Just got a note about TD Bank’s 4th annual “Love and Money” survey, and it reminded me we haven’t done a good Stats Bombing around here lately :)
Here’s a plethora of data I’ve collected over the past handful of months from press releases and surveys sent over… I’ve tried to pick out the more juicy parts for your enjoyment ;)
Quotes and sources are below, along with my own two cents, of course…
4th Annual “Love and Money” Survey
“We conducted an online survey with 1,749 respondents (1,522 married/in a committed relationship; 227 divorcees)… Qualifying respondents were over 18 years of age, live in the U.S, and are in a relationship (not single) or divorced.”
“Roughly 6-in-10 believe it is harder to find “true love” over “financial success””
Such an interesting question to pose!! I think I’d agree – finding true love isn’t always in your control, whereas most of your finances are. And the more in control of your finances you are, the better shot of attracting that *person* in your life too – BOOM! Budgeting = confidence = sexy.
“Almost 3-in-10 report talking about money (27%) before going out on their first date through a digital dating service.”
LOVE THIS!! That’s a lot of people talking about money before meeting up in real life! I met my wife the old fashioned way before I got a chance to dabble in the online dating world (met her at a bar where she asked me where the bathroom was – hah! I told her it was on the dance floor ;)), so never experienced what that was like, though I hear it’s either super awesome or super scary. Any of you guys meet your spouse online? Did you guys talk $$$ before meeting in real life?
“55% of couples combine their money, up 4% since last year.”
We’re combiners here too for a couple reasons: 1) it’s much easier to track and watch over when it’s all streamlined, and 2) it feels like we’re more of a “team” doing it this way, which marriage is all about! Of course, it might be different if I had trust issues or been in toxic relationships in the past so I totally get why you’d want to separate it out, but so far it’s been working out well for us.
Another idea is to combine, but keep *one* separate account opened where you can do as you please with no questions asked :) This lets you keep some of your autonomy and freedom more, while also letting you be a bit loose and not have to worry about it affecting your major goals/dreams.
“70% of couples share decisions around large-scale purchases”
Well I would hope so! If you’re not discussing the big things, what are you discussing??
3% of couples interviewed spent $55,000 or more on their wedding.
WOW. It would be interesting to see just how much “more”, if we could even fathom that! But I shouldn’t talk much, ‘cuz while we did spend around average for our wedding, it looks like I rank pretty high on the price paid for the engagement ring…
“The average engagement ring spend is $2,841, up from $2,016 last year.”
I spent $7,800 😱
“42% of divorcees report improved financial well being after divorce, split evenly among men and women (42% and 43%).”
Well that seems encouraging! It’s not the majority of divorcees, but you’re always hearing how divorce devastates on your finances and is hell, so this seems a bit more hopeful than I would have expected? Any divorcees out there want to chime in?
UPDATE: Check out what Jody and MK said in the comments below re: divorce – really insightful!
(Pay special attention to that “intimacy” part :) )
Millennial Retirement Spending Study
“Surveying 1,000 Americans within [the 22 and 37 age range], LendEDU sought out to discover monthly millennial spending habits on things like coffee, groceries, and online streaming services; we then stacked those expenditures up against their monthly retirement savings.”
“27% of the millennial respondents were spending more on coffee each month than they were saving for retirement.”
Yes, but let’s be honest – coffee is a necessity ;) Plus, how much could you spend on coffee every month anyways?
“49% of millennials were spending more on restaurants and dining out each month than they were saving for retirement.”
That sounds a lot more right, haha… although still means 51% *are* saving more than not!
“Amongst millennial respondents that were saving for retirement, the average amount saved per month was $480″
NOW THAT’S WHAT I’M TALKING ABOUT!!! Almost $500 every – single – month, how beautiful!! Do you know how much that’ll grow over the years??? [Hint: a lot]
LGBTQ Money Survey
“In conjunction with Pride Month 2018, Experian recently surveyed 500 individuals who identify as gay, lesbian, bisexual, trans or queer to learn more about their financial behaviors and attitudes. The Experian survey also included 500 non-LGBTQ Americans. ”
(This one’s out of my experience range so can’t comment on, but I throw them out there for further thinking/discussion if anyone wants to chime in!)
- 62% of LGBTQ respondents reported having experienced financial challenges because of their sexual orientation or gender identity.
- 44% of LGBTQ respondents said they struggle to maintain adequate savings vs. 38% of the general population.
- 34% of said they have bad spending habits that they’d like to improve or change vs. 28% of the general population.
- LGBTQ respondents estimated they devote 16% of monthly income to discretionary spending, but just 11% to saving or investment.
