39%

37% 25% 14% 29% 19% 40% 41% 26%

25% 13% 8% 16% 11% 20% 20% 15%

3% 8% 15% 6% 12% 2% 2% 8%

54%

• Over one half of families travel at least once a year.

15

Internal

Family Vacations Paying for Family Vacations

Q28. How do you pay for vacations with your entire family, including children?

Q30. [Vacation with entire family (including children)] Thinking about vacations, how much do you typically spend on the following?

Q29. On a scale of 1 to 5, how do you typically feel when on vacation or traveling with your family, including the children?

Impact of Traveling As A Family

40%

9% 5%

17%

27%






Other


42% 40% 39% 34% 46% 40% 34% 40%

17% 10% 3% 9% 9% 9% 13% 10%

9% 5% 2% 6% 4% 9% 7% 4%

13% 17% 20% 21% 13% 13% 15% 17%

18% 27% 32% 29% 24% 28% 30% 26%

1% 1% 4% 1% 3% 1% 0% 2%

47%

37%

12% 3%


54% 47% 42% 46% 48% 56% 50% 53%

32% 37% 40% 39% 34% 31% 30% 35%

10% 12% 14% 11% 13% 9% 12% 9%

3% 3% 3% 4% 3% 3% 5% 2%

0% 1% 1% 0% 2% 1% 2% 1%

87% 83% 82% 85% 82% 88% 80% 88%

Extremely happy, brings us closer

.

.

.

Stressed, its hard to relax

83%

$1,064 $1,790 $2,018 $1,705 $1,741 $1,559 $1,236 $1,660 Average Spend: $1,722

• Most often, families are saving up for their vacations. Younger families are more likely to use a financial windfall such as a bonus or tax

refund.

• While slightly less so than couples alone, travelling together brings families closer together.

16

Internal

Money Mistakes

• About one-half don’t feel they have made a big money mistake in a relationship. The biggest mistake is waiting too long to discuss money –

communication is key.

Biggest Money Mistake

Q31. Which of the below is the biggest money mistake you have made in a relationship?

Q35. Would you consider breaking up with your partner if you discovered a financial secret such as hidden debt or a bad credit score?

5%

24%

11% 5% 9%

46%


10% 5% 3% 6% 4% 8% 6% 5%

20% 27% 21% 23% 24% 22% 21% 20%

14% 12% 9% 11% 11% 16% 11% 11%

7% 6% 2% 5% 5% 9% 5% 8%

14% 10% 7% 9% 10% 11% 9% 10%

34% 39% 59% 46% 46% 35% 47% 45%

Talking about money too early

Waiting too long to discuss money

Keeping a financial secret

Sharing details about my partner’s

finances with a friend/family member

Not being supportive of my partner's

budget/financial situation

None

54%

66% 61% 41% 54% 54% 65% 53% 55%

Made Mistake:

Consider Breaking Up if Uncovered a Financial Secret

89%

11% Yes

No


21% 12% 6% 11% 11% 19% 16% 10%

79% 88% 94% 89% 89% 81% 84% 90%

Yes

No

• One-in-ten would consider breaking up with someone if they discovered a financial secret. One-in-five among Millennials.

17

Internal

Financial Secrets

Type of Secrets

Q32. Are you currently keeping a financial secret from your partner?

Q33. What are your financial secrets?

Q34 When do you plan to tell your partner about your financial secret?

A bank account

Significant credit card debt

Bad credit score

Bankruptcy

Unpaid student loans

Child support payments/alimony

Other

48%

37%

32%

27%

26%

26%

16%

Currently Keeping a Financial Secret

90%

10% Yes

No


22% 11% 4% 10% 10% 22% 17% 10%

78% 89% 96% 90% 90% 78% 83% 90%

Yes

No

Separate

Money

Combined

Money

Used Dating

Service

Not Used

Dating

Service

Talk $

Weekly

Argue $

Weekly <$100k HHI $100k+ HHI

32% 4% 29% 5% 12% 33% 10% 17%

68% 96% 71% 95% 88% 67% 90% 83%

Yes

No

• One-in-ten are keeping a financial secret from their partner. Secrets are more prevalent among Millennials, Hispanics and LGBT, as well as

couples who have used a dating service, couples who keep their money separate and those who regularly argue about money.

In the next year

In the next five years

When we move in together

When we get engaged

When we get engaged

I don't plan to tell my partner about

my secret

48%

28%

6%

2%

1%

15%

Planning to Come Clean

18

Internal

Impact of Debt on Willingness to Date

• For most, Student Debt has no impact in there willingness to date. One quarter are less likely to date someone with student debt.

Q36. How would a potential partner's significant student debt make an impact on your willingness to date them?

Q37. How would a potential partner's significant credit card debt make an impact on your willingness to date them?


15% 5% 1% 7% 3% 13% 10% 7%

66% 70% 71% 70% 69% 59% 71% 71%

18% 19% 18% 17% 20% 20% 13% 17%

2% 6% 10% 6% 7% 8% 5% 6%

5%

69%

19%

7%

I'd be more likely to date them

It would have no impact

I'd be a little less likely to date them

I'd be a lot less likely to date them

Student Debt

• Credit card debt is different – 44% say they are less likely to date someone with this kind of debt.


14% 5% 1% 7% 3% 13% 10% 6%

53% 51% 49% 55% 46% 52% 56% 53%

26% 32% 33% 29% 34% 22% 27% 29%

7% 11% 18% 10% 17% 13% 7% 11%

5%

51%

31%

13%

I'd be more likely to date them

It would have no impact

I'd be a little less likely to date them

I'd be a lot less likely to date them

Credit Card Debt

26%

44%

19

Internal

Financial Stability / Independence Indicators

• Owning a home is the biggest indicator of ones own financial stability or independence.

Q39. What milestone has most indicated or will most indicate your own personal financial stability or independence?

Q40. What milestone has most indicated or will most indicate financial stability or independence in your partner?

In You

• Owning a home is also the biggest indicator of ones partner’s financial stability or independence.

In Your Partner

51%

25%

8%

6%

2%


43% 55% 50% 55% 47% 49% 42% 51%

21% 22% 28% 22% 27% 22% 26% 23%

16% 7% 4% 7% 8% 12% 9% 8%

16% 7% 2% 7% 6% 10% 13% 7%

2% 2% 1% 2% 2% 1% 1% 2%

Own a home

Minimal credit card debt

No longer live with parents

Student loans are paid off

No longer live with a roommate

46%

27%

8%

7%

2%


43% 49% 43% 46% 46% 47% 42% 45%

22% 24% 33% 26% 29% 23% 26% 24%

14% 8% 5% 8% 8% 10% 9% 8%

13% 9% 3% 10% 4% 10% 9% 13%

5% 3% 1% 2% 3% 3% 3% 5%

Own a home

Minimal credit card debt

No longer live with parents

Student loans are paid off

No longer live with a roommate

Documents

TD Love & Moneyfilecache.drivetheweb.com/mr5mr_tdbank/199039/download/TD_Lovea… · have financial secrets ... 33% 20% 5% Q3. ... 6 Q6. Have you ever used a digital dating service