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Attitudes towards money, marriage and retirement Marriage & Money Survey

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MARRIED LIFE FINANCIAL HABITS RETIRING TOGETHER APPENDIX

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Married Life

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Almost 4 in 10 (37%) Married Americans report paying more attention to their finances as a result of getting married

Which of the following happened to you, financially, when you got married?

37

30

27

18

10

9

8

6

5

5

4

4

3

2

22

I started paying more attention to our finances

I started saving more money

I started to worry more about the future

I started spending more money

I started spending less money

I started saving less money

I became more risk averse

I started to worry less about the future

I became less risk averse

I stopped working

My spouse stopped working

I started working

My spouse started working

I started paying less attention to our finances

None of the above

Married

• Three in 10 Married Americans report starting to save more money (30%) and worry more about the future (27%) – in both cases, men are more likely than women to agree with each statement

%

Q215. Base: All Married n=1,011; Married Males (n=471), Married Females (n=540)

Married

Male: 33%; Female: 28%

Male: 32%; Female: 22%

Male: 11%; Female: 6%

Male: 1%; Female: 8%

Male: 7%; Female: 2%

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Three in 10 Married Americans say that the moral support that keeps each other on track is the biggest financial benefit of getting married

And which of the following do you think is the single biggest financial benefit to getting married?

17

26

5

13

4

5

2

3

1

24

30

13

12

11

7

6

3

3

0

15

0 5 10 15 20 25 30 35

'Moral support'/keeping each other on track/on budget

Splitting the household bills

One partner may be able to stop work to provide childcare or be anadult caregiver (i.e. less need for hired help)

More tax benefits

Shared health insurance

Easier to save money

More social security options

Easier to pay off debt

Lower car insurance premiums

None of the above

Unmarried Married%

Q205. Base: All Married n=1,011; All Unmarried n=1,008; Unmarried Males (n=389), Unmarried Females (n=619) Arrows indicate a significant difference between Married and Unmarried at 95% confidence

Male: 23%; Female: 29%

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Financial Habits

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Four in ten (44%) of Married Americans have argued about money in the past year • On average, Married Americans have argued with their spouse about money four times in the past year.

56

20

8 10 6

0

20

40

60

80

Never Once or twice Three or four times Five to 10 times More than 10 times

Married

How many times have you and your spouse argued about money over the past year, if at all?

%

Q250. Base: All Married n=1,011

Married

Average # times: 4.3

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Two-thirds of (66%) Married Americans are “financially faithful” to their spouses and 6 in 10 (61%) believe their spouse is equally financially faithful to them

Q260/Q261. Base: All Married n=1,011; Married Males (n=471), Married Females (n=540)

Are you "financially faithful" to your spouse – that is, does your spouse know everything about how you spend and save your money, and you keep no secrets from

him/her? And do you think your spouse is financially faithful to you?

66%

29%

3% 2%

61%

31%

5% 3%

• Married men are more likely than women to say they are entirely financially faithful to their spouse (73%, 60%). Women are more likely than men to state they are mostly financially faithful to their spouse (33%, 24%)

I am… My Spouse is… %

Entirely financially faithful Mostly financially faithful Not very financially faithful Not financially faithful at all

Male: 73% Female: 60% Male: 24%

Female: 33%

Male: 3%; Female: 7%

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Three in 10 (30%) Married Americans rely on their spouse to help manage their savings and investments • Almost 1 in 5 (19%) Married Americans uses a self-directed online investment account compared to 1 in 6 (15%)

Unmarried Americans • Over 1 in 5 (22%) Married Americans consults an RIA, while only 1 in 6 (15%) Unmarried Americans does the same

15 15 10 9

2 0

56

19 22

12 12

2

30 24

0

20

40

60

Self-directed onlineinvestment account

A registered investmentadvisor (RIA)

A commissioned brokerdealer

I work with another type offinancial professional

A ‘robo’ advisor, or automated online service

that manages your investments for you

My spouse None of the above

Unmarried Married

Which of the following do you use/work with, if any, to help manage your savings and investments?

%

Q110. Base: All Married n=1,011; All Unmarried n=1,008; Married Males (n=471), Married Females (n=540); Unmarried Males (n=389), Unmarried Females (n=619) Arrows indicate a significant difference between Married and Unmarried at 95% confidence

Male: 24% Female: 9%

Male: 50% Female: 60%

Male: 30% Female: 10%

Male: 15% Female: 10%

Male: 19% Female: 39%

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Married Americans are more likely than Unmarried Americans to hold mortgage debt (50% vs. 29%) and car loan debt (34% vs. 21%) • On average, including those with $0 debt, Married Americans hold over twice the debt of Unmarried Americans

($86,870, $40,480 respectively)

29

45

9

21 16

66

50 42

8

34

16

72

0

20

40

60

80

Mortgage Credit card Student loans Car loans Other debt TOTAL

Unmarried Married

How much debt do you have, currently, in each of the following categories?

