TD Love & Money. July 2016

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1 TD Love & Money July 2016

2 Overview To guide press and marketing strategies TD Bank conducted a survey focused on Couples & Money. Survey topics include how often couples talk about money, how much they spend on special occasions, how they manage their money and if they have financial secrets Methodology The total sample includes 1902 respondents who are currently in a relationship. The sample size of 1902 has a margin of error of +/- 2.9%. Subgroup of interest include: Hispanic Rep: N=280; Boston: N=154; Philly: N=153; NYC: N=165; South Florida: N=164; LGBT: N=199 Data has been weighted by age, gender and region to reflect the population. Fieldwork was completed July 20 th - 29 th Where possible results are tracked to the 2015 Couples & Money survey. This report presents the findings in summary charts and tables. The statistical cross-tabulations are reported under separate cover. Significance is tested at 95% confidence interval and is represented by color: significantly higher, significantly lower than the average. Current Relationship Status Married/Committed Engaged and living together Engaged, not living together In a relationship & living together, not engaged or married In a relationship; neither living together, engaged nor married % 10% 8% 80% 9% 8% Male Female Hispanic LGBT 69% 79% 85% 82% 78% 75% 56% 6% 3% 1% 2% 3% 3% 5% 0% 0% 0% 0% 0% 0% 0% 13% 9% 8% 8% 11% 12% 24% 12% 8% 6% 8% 8% 10% 14% 2 Q1. What is your current relationship status?

3 Happiness & Commitment Level of Happiness with Significant Other Happiness levels are similar to last year. Millennials are happier in their current relationship than their older counterparts. Extremely happy, they re my soulmate Very happy % 74% 38% 42% Male Female Hispanic LGBT 49% 38% 43% 42% 42% 38% 45% 37% 33% 30% 37% 28% 40% 31% Content 10% 22% 23% 17% 24% 15% 17% On shaky ground 35% 33% 4% 6% 4% 4% 5% 5% 6% Not happy, it s not going to work out 22% 20% 1% 1% 1% 1% 1% 1% 1% 5% 5% Top 2 Box 85% 71% 73% 79% 70% 78% 76% What do you feel signifies commitment in a relationship? Being married Living together 50% Having children 48% Buying/owning a home together 46% Being engaged 29% Traveling/vacationing together 29% Other 9% 80% Male Female Hispanic LGBT 73% 80% 83% 81% 80% 77% 61% 61% 49% 47% 53% 48% 50% 69% 56% 49% 44% 50% 46% 53% 43% 52% 45% 46% 46% 47% 43% 58% 40% 29% 24% 27% 31% 25% 36% 34% 27% 28% 32% 26% 27% 42% 8% 8% 10% 8% 10% 6% 16% 3 Q3. How would you describe your level of happiness with your significant other? Q2. What do you feel signifies commitment in a relationship? Q1. What is your current relationship status?

4 Communication Habits Frequency of Talking About Money 62% talk about money with their partner at least once a week. Those who are younger are more apt to talk about it daily. Daily At least once a week Once every few weeks Monthly Once every few months Once every six months Less often Never % 43% 16% 11% 6% 61% 88% 19% 43% 17% 10% 6% 4% 62% 89% NET: Weekly NET: Monthly Male Female Hispanic LGBT 29% 22% 11% 19% 19% 26% 23% 45% 41% 43% 44% 41% 42% 39% 14% 16% 19% 18% 16% 16% 14% 5% 11% 12% 10% 11% 11% 14% 3% 6% 8% 6% 6% 3% 5% 0% 1% 0% 0% 1% 0% 0% 3% 3% 4% 3% 4% 2% 2% 1% 1% 2% 1% 1% 1% 3% 74% 63% 55% 63% 60% 68% 62% 93% 90% 86% 90% 87% 94% 90% Arguing About Money The younger demographic, as well as Hispanics also argue more about more often. Daily At least once a week Once every few weeks Monthly Once every few months Once every six months Less often Never % 10% 9% 7% 13% 4% 26% 24% 15% 32% 5% 9% 10% 6% 14% 5% 24% 27% 14% 30% Male Female Hispanic LGBT 10% 5% 2% 5% 5% 10% 9% 14% 11% 5% 12% 7% 18% 10% 13% 12% 5% 10% 9% 14% 7% 8% 7% 5% 7% 6% 7% 6% 15% 14% 12% 12% 15% 9% 13% 5% 6% 5% 6% 4% 5% 4% 18% 22% 29% 22% 26% 22% 24% 17% 23% 37% 26% 29% 14% 26% NET: Weekly NET: Monthly 24% 16% 7% 17% 11% 28% 19% 45% 35% 17% 34% 26% 49% 32% 4 Q4. How often do you talk about money with your significant other? Q5. How often do you argue about money with your significant other? Q1. What is your current relationship status?

