Merrill Edge® Report

 
 

Merrill Edge Report: Spring 2017

 

Merrill Edge Report: Spring 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

63%
of millennials desire financial freedom vs. retiring

Financial freedom

Millennials are the first generation to consciously plan for financial freedom — the amount of savings or income necessary to live their desired lifestyle — instead of retirement. This drastically differs from the majority of Gen Xers and baby boomers who are saving to leave the workforce.
42%
of Americans are saving less than 10% of their salary

Savings perceptions vs. realities

While only 8% percent of respondents think millennials are doing a very good job at saving, this group saves 36% more of their annual income than their generational counterparts.
71%
of Americans don’t feel very confident they could achieve their financial goals if they get a divorce

Life’s “what-ifs”

Americans don't feel confident they could achieve their financial goals if certain life events occurred, yet they aren't always planning for them. Only 5% are financially planning for the possibility of a divorce.
"This spring's report shows us even more differences in how millennials and their parents view and save for the future. Young adults tell us they are willing to do whatever it takes to achieve freedom and flexibility, even if it means working for the rest of their lives. To ensure success, it's increasingly important these younger generations take a hands‑on, goals‑based approach to their long‑term finances and prioritize saving in the short‑term."
Aron Levine, Head of Merrill Edge
Read the Merrill Edge Report: Spring 2017
for insights on the mass affluent
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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 March 21-April 5, 2017. The survey consisted of 1,023 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 consists 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: Los Angeles; Dallas; South Florida; Chicago; Atlanta; and Phoenix. The margin of error is +/- 3.1 percent for the national sample and about +/- 5.6 percent for the oversample markets, all reported at a 95 percent confidence level.
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