CHERRY HILL, N.J., Feb. 8, 2022 /PRNewswire/ -- TD Bank,
America's Most Convenient Bank®, announced today the results of its
seventh annual Love and Money survey, revealing that Americans are
contradicting themselves when it comes to how they feel about their
partners' financial well-being and behaviors.
This year's survey, which polled more than 1,700 U.S.
individuals, who are either married, in a committed relationship or
divorced, to better understand how they approach finances in their
relationships, uncovered that financial secrets are at an all-time
high.
In fact, nearly one-third of Americans (32%) are keeping a
financial secret from their partner, an 11% increase from 2021.
Despite this increase, 75% of Americans are happy in their
relationships, up 7% from 2021, revealing that many could be hiding
their financial behaviors to maintain their relationship bliss.
Loose Lips Sink 'Ships
Among those who keep financial secrets from their partner, 50%
have no intention of ever disclosing this information with their
significant other, and 76% of Americans have no plans to share
their secrets with anyone.
The most common financial secret people keep is regarding a big
purchase (40% of those who have a secret), followed by significant
credit card debt (18%) and a secret bank account (13%). Notably,
50% of partners in unhappy relationships are keeping a secret,
while 32% in a happy relationship are keeping one.
"The contrast between how many individuals are keeping secrets
and how happy they are in their relationships presents an
interesting dynamic. People are talking the talk, but not always
walking the walk," said Alissa Van
Volkom, Head of Consumer Deposits, Products and Payments at
TD Bank. "This highlights how important it is for couples to not
only remain honest and open about their money fears, but also to
align on financial expectations and set boundaries early on before
they steer too far from a happy and financially healthy
relationship. The earlier concerns are addressed, the better
couples are set to achieve their long-term goals."
Money Talks
Despite a growing number of individuals keeping financial
secrets, an overwhelming majority (80%) of Americans said they're
comfortable talking about money with their partner. Sixty one
percent of respondents claim to discuss money within the first six
months of a relationship.
Among American couples who continue to engage in money
conversations, 57% discuss weekly, and 86% do so monthly. However
these conversations are not always without conflict. Eighty percent
of couples have financial disagreements with their significant
other on a monthly basis and 71% of couples argue about money at
least occasionally.
Even though a vast majority of couples have disagreements, 69%
of Americans are usually able to resolve them by having a
conversation. More than one quarter of unhappy couples "let things
slide" when it comes to financial disagreements, indicating that
relationships most in need of healthy financial discussions are
likely not having them.
"Couples should discuss three things on a regular basis: how
they're managing their budget, unforeseen or upcoming expenses, and
increasing debt," said Van Volkom.
"By setting aside specific time for these conversations instead of
tackling them during a date night or while running out the door in
the morning, couples can ensure financial conversations are a part
of their regular routine and give their finances the time and
thoughtful attention they deserve."
Getting Serious About Financial Stability
The survey also uncovered Americans' attitude towards their
partners' job and income stability, and whether a lack of such
would make or break a relationship. Seventy-nine percent of
Americans surveyed claim that a high income does not make a partner
more attractive – unless you're a millennial or a woman, of whom
69% and 74%, respectively, find their higher-earning partners more
attractive.
On the other hand, just 11% of Americans consider unemployment
to be grounds for breakup.This is especially true among unhappy
couples (34%) and women (48%) who are more likely to see
unemployment longer than a few months as a reason for ending the
relationship.
In general, Americans remain confident about their financial
status. In fact, nearly three quarters (74%) say they have a fairly
strong or excellent grasp on their finances.
"The ongoing uncertainty stemming from the pandemic underpinned
the value of financial stability in relationships," said
Van Volkom. "However, when debt,
financial secrets or unemployment enter a relationship, both
partners need to stand firm on what matters to them, their
financial and personal futures, and whether or not they will
ultimately be happier and more stable by moving on from the
relationship. The pandemic has shown you can't put a price on many
things – financial health, stability and happiness included."
To learn more about the survey data and managing money with a
partner, please visit www.TDLoveandMoney.com.
Survey Methodology
The study was conducted among a representative group of 1,751
consumers across the United States
from November 10-18, 2021. The survey
was hosted by global research company MARU/Matchbox.
About Maru Group
Maru Group is a world-leading
customer experience and insights software and advisory services
company. The company, which helps clients make informed decisions
in near real-time by combining proprietary software, deep industry
experience, and access to the best minds in research is found at
Maru Group. Maru Public Opinion polling services and its gateway to
these findings, and other survey releases, with the accompanying
data tables can be found at Maru Group Polling.
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 9.5 million
customers with a full range of retail, small business and
commercial banking products and services at more than 1,220
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 and
www.twitter.com/TDNews_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