How Much Money Does it Take to Be Happy?

TD Ameritrade survey examines Savers vs. Spenders: Savers are more
likely to be married, some Spenders just give up on saving

OMAHA, Neb.–(BUSINESS WIRE)–So much for retail therapy … the TD
Ameritrade Millennials and Money Survey
showed saving and the
financial security it may bring makes people happier than spending. Of
course, it’s easier for some to save than others. For example,
Millennials have more debt and student loans than Boomers. The survey of
2,100 U.S. adults identified Americans as either Savers or Spenders and

  • The minimum personal income to be happy is $58,000 for Boomers and
    $51,000 for Millennials
  • Only a quarter of Millennials say spending money helps them enjoy life
  • Savers are more likely than Spenders to be married, own homes and have
    higher incomes
  • Savers marry Savers, which they say prevents arguments (59 percent
    Boomers, 57 percent Millennials)
  • Savers – both Millennials and Boomers – find saving makes them happy
    (67 percent, 71 percent) and most (8 out of 10) equate it with security

“Our research shows that it isn’t so much having more
money as it is saving money that can make people feel more
financially secure and happy,” said Dara Luber, a retirement and
long-term investing professional at TD Ameritrade. “The more money you
have saved, the freer you are to take control of your own destiny and
make choices to improve your quality of life.”

Eighty-two percent of Millennials are saving for something other than
retirement, such as vacation or an emergency fund while 80 percent of
Boomers, who are nearing a time when they may no longer work, are saving
primarily for retirement.

  • One in four Millennials is saving for a down-payment on a home, almost
    one in five (18 percent) is saving for education and one in 10 for a
    wedding/civil ceremony
  • Boomers are saving twice as much for retirement as Millennials, with a
    median of $300 vs. $150 per month

Despite the fact that Millennials are saving for other things, more than
two-thirds (72 percent) have already started saving for retirement.

“While we’re thrilled to learn the majority of Americans have positive
savings habits, we can’t ignore the fact that a significant number of
non-savers find long-term saving to be difficult, if not impossible,”
Luber said. For instance:

  • Of those who aren’t saving, two-thirds (67 percent) of Millennials and
    more than half (56 percent) of Boomers say they can’t afford to save
  • More than a quarter (26 percent) of non-retired Boomers expect that
    they will never fully retire, along with 23 percent of Millennials
  • 14 percent of Millennial Spenders say they are Spenders because they
    have so much debt they don’t care about saving anymore
  • Millennials hold more non-mortgage debt ($15,000) than Boomers
  • Four in 10 (39 percent) Millennials are paying off student loans by
    making median monthly payments of $200

“Everyone needs to start somewhere, and a commitment to a regular
long-term savings plan – no matter how small – is well worth the
effort,” Luber said. “If your end goal seems daunting, break it down
into smaller goals and celebrate milestones along the way. Use these
small happy moments as motivation toward your big money goals like

Ameritrade’s 2016 Goal Planning Survey
shows that people who have a
savings plan with specific goals are more likely to make progress toward
fulfilling their savings or investing targets. Not sure how to get
started? Investors of any age and experience level can benefit from a
free, comprehensive financial goal planning session with an investment
consultant at TD Ameritrade’s more than 100
branch locations
. Visit

About TD Ameritrade Holding Corporation
Millions of
investors and independent registered investment advisors (RIAs) have
turned to TD Ameritrade’s (Nasdaq: AMTD) technology,
and education
to help make investing and trading easier to understand and do. Online
or over the phone. In a branch or with an independent RIA. First-timer
or sophisticated trader. Our clients want to take control, and we help
them decide how — bringing Wall Street to Main Street for more than 40
years. An official sponsor of the 2016 U.S. Olympic and Paralympic
Teams, TD Ameritrade has time and again been recognized as a leader in
investment services. Please visit TD Ameritrade’s newsroom or
for more information.

Brokerage services provided by TD Ameritrade, Inc., member FINRA (

About Head Solutions Group
Head Solutions Group (U.S.) Inc.,
is a leading market research partner for Financial Services companies in
North America. With offices in New York, Toronto and Montreal, Head
delivers the deep customer insights that increase institutional
knowledge and propel business action. TD Ameritrade and Head Solutions
Group are separate and unaffiliated firms and are not responsible for
each other’s services or policies.

About the 2016 Millennials and Money Survey
A 20-minute
online survey was conducted with 2,100 American adults (half Boomers and
half Millennials) by Head Solutions Group, between June 17 and June 21,
2016, on behalf of TD Ameritrade Holding Corporation. The statistical
margin of error for the total sample of N=2,100 American adults within
the target group is +/- 2.1 percent. This means that, in 19 out of 20
cases, survey results will differ by no more than 2.1 percentage points
in either direction from what would have been obtained by the opinions
of all target group members in the U.S. Sample was drawn from major
regions in proportion to the U.S. Census. Generations used in this
report are defined according to the Pew Research Center. Millennials
(born 1981 to 1997, ages 18 to 35 in 2016) and Baby Boomers (born 1946
to 1964, ages 52 to 70 in 2016).

Source: TD Ameritrade Holding Corporation


TD Ameritrade