% with debt

Q130. Base: All Married n=1,011; All Unmarried n=1,008; Unmarried Males (n=389), Unmarried Females (n=619) Arrows indicate a significant difference between Married and Unmarried at 95% confidence

Male: 38% Female: 50%

Unmarried Married Unmarried Married Unmarried Married Unmarried Married Unmarried Married Unmarried Married

Of those with debt $106,990 $145,240 $6,500 $9,320 $30,640 $35,090 $11,440 $15,810 $7,110 $13,670 $61,580 $120,630

Average debt (nearest $10)

Male: 59% Female: 70%

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Retiring Together

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Three in 10 (28%) Married Americans have downsized, or expect to downsize, their home during retirement

Which of the following has happened, or do you expect to happen, during your retirement?

18

18

11

11

12

8

4

8

5

44

28

16

16

10

9

6

3

3

0

48

Downsize my current home

Move to a more affordable city/state

Move to a warmer climate

Move to be closer to family

Move to a retirement community

Sell my home and rent instead

Move abroad to stretch my retirement dollars

Move in with another family member

Move in with a roommate

Stay in my current home

Unmarried Married

• Two in 10 (18%) Unmarried Americans have downsized, or expect to downsize their homes and another 2 in 10 (18%) have moved, or plan to move, to a more affordable city/state

%, in descending order for Married

Q375. Base: All Married n=1,011; All Unmarried n=1,008; Married Males (n=471), Married Females (n=540); Single (n=496), Unmarried Males (n=389), Unmarried Females (n=619) Arrows indicate a significant difference between Married and Unmarried at 95% confidence

Male: 20%; Female: 12%

Male: 5%; Female: 10%

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Americans expect to live almost 23 years, on average, after having fully retired • One in 10 Married Americans (9%) and Unmarried Americans (10%) expect to live 35 years or more after full retirement

4

10 10

26

22

18

10

1

7

13

36

16 18

9

0

20

40

5 or less 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 35 or more

Unmarried Married

For how many years do you expect to live after you fully retire?

%

Q316. Base: All who expect to fully retire, Married n=252; All Unmarried n=334 Arrows indicate a significant difference between Married and Unmarried at 95% confidence

Unmarried: 22.9

Married: 22.9 Average # years:

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About a third (34%) of Married Americans expect their spouse will outlive them

Q240. Base: All Married n=1,011; Married Males (n=471), Married Females (n=540)

Who do you expect will live longer – you or your spouse?

• Married men are more likely than married women to expect that their spouse will outlive them (53%, 18%)

26%

34%

40%

Me My spouse I don’t know

Married

%

Male: 15%; Female: 35%

Male: 53%; Female: 19%

Male: 32%; Female: 47%

19 6 9 6 14 15 11 10 4 7

6 7 8 9 10

Not at all a priority Very much a priority

Married

6 7 8 9 10 1 2 3 4 5

1 2 3 4 5 %

Two in 10 (20%) Married Americans say leaving an inheritance is a priority, while a third (34%) state it is not at all a priority

Q380. Base: All, Married n=1,011; All Unmarried n=1,008 Arrows indicate a significant difference between Married and Unmarried at 95% confidence

To what extent is leaving an inheritance a priority for you?

8 to 10: 20% 1 to 3: 34%

CONFIDENTIAL – NOT FOR RELEASE

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19 7 8 7 14 13 9 11 5 6

6 7 8 9 10

Not at all likely

Very likely

Married 8 to 10: 22%

1 to 3: 34%

6 7 8 9 10 1 2 3 4 5

1 2 3 4 5

Some retired parents with adult children consider themselves as the “SKI” set (which stands for ‘spending the kids’ inheritance’) who spend their money on luxury or long-distance trips, property and/or motor

vehicles instead of saving it for their kids’ inheritance. How likely are you to do this in your retirement?

%

A Quarter of Married Americans plan to spend money on themselves during retirement rather than save it for their kids’ inheritance

Q379. Base: All with children, Married n=802; All Unmarried n=477; Unmarried Arrows indicate a significant difference between Married and Unmarried at 95% confidence

• About 1 in 10 (14%) Unmarried Americans plan on spending their retirement money rather than saving it for an inheritance

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Appendix

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This survey was conducted by Head Solutions Group on behalf of TD Ameritrade Holding Corporation1

The statistical margin of error for the total sample of N=2,019 American adults within the target group is +/- 2.19%.2 This means that in 19 out of 20 cases, survey results will differ by no more than 2.19 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 1 Head Solutions Group (U.S.) Inc. and TD Ameritrade Holding Corporation are separate, unaffiliated companies and are not responsible for each other’s products and services 2 Assumes survey participants are the same as non participants Note: Percentages may not add up to 100 due to rounding.

New England

6%

Mid-Atlantic

18%

South

26%

Southwest

10%

West

17%

2,019 Americans aged

37 or older (half Married and half

Unmarried)

Online Survey

August 11 to 15,

2017

Average time to complete survey:

20 minutes

Head Solutions Group on behalf of

TD Ameritrade Holding Corporation1

41% Gen X 49% Boomers

10% Silent Gen.

Midwest

23%

WHEN WHAT WHO

CONDUCTED BY

Research Method

Unmarried Americans includes Americans who are Single, never married (n=496) Throughout this report, arrows indicate a significant difference between Married and Unmarried Americans. Yellow callouts show significant differences within Married Americans and green callouts show significant differences within Unmarried Americans.