Millennials — that is, those in the 18 to 35 year age range — are more likely than any older age group to merge their finances prior to marriage, according to a recent survey from TD Bank.
But 43 percent of those surveyed among that age demographic also said they still maintained separate checking accounts, and of those, the highest percentage, 38 percent, said they did so to maintain some degree of independence.
"What we’re learning is that people want to have joint accounts but also keep personal separate accounts," said Mark Crandall, TD Bank’s regional president of Boston. "To the extent that one bank can find a compelling offer that would capture all of those accts under one roof, that would be significant for a growth company like TD Bank."
The survey, conducted in conjunction with Angus Reid Public Opinion, surveyed about 1,000 people nationwide, split roughly equally between men and women.
Among other things, the survey also found that Millennials surveyed were much more likely than older demographics to use their joint bank accounts for savings. Of the 18 to 35 year-olds surveyed, 84 percent replied that they used those joint accounts for savings, 80 percent said they used their joint accounts for monthly utility bills and 75 percent said they used their joint accounts for household purchases, like groceries and furniture.
Just 66 percent of people aged 35 to 54 and 68 percent of people over age 55 said they used their joint account for saving.
Crandall said TD Bank would use the survey results to tweak its products and services accordingly, in response to consumers’ wants and needs.
"As we look at those [results] from a banking perspective, we make significant investments. We have revamped our online banking channel to make it more user friendly, for example," he said. "I think the concept of sitting down with a person when you’re making those life decisions about how to plan for my life financially, it’s good to be face to face … At the end of the day, it’s people dealing with people, and you can’t overestimate the value of that human element to all of this."
Email: lalix@thewarrengroup.com
