CHERRY HILL, N.J., May 22, 2018 /PRNewswire/ -- Every year,
Americans tend to focus on health or finances as a priority, but
which do they care about more? TD Bank, America's Most Convenient
Bank®, decided to find out, and surveyed 1,091 consumers who have
set a new goal in 2018.
According to the survey, diet and fitness goals supersede
monetary goals, with the top health goal being to eat better (54
percent) and the top financial goal being to save more and spend
less (39 percent). Despite the majority of people being less
confident that they will achieve their goals to get in shape, they
are more likely to seek outside guidance with their money matters
than their nutrition or fitness routines.
Millennials care more about their waistlines than credit
lines
The top monetary goal across all ages is to save more
and spend less. However, millennials say eating healthy (56
percent) and getting in shape/staying fit (48 percent) is more
important than saving more and spending less (47 percent).
Nearly three quarters (73 percent) of survey respondents admit
to making a money mistake in the past year, and it's even higher
among millennials (83 percent). For the younger generation, the
biggest mistake was incurring too much credit card debt and not
paying it off (17 percent).
Still, only 21 percent of millennials view paying off debt as a
prime concern. Similar to their older counterparts, millennials say
building a nest egg or emergency savings account (42 percent) and
investing/saving for retirement (34 percent) takes precedence.
"Today's younger generations are faced with more challenging
levels of debt since schooling costs continue to outpace starting
salary growth," said Jason Thacker,
Head of Consumer Deposits, Products, and Payments at TD Bank. "So
they may prioritize goals differently than their older counterparts
due to the unique demands they experience in the modern
economy."
Want a beach body? Focus on your wallet first.
An
overwhelming majority of consumers (87 percent) agree that if their
finances are in order, other goals (fitness, health, career, etc.)
are easier to accomplish. That being said, only 4-in-10 Americans
are extremely or very satisfied with their fiscal health.
The report finds that women (32 percent) are significantly less
satisfied with their financial health than men (51 percent).
Additionally, 41 percent of those satisfied with their financial
health are more likely to be satisfied with their physical health
(75 percent), emotional health and wellness (85 percent) and family
well-being (87 percent).
However, this link is not as strong the other way around: of
those extremely or very satisfied with their physical health, only
69 percent are satisfied with their financial health.
For additional data from this survey, please contact
Lauren Schmidt at
lauren.schmidt@td.com.
Survey Methodology
Research company MARU/Matchbox
conducted the survey among a nationally representative sample of US
consumers who have set a new goal or made a resolution for
themselves in 2018. The online fieldwork occurred between
Jan. 7-18, 2018. A total 1,091
completes were gathered in the U.S. Data has been weighted by age,
gender and region to reflect the population. Margin of Error on the
total sample is +/-3 percent.
About MARU/Matchbox
MARU/Matchbox, formerly the
Research & Consulting division of Vision Critical, is a
professional services firm dedicated to improving its clients'
business outcomes. It delivers its services through teams of
sector-specific research consultants that have technology in their
DNA, specializing in the use of Insight Community and Voice of
Market technology. MARU/ Matchbox's research drives decision-making
across all aspects of customer experience, including innovation,
product, branding, commercialization and communications.
About TD Bank, America's Most Convenient
Bank®
TD Bank, America's Most Convenient Bank, is
one of the 10 largest banks in the U.S., providing more than 9
million customers with a full range of retail, small business and
commercial banking products and services at more than 1,200
convenient locations throughout the Northeast, Mid-Atlantic, Metro
D.C., the Carolinas and Florida. In addition, TD Bank and its
subsidiaries offer customized private banking and wealth management
services through TD Wealth®, and vehicle financing and dealer
commercial services through TD Auto Finance. TD Bank is
headquartered in Cherry Hill, N.J. To learn more,
visit www.tdbank.com. Find TD Bank on Facebook
at www.facebook.com/TDBank and on Twitter
at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank
Group and a subsidiary of The Toronto-Dominion Bank
of Toronto, Canada, a top 10
financial services company in North America. The
Toronto-Dominion Bank trades on the New
York and Toronto stock exchanges under the ticker
symbol "TD". To learn more, visit www.td.com.
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SOURCE TD Bank