Merrill Edge® Report

 
 

Merrill Edge Report: Fall 2017

 

Merrill Edge Report: Fall 2017

Our nationwide survey, delivered semi‑annually, takes an in‑depth look at the financial concerns and priorities of mass affluent Americans — U.S. households with investable assets ranging from $50,000 to $250,000.Footnote 1
Aron Levine - Head of Merrill Edge. Click to see the Merrill Edge Report insights.

Insights from the Merrill Edge Report

66%
of millennials believe they will be able to rely on their savings account in 20 years

Millennials' "do-it-myself" mindset

When asked what they'll be able to rely on in 20 years, millennials' top response was their savings account — a self-created and self-funded source. In fact, millennials place greater trust in their own stewardship than they do in their personal relationships with their significant other (57 percent) and friends (56 percent).
54%
of millennials are willing to cut back on going out to save more money in the long run

Sacrificial spending decisions

After witnessing the recession and the effects it had on their older generational counterparts, millennials are willing to take matters into their own hands by making sacrifices and delaying life milestones, including skipping vacation for a year and saving more than half of their paycheck.
73%
of Americans say providing for family is essential to their definition of success

Family first

Americans are redefining the idea of "success," and are moving from an earning potential concept toward their ability to make a positive impact on their communities and families. Providing for family is viewed as essential to the definitions of both success and wealth.
"As we observe how Americans look at their financial future, younger generations continue to rewrite the rules for the rest of us. We're excited to see this group take financial matters into their own hands by becoming increasingly self-motivated and financially savvy. By being more conservative with their money now, they're looking to seize the financial future they desire in the long term."
Aron Levine, Head of Merrill Edge
Read the Merrill Edge Report: Fall 2017
for insights on the mass affluent
View and share infographics
from the Merrill Edge Report

Resources

Reporters may contact:
Susan Atran – 
Bank of America – 
646.743.0791 | Email
Footnote 1 Respondents in the study were defined as aged 18 to 34 (millennials) with investable assets between $50,000 and $250,000 or those aged 18 to 34 who have investable assets between $20,000 and $50,000 with an annual income of at least $50,000; or aged 35-plus with investable assets between $50,000 and $250,000.

Methodology

Convergys (an independent market research company) conducted a nationally representative, panel-sample online survey on behalf of Merrill Edge Sept. 624, 2017. The survey consisted of 1,010 mass affluent respondents throughout the U.S. Respondents in the study were defined as aged 18 to 34 (millennials) with investable assets between $50,000 and $250,000 or those aged 18 to 34 who have investable assets between $20,000 and $50,000 with an annual income of at least $50,000; or aged 35-plus with investable assets between $50,000 and $250,000. For this purpose, investable assets consist of the value of all cash, savings, mutual funds, CDs, IRAs, stocks, bonds and all other types of investments excluding primary home and other real estate investments. We conducted an oversampling of 300 mass affluents in the following markets: Southern California, Dallas, Chicago, Atlanta, and Phoenix. An additional group of 205 Generation Z respondents was surveyed. The margin of error is +/- 3.1 percent for the national sample, about +/- 5.6 percent for the oversample markets, and +/- 6.8 percent for the Gen Z group, all reported at a 95 percent confidence level.
ARL55C48
Connect with us:
LinkenIn
Twitter
YouTube
Connect with us:
LinkenIn
Twitter
YouTube
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Neither Merrill Lynch nor any of its affiliates or financial advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Merrill Edge is available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) and self-directed online investing.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment Products:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value


MLPF&S is a registered broker-dealer, Member Securities Investor Protection Corporation (SIPC)Member Securities Investor Protection Corporation (SIPC) and a wholly owned subsidiary of Bank of America Corporation.

© Bank of America Corporation. All rights reserved.