5 Happiness & Communication Those who talk about money more often have a higher level of happiness with their significant other 78% who talk at least once a week say they are happy, compared to 50% who talk less than every few months. Frequency of Talking About Money Weekly Monthly Every Few Months Less Often Extremely happy, they re my soulmate Very happy Content On shaky ground Not happy, it s not going to work out 42% 32% 20% 5% 74% 6% 46% 32% 78% 36% 31% 30% 37% 73% 28% 16% 22% 38% 5% 6% 4% 5% 2% 60% 3% 20% 36% 8% 6% 50% 14% 5 Q3. How would you describe your level of happiness with your significant other? Q4. How often do you talk about money with your significant other? Q1. What is your current relationship status?

6 Digital Dating Use of Digital Dating Service More than 2-in-5 Millennials have used a dating service. 21% 79% Yes No Male Female Hispanic LGBT 43% 23% 8% 25% 16% 30% 38% 57% 77% 92% 75% 84% 70% 62% Met Current Partner Using Dating Services Use Digital Dating Service Results are effective - two thirds who have used a dating service met their current partner that way. 64% 36% Yes No Male Female Hispanic LGBT 62% 64% 67% 66% 61% 73% 63% 38% 36% 33% 34% 39% 27% 37% Discussed Income Before Meeting? Use Digital Dating Service Over one third have discussed incomes before meeting higher among Millennials, Men and Hispanics. 36% 64% Yes No Male Female Hispanic LGBT 48% 36% 10% 43% 27% 58% 35% 52% 64% 90% 57% 73% 42% 65% Who Pays? Use Digital Dating Service Male Female Hispanic LGBT Half say they pay for the date, higher for men and Hispanics. 54% 19% 17% 10% I do My date does Split it No dates yet 58% 56% 40% 77% 19% 68% 47% 18% 16% 26% 2% 44% 15% 10% 14% 17% 27% 14% 23% 13% 32% 10% 11% 7% 8% 13% 4% 11% 6 Q6. Have you ever used a digital dating service like Tinder, OKCupid, or Match.com? Q7. Did you meet your current significant other on a digital dating service such as Tinder, OKCupid, or Match.com? Q8 When using digital dating services such as Tinder, OKCupid, or Match.com, who pays for the date? Q9. Have you ever discussed how much money either of you makes with a potential partner before meeting in person?

7 Making & Following Budgets Budgeted Items Millennials and Hispanic couples are budgeting all around. Groceries/alcohol Savings/unexpected expenses Eating out Entertainment Clothing/personal items Travel 62% 58% 51% 41% 41% 39% Male Female Hispanic LGBT 73% 65% 53% 63% 60% 73% 63% 68% 61% 52% 62% 55% 68% 65% 67% 55% 40% 53% 49% 68% 54% 62% 45% 28% 44% 38% 60% 47% 55% 46% 31% 43% 40% 53% 47% 53% 40% 31% 44% 34% 54% 46% Frequency of Following Budgets The monthly Eating Out budget is the first to go. Always Most of the time Sometimes Rarely Never Groceries/alcohol Savings/unexpected expenses Eating out Entertainment Clothing/personal items Travel 62% 58% 51% 41% 41% 39% 33% 37% 28% 38% 36% 38% 49% 43% 47% 44% 42% 42% 14% 3% 16% 4% 19% 4% 15% 2% 18% 3% 15% 4% 7 Q10. [YES Summary] For which of the following, if any, do you and your partner have a monthly budget? Q11. And how often do you and your partner follow your monthly budget?