2018 Women in the Independent Workforce Report
“FreshBooks, in conjunction with Research Now, surveyed more than 2,700 people in the U.S. who work full time – either as traditional employees, independent professionals, or small business owners.”
(Same with this group – don’t know enough to share any insight, though I’m fascinated by that last line!)
- Women who work for themselves earn 28% less than their male peers in America
- Self-employed women in construction earn 38% less than men (compared to traditionally-employed women in construction earn 2% less than their male peers)
- Women make up 80% of healthcare – but are paid 35% less
- There are only 2 industries where women earn more than men. They’re paid 24% more in I.T. and 29% more in marketing and communications. In education, they break even.
- Self-employed women struggle twice as much as men when it comes to setting rates
- 96% of women want to stay self-employed
Survey of 1,007 Parents
“Decluttr.com surveyed 1,007 parents in the U.S. to determine how they deal with their children when it comes to smartphones.”
Now this one I will chime in on! :)
“20% of children between the ages of 1 to 6 own a smartphone in the United States”
NO!! What kid needs a phone at that age?? Or I should say – SMARTphone? Give ’em a walkie talkie or flip phone if you’re going the “emergency” route, but a smart phone?? I’m keeping my kids off the internet for as long as I’m legally allowed to, haha…
UPDATE: Check out mollyjade’s comment down below on this… medical stuff is always an exception :(
“Half of parents agree the most appropriate age for a child to own a phone is between 10 to 13 years old”
That sounds more right, though again they don’t necessarily need a *smart* phone – even though every single friend of theirs will have one by then, ugh… It’ll actually be interesting to see if those Relays that Republic Wireless just came out with will change up the industry at all. I hope so! I’ve been waiting for phones to get dumbed back down again for years now – so many good uses for them!! Particularly with kids or the elderly, etc… (On a side note, I’m trying to pick up a few of those Relays to test them on my kids – I’ll report back if I do!)
“29% of parents spent more than $100 on their 1 to 6-year-old’s smartphone”
Well yeah – smartphones are expensive! Unless you hand down your old one to them, which again – ain’t happening here.
“83% say their children spend up to 21 hours per week on their phones”
I feel like that’s a lot? 3 hours/day? Or am I just strict? Haha… Our “screen time” at home is about an hour a day which lets each kid watch one of their favorite shows each, and then it’s back to play-time or they turn into zombies… Although one of the reasons they’re so happy to have a 3rd brother now is that they’ll get more time to watch TV when he gets to pick his favorite show every day too – hah!
“68% of parents have not placed limitations on their children’s smartphones”
Not sure if that’s limitations on the phones themselves (like no internet, games, etc), or the actual time spent on them, but either way without any limits there’s no telling what they’d get into. Not happening with this old man!
Clips from other surveys and press releases:
Here’s some clips I picked off from other random surveys and press releases I’ve been sent over the past handful of months…
“Three-quarters of Americans check their bank balance weekly, but only 27% create an annual budget for their household.” – USAA (press release)
Haha yeah, I used to check my bank accounts EVERY SINGLE DAY when I first got hooked here :) Eventually realized I could scale back a bit and now only check maybe 2-3 days total a month (mainly to pay bills and update the ol’ net worth), but I say better to over check your balances than under check!
As for budgeting, I’ve stopped doing that after I finally got a good grasp on my finances, and now stick to just updating our net worth every month which motivates me a lot more. (And is 10x easier to do :))
“Nearly two-thirds (159 million) said having as little as $60 extra cash a year would make a difference in their lives.” – USAA (press release)
I wish I could find this original press release as I don’t know how you poll 150+ million people?!, but it is interesting (and scary) that $60 a year could make such a difference in people’s lives. But the beauty is that most of us waste $60 probably every month on stuff that could easily be recouped! It’s not as easy as someone just handing you a $60.00 check, but by paying closer attention to your habits every day I’m willing to bet you could find it… (and not talking about those in poverty in our country, of course, but those of us in the middle class who are mainly reading this blog).
“74% of people say they’ve gone into debt to pay for a vacation, to the tune of $1,108, on average.” – LearnVest Money Habits and Confessions Survey
Old me: Oh yeah! Fun times > debt!
New me: Oh, HELL NO! Freedom > debt!
“100% of those who read BudgetsAreSexy.com will become millionaires over their lifetime.”
– Warren Buffett
The most factual stat of all! :)
Questions? Comments? Concerns? Share below and we shall discuss!
For further statistical enjoyment:
- Some Pretty Explosive $$$ Stats!
- Could You Come Up With $2,000 in An Emergency?
- Science Has Finally Proven It: Budgets Are Sexy!
// TD Bank compensated me to be included in this round of stats bombing…