Americans Would Rather Talk About Politics, Religion and Health Issues than Money
July 31 2019 - 8:30AM
Business Wire
TD Ameritrade survey sheds light on the
financial taboos and mistakes
According to a new survey conducted by The Harris Poll on behalf
of TD Ameritrade, Americans would rather discuss politics, health
issues and religion over money and personal finances while more
than a third (37%) wish they could discuss their finances more
freely.
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Top Financial Mistakes (Graphic: TD
Ameritrade)
“In many American households, money isn’t something you talk
about,” said Wende Rhodes, vice president of Branches at TD
Ameritrade. “While politics and religion are topics regularly
debated, money conversations seem to be stigmatized or off-limits,
and that needs to change.”
The finance taboos breakdown A third of Americans (34%)
feel that it’s not polite to discuss finances in social settings,
and the fear of being perceived as a failure is the number one
reason millennials don’t openly discuss the topic.
- Student loan debt is the most uncomfortable financial topic to
discuss (36%), followed by childcare expenses (30%) and living
paycheck to paycheck (26%).
- While many Americans feel comfortable discussing key financial
elements with their spouse/partner/significant other, only 45% feel
comfortable discussing student loan debt with them.
- Americans are twice as likely to discuss housing, medical and
living costs with their significant other than with a financial
advisor.
- Money spent at restaurants or for takeout is the most
uncomfortable topic to discuss with financial advisors with only
16% of Americans feeling comfortable.
- Half of Americans (51%) and seven in 10 millennials (71%) think
that society would be healthier if people felt they could discuss
personal finances more freely.
“A common theme we see from clients who visit our branches,
regardless of their geographical location, is they don’t realize
that others are going through similar situations. But it’s far from
the truth,” continued Rhodes. “Once people understand that they’re
not so different from others, they start to open up.”
Financial mistakes are common The data shows that
Americans aren’t comfortable discussing their personal finances,
especially financial mistakes that they’ve made. Three-quarters of
Americans (75%) admit to having made a financial mistake, with a
lack of financial education/knowledge (36%) as the primary
cause.
- Not investing in a 401(k) is considered to be the biggest
financial mistake, followed by not having an emergency fund.
- For millennials, not having an emergency fund is the No. 1
mistake, followed by having a low credit score.
- Boomers are twice as likely as millennials to not share their
financial mistakes with others (25% vs. 12%).
“Regardless of what mistakes you’ve made or uncomfortable topics
that may come up, don’t be afraid to discuss them with those around
you,” said Valiere Simpson, managing director of Investor Services
at TD Ameritrade. “Try to share your successes, but also your
mistakes. Personal finance can seem overwhelming, so it’s important
to build an environment that’s more open and safe for these
discussions.”
About TD Ameritrade Holding Corporation TD Ameritrade
provides investing services and education to more than 11 million
client accounts totaling approximately $1.3 trillion in assets, and
custodial services to more than 7,000 registered investment
advisors. We are a leader in U.S. retail trading, executing an
average of approximately 800,000 trades per day for our clients,
more than a quarter of which come from mobile devices. We have a
proud history of innovation, dating back to our start in 1975, and
today our team of 10,000-strong is committed to carrying it
forward. Together, we are leveraging the latest in cutting edge
technologies and one-on-one client care to transform lives, and
investing, for the better. Learn more by visiting TD Ameritrade’s
newsroom at www.amtd.com, or read our stories at Fresh
Accounts.
Brokerage services provided by TD Ameritrade, Inc., member FINRA
(www.FINRA.org)/SIPC (www.SIPC.org).
Source: TD Ameritrade Holding Corporation
About The Harris Poll The Harris Poll is one of the
longest-running surveys in the U.S., tracking public opinion,
motivations and social sentiment since 1963. It is now part of
Harris Insights & Analytics, a global consulting and market
research firm that strives to reveal the authentic values of modern
society to inspire leaders to create a better tomorrow. We work
with clients in three primary areas; building twenty-first-century
corporate reputation, crafting brand strategy and performance
tracking, and earning organic media through public relations
research. Our mission is to provide insights and advisory to help
leaders make the best decisions possible. The Harris Poll is
separate from and not affiliated with TD Ameritrade, which is not
responsible for their services or policies.
Survey Methodology This survey was conducted online
within the United States by The Harris Poll on behalf of TD
Ameritrade from February 13-20, 2019, among 1,006 U.S. adults aged
22 and older with at least $10,000 in investable assets. This
online survey is not based on a probability sample and therefore no
estimate of theoretical sampling error can be calculated.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190731005126/en/
For Media: Becky Niiya, 402-574-6652 Director, Corporate
Communications rebecca.niiya@tdameritrade.com @TDAmeritradePR
For Investors: Jeff Goeser, 402-597-8464 Managing Director,
Investor Relations jeffrey.goeser@tdameritrade.com
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