8 Sharing & Merging Money Approach to Sharing Money Evolving over time, Boomers are most likely to share all their money. Hispanics and LGBT are more likely to keep things separate % 16% All separate; what's mine is mine and theirs is theirs 34% 30% 31% 17% 8% 17% 15% 21% 23% 14% Each have our own, but combine some 32% 32% 28% 32% 29% 38% 38% 30% Combine everything, it's "our" money 51% 54% 37% 51% 64% 51% 56% 41% 39% 56% Sharing Bank Accounts Over half of couples share at least one bank account with their partner. Yes, we have at least one shared bank account Yes, we have shared account(s) in addition to separate accounts No, we have only separate accounts 58% 18% 24% 51% 58% 60% 58% 58% 55% 49% 61% 17% 15% 21% 19% 17% 20% 20% 18% 32% 27% 19% 24% 26% 26% 31% 21% 8 Q13. Which statement below best reflects your current approach to sharing or merging your money with your significant other? Q14. Do you and your partner share a bank account?

9 Sharing Credit Cards Share a Credit Card Nearly half of couples also share a credit card. Yes, we have at least one shared credit card Yes, we have shared credit card(s) in addition to our own separate cards No, we have only separate credit cards 47% 16% 37% 40% 45% 52% 49% 45% 41% 42% 53% 18% 14% 17% 16% 16% 20% 17% 16% 42% 41% 31% 35% 39% 38% 41% 32% What do you use shared credit cards for? Unexpected expenses and big ticket items are the top uses for shared cards. Unexpected expenses Big ticket items Day-to-day purchases Household expenses Medical expenses Purchases for children Other 4% 74% 64% 61% 50% 44% 43% 65% 72% 78% 72% 75% 61% 71% 72% 61% 61% 68% 65% 63% 55% 64% 64% 63% 60% 60% 65% 56% 56% 64% 60% 58% 53% 45% 56% 45% 55% 60% 51% 47% 45% 42% 47% 41% 43% 45% 44% 51% 54% 29% 44% 41% 47% 35% 43% 2% 3% 6% 4% 4% 2% 5% 5% 9 Q15. Do you and your partner share a credit card? Q16. What do you use your shared credit card(s) for?

10 Special Occasion Spending Amount Spent on Significant Other Holidays attract the most spend. Birthdays are a big deal to Millennials. Holidays Anniversary $77 $148 $145 $166 $129 $173 $123 $138 $160 $157 $95 $83 $62 $104 $50 $90 $79 $86 Birthday $87 $114 $91 $71 $104 $71 $101 $95 $95 Valentine's Day $43 $63 $50 $28 $58 $29 $59 $42 $49 Amount Spent on Children Holiday spend on children doubles birthday spend. Spend on children is higher then spend on partners. Holidays Birthday Valentine's Day $29 $119 $244 $209 $271 $224 $255 $234 $226 $224 $241 $134 $125 $103 $124 $113 $134 $108 $118 $54 $34 $11 $40 $19 $43 $43 $32 Amount Spent on Friends & Family Celebrating friends and family is important. Holidays Birthday Valentine's Day $14 $51 $112 $110 $118 $107 $119 $106 $112 $120 $109 $69 $53 $41 $59 $43 $65 $47 $52 $32 $17 $4 $22 $6 $24 $17 $17 Amount Spent on Wedding Gifts For weddings, Millennial couples are outspending their older counterparts. Family Friends $67 $112 $120 $107 $115 $122 $103 $103 $80 $104 $83 $69 $57 $74 $60 $65 $60 $56 Co-workers $38 $55 $43 $25 $43 $33 $40 $33 $37 10 Q17. Thinking about special occasions, how much do you typically spend on your significant other? Q18. Thinking about special occasions as a couple, how much do you typically spend on your children? Q19. Thinking about special occasions, how much do you typically spend on friends/family other than your significant other? Q20. As a couple, how much do you, or would you, typically spend on a wedding gift for the following people?

