Younger couples are more likely to make financial decisions as a team than older couples, according to a survey by TD AMERITRADE. One reason may be due to more women active in the workforce in the 70s and 80s, resulting in their having more of a role in their families’ financial matters.
Results also suggest the idea of just one family member being responsible for taking care of the finances has changed. Another finding is younger generations have recognized the need to be more collaborative regarding financial matters in a recession.
- Twenty-six percent of couples ages 65 and older report the breadwinner alone makes decisions about paying bills, compared to 17 percent of couples ages 18-34 who reported the same.
- Twenty-eight percent of couples ages 65 and older report the breadwinner alone is responsible for making decisions about how to manage debt, compared to 13 percent of couples ages 35-44.
- Ninety-four 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.
- Ninety-seven percent of those ages 65 and older who are single report making decisions about paying bills alone, compared to 76 percent of those ages 18-34 who are single.
- Twenty 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 and older who are single.
Source: TD AMERITRADE