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Boomers Less Likely to Consult Spouse in Financial Matters

^{Published on 2010-06-15 05:42:05 - Market Wire}
 

OMAHA, Neb.--([ BUSINESS WIRE ])--Seventy-one percent of couples surveyed ages 35-44 report they make decisions about managing debt as a team, compared to 55 percent of couples ages 65+ who reported the same, according to survey results newly released by TD AMERITRADE Holding Corporation (NASDAQ: AMTD).

"Younger generations have seen a significant amount of financial instability in recent years, and the survey results indicate that this turmoil has compelled them to work together on financial matters"

aIta™s clear that wea™ve seen tremendous changes occur over the past few decades with respect to financial roles,a said Diane Young, director, retirement and goal planning, TD AMERITRADE. aWhen women entered the workforce in large numbers in the 1970s and 1980s, they took on more of a voice in the familya™s financial matters, which is something that older generations simply did not experience - at least openly. As a result, younger generations tend to work together on most financial matters.a

More recently, the recession has had a lasting impact on the financial mindsets of younger generations. Survey results indicate that the idea of one household member assuming all of the financial responsibility is no longer the norm, and younger Americans have been forced to react accordingly.

aYounger generations have seen a significant amount of financial instability in recent years, and the survey results indicate that this turmoil has compelled them to work together on financial matters,a said Young. aThis reality has led them to recognize that they need to be more proactive and collaborative when managing their finances.a

Other related findings from the TD AMERITRADE survey include:

• 26 percent of couples ages 65+ report the breadwinner alone makes decisions about paying bills, compared to 17 percent of couples ages 18-34 who reported the same.
• 28 percent of couples ages 65+ report the breadwinner alone is responsible for making decisions about how to manage debt, compared to 13 percent of couples ages 35-44 who reported the same.
• 94 percent of those ages 55-64 who are single report making decisions about managing debt alone, compared to 76 percent of those ages 35-44 who are single and report the same.
• 97 percent of those ages 65+ who are single report making decisions about paying bills alone, compared to 76 percent of those ages 18-34 who are single and report the same.
• 20 percent of those ages 35-44 who are single report making decisions about paying bills with someone else, compared to 3 percent of those ages 65+ who are single and report the same.

Investors of all ages looking for a straightforward approach to long-term financial planning are encouraged to visit TD AMERITRADEa™s online [ Retirement Center ]. The enhanced site offers a user-friendly platform, new retirement planning tools and financial information customized to life stage.

For additional survey findings, please visit TD AMERITRADEa™s [ newsroom ].

AMTD-G

Survey Methodology

These results are based on a survey conducted by Infogroup | ORC of Princeton, New Jersey on behalf of TD AMERITRADE. 1,058 adults, employed full time, part time or self employed, participated in a telephone survey conducted February 18-22 and 25-26, 2010. The margin of error in this survey is 3 percentage points. This means that in 19 cases out of 20, survey results based on 1,058 respondents will differ by no more than three percentage points in either direction from what would have been obtained by seeking the opinions of all eligible US adults employed full time, part time or self employed. Infogroup | ORC and TD AMERITRADE are separate, unaffiliated companies and are not responsible for each other's products and services.

About Infogroup | ORC

Infogroup | ORC is a leader in global market research with expertise in Information Technology and Telecommunications, Healthcare, Financial Services, Public Services and Consumer Behavior. For more information, visit [ www.opinionresearch.com ].

About TDAMERITRADE Holding Corporation

TDAMERITRADE Holding Corporation (NASDAQ: AMTD), through its brokerage subsidiaries,⁽¹⁾ combines innovative trading technology, easy-to-use and understand [ trading tools ], investment services, investor education and superior client service to create a market-leading financial services experience. Now home to the award-winning thinkorswim trading technology⁽²⁾ and the Investools investor education program, TD AMERITRADE provides millions of retail investors, traders and independent registered investment advisors with the tools, service and support they need to help build confidence in today's rapidly-changing market environment. For more information and resources for journalists, please visit the [ TD AMERITRADE newsroom ] at [ www.amtd.com ].

⁽¹⁾TDAMERITRADE, Inc., member FINRA ([ www.finra.org ]) /SIPC ([ www.sipc.org ]) /NFA ([ www.nfa.futures.org ]), and TDAMERITRADE Clearing, Inc., member FINRA/SIPC.

⁽²⁾ thinkorswim, prior to joining TD AMERITRADE, earned 4.9 stars, the top score, in the category aTrading Technologya, and was rated #1 overall online broker in Barrona™s ranking of online brokers, 3/15/2010. thinkorswim was evaluated versus others in eight total categories, including trade experience, trading technology, usability, range of offerings, research amenities, portfolio analysis and reporting, customer service and education and costs. thinkorswim topped the list in 2006, 2007, 2009, and 2010 with the highest weighted-average score. Barrona™s is a registered trademark of Dow Jones & Company © 2006a"2010.