11 Paying for Gifts Over one third (36%) have enough saved away for gifts; while 31% specifically need to save up (22%) or forgo other expenses (9%). One quarter worry about it later and use a credit card. We specifically save up/budget We use a financial windfall We forgo other expenses We use a credit card, worry later We always have enough set aside Other 22% 4% 9% 25% 36% 26% 25% 17% 19% 26% 29% 20% 24% 8% 4% 1% 4% 3% 4% 4% 4% 11% 9% 8% 8% 10% 10% 11% 9% 23% 26% 25% 28% 23% 24% 30% 23% 31% 31% 43% 38% 33% 28% 33% 37% 2% 4% 6% 3% 6% 5% 2% 3% 4% 11 Q21. How do you typically pay for gifts?

12 Couple Vacations How often do you go on vacation with your significant other? The large majority of couples travel together (85%), with over half hitting the road at least once a year. At least twice a year or more Once a year 28% 58% 28% 26% 30% 34% 22% 27% 35% 32% 38% 29% 27% 33% 26% 33% 31% 32% Every other year Once every 2-3 years Less often Never 30% 6% 7% 14% 15% 6% 7% 5% 6% 6% 8% 9% 6% 5% 6% 8% 5% 8% 6% 6% 7% 8% 15% 17% 12% 16% 10% 10% 12% 14% 17% 13% 9% 20% 16% 9% 12% What kind of vacations do you take? Domestic travel is the most popular, followed by local rentals and beach vacations. Domestic travel and sight-seeing 58% 65% 57% 56% 61% 55% 55% 64% 60% Rental at local beach/lake/mountains 32% 42% 33% 26% 33% 30% 33% 33% 33% Relaxing at exotic beach 31% 42% 38% 19% 33% 29% 40% 40% 32% Amusement park trip 25% 36% 30% 14% 28% 21% 34% 29% 26% Foreign/overseas exploration 22% 36% 21% 17% 26% 17% 28% 28% 24% Other 16% 5% 9% 27% 12% 21% 8% 11% 15% 12 Q22. How often do you go on vacation with only your significant other? Q23. What kind of vacation(s) do you usually take with your significant other?

13 Couple Vacations Paying for Couple Vacations Most often, couples are saving up for their vacations together. We specifically save up/budget We use a financial windfall We forgo other expenses We use a credit card, worry later We always have enough set aside Other Average Spend: $1,220 38% 6% 4% 19% 30% 44% 41% 33% 35% 41% 37% 39% 40% 10% 8% 3% 5% 8% 10% 3% 6% 6% 5% 3% 4% 4% 6% 8% 4% 17% 20% 20% 21% 17% 17% 21% 18% 23% 25% 38% 33% 27% 30% 28% 30% 0% 2% 3% 1% 3% 2% 1% 2% $822 $1,056 $1,566 $1,302 $1,126 $994 $1,266 $1,179 Impact of Traveling Together Traveling is worth it and for most couples brings them closer together. 60% 54% 50% 54% 54% 58% 57% 65% Extremely happy, brings us closer... Stressed, don t travel well together 54% 33% 87% 33% 32% 34% 35% 31% 32% 29% 30% 5% 12% 13% 9% 13% 9% 11% 4% 1% 1% 1% 1% 1% 0% 2% 1% 0% 1% 1% 1% 1% 1% 0% 0% 11% 1% 93% 87% 84% 89% 84% 90% 87% 95% 13 Q24. How do you pay for vacations with your significant other? Q30. [Vacation with only significant other] Thinking about vacations, how much do you typically spend on the following? Q25. On a scale of 1 to 5, how do you typically feel when on vacation or traveling with your significant other?

14 Family Vacations How often do you go on vacation with your entire family? Over one half of families travel at least once a year. At least twice a year or more Once a year Every other year 19% 35% 54% 33% 24% 6% 21% 17% 24% 29% 20% 46% 40% 23% 41% 29% 39% 35% 37% 8% 8% 8% 7% 8% 11% 10% 8% Once every 2-3 years Less often Never 8% 7% 16% 15% 3% 7% 8% 5% 8% 4% 7% 6% 4% 13% 25% 12% 19% 11% 8% 14% 7% 9% 30% 13% 18% 11% 11% 15% What kind of vacation do you take? Domestic travel and amusement parks are most popular for families. Domestic travel and sight-seeing 53% Amusement park trip 48% Rental at local beach/lake/mountains 38% 62% 57% 40% 58% 48% 58% 59% 55% 58% 51% 34% 47% 48% 57% 59% 50% 42% 38% 37% 38% 39% 30% 44% 39% Relaxing at exotic beach Foreign/overseas exploration Other 14% 9% 24% 37% 25% 14% 29% 19% 40% 41% 26% 25% 13% 8% 16% 11% 20% 20% 15% 3% 8% 15% 6% 12% 2% 2% 8% 14 Q26. How often do you go on vacation with your entire family, including children? Q27. What kind of vacation(s) do you usually take with your entire family, including children?

15 Family Vacations Paying for Family Vacations Most often, families are saving up for their vacations. Younger families are more likely to use a financial windfall such as a bonus or tax refund. We specifically save up/budget We use a financial windfall We forgo other expenses We use a credit card, worry later We always have enough set aside Other Average Spend: $1,722 40% 9% 5% 17% 27% 42% 40% 39% 34% 46% 40% 34% 40% 17% 10% 3% 9% 9% 9% 13% 10% 9% 5% 2% 6% 4% 9% 7% 4% 13% 17% 20% 21% 13% 13% 15% 17% 18% 27% 32% 29% 24% 28% 30% 26% 1% 1% 4% 1% 3% 1% 0% 2% $1,064 $1,790 $2,018 $1,705 $1,741 $1,559 $1,236 $1,660 Impact of Traveling As A Family While slightly less so than couples alone, travelling together brings families closer together. 54% 47% 42% 46% 48% 56% 50% 53% Extremely happy, brings us closer 47% 32% 37% 40% 39% 34% 31% 30% 35%... Stressed, its hard to relax 37% 83% 10% 12% 14% 11% 13% 9% 12% 9% 3% 3% 3% 4% 3% 3% 5% 2% 0% 1% 1% 0% 2% 1% 2% 1% 12% 3% 87% 83% 82% 85% 82% 88% 80% 88% 15 Q28. How do you pay for vacations with your entire family, including children? Q30. [Vacation with entire family (including children)] Thinking about vacations, how much do you typically spend on the following? Q29. On a scale of 1 to 5, how do you typically feel when on vacation or traveling with your family, including the children?

16 Money Mistakes Biggest Money Mistake About one-half don t feel they have made a big money mistake in a relationship. The biggest mistake is waiting too long to discuss money communication is key. Talking about money too early Waiting too long to discuss money Keeping a financial secret Sharing details about my partner s finances with a friend/family member Not being supportive of my partner's budget/financial situation 5% 24% 11% 5% 9% 46% 54% 10% 5% 3% 6% 4% 8% 6% 5% 20% 27% 21% 23% 24% 22% 21% 20% 14% 12% 9% 11% 11% 16% 11% 11% 7% 6% 2% 5% 5% 9% 5% 8% 14% 10% 7% 9% 10% 11% 9% 10% 34% 39% 59% 46% 46% 35% 47% 45% None Made Mistake: 66% 61% 41% 54% 54% 65% 53% 55% Consider Breaking Up if Uncovered a Financial Secret One-in-ten would consider breaking up with someone if they discovered a financial secret. One-in-five among Millennials. Yes No 11% 89% Yes No 21% 12% 6% 11% 11% 19% 16% 10% 79% 88% 94% 89% 89% 81% 84% 90% 16 Q31. Which of the below is the biggest money mistake you have made in a relationship? Q35. Would you consider breaking up with your partner if you discovered a financial secret such as hidden debt or a bad credit score?

17 Financial Secrets Currently Keeping a Financial Secret One-in-ten are keeping a financial secret from their partner. Secrets are more prevalent among Millennials, Hispanics and LGBT, as well as couples who have used a dating service, couples who keep their money separate and those who regularly argue about money. Yes 10% Yes No 22% 11% 4% 10% 10% 22% 17% 10% 78% 89% 96% 90% 90% 78% 83% 90% No 90% Yes Separate Money Combined Money Used Dating Service Not Used Dating Service Talk $ Weekly Argue $ Weekly <$100k HHI $100k+ HHI 32% 4% 29% 5% 12% 33% 10% 17% No 68% 96% 71% 95% 88% 67% 90% 83% Type of Secrets Planning to Come Clean A bank account 48% In the next year 48% Significant credit card debt Bad credit score Bankruptcy Unpaid student loans Child support payments/alimony Other 37% 32% 27% 26% 26% 16% In the next five years When we move in together When we get engaged When we get engaged I don't plan to tell my partner about my secret 28% 6% 2% 1% 15% 17 Q32. Are you currently keeping a financial secret from your partner? Q33. What are your financial secrets? Q34 When do you plan to tell your partner about your financial secret?

18 Impact of Debt on Willingness to Date Student Debt For most, Student Debt has no impact in there willingness to date. One quarter are less likely to date someone with student debt. I'd be more likely to date them It would have no impact I'd be a little less likely to date them I'd be a lot less likely to date them 5% 69% 19% 7% 26% 15% 5% 1% 7% 3% 13% 10% 7% 66% 70% 71% 70% 69% 59% 71% 71% 18% 19% 18% 17% 20% 20% 13% 17% 2% 6% 10% 6% 7% 8% 5% 6% Credit Card Debt Credit card debt is different 44% say they are less likely to date someone with this kind of debt. I'd be more likely to date them It would have no impact I'd be a little less likely to date them I'd be a lot less likely to date them 5% 51% 31% 13% 44% 14% 5% 1% 7% 3% 13% 10% 6% 53% 51% 49% 55% 46% 52% 56% 53% 26% 32% 33% 29% 34% 22% 27% 29% 7% 11% 18% 10% 17% 13% 7% 11% 18 Q36. How would a potential partner's significant student debt make an impact on your willingness to date them? Q37. How would a potential partner's significant credit card debt make an impact on your willingness to date them?

19 In You Financial Stability / Independence Indicators Owning a home is the biggest indicator of ones own financial stability or independence. Own a home Minimal credit card debt No longer live with parents Student loans are paid off No longer live with a roommate 8% 6% 2% 25% 51% 43% 55% 50% 55% 47% 49% 42% 51% 21% 22% 28% 22% 27% 22% 26% 23% 16% 7% 4% 7% 8% 12% 9% 8% 16% 7% 2% 7% 6% 10% 13% 7% 2% 2% 1% 2% 2% 1% 1% 2% In Your Partner Owning a home is also the biggest indicator of ones partner s financial stability or independence. Own a home Minimal credit card debt No longer live with parents Student loans are paid off No longer live with a roommate 2% 8% 7% 27% 46% 43% 49% 43% 46% 46% 47% 42% 45% 22% 24% 33% 26% 29% 23% 26% 24% 14% 8% 5% 8% 8% 10% 9% 8% 13% 9% 3% 10% 4% 10% 9% 13% 5% 3% 1% 2% 3% 3% 3% 5% 19 Q39. What milestone has most indicated or will most indicate your own personal financial stability or independence? Q40. What milestone has most indicated or will most indicate financial stability or independence in your partner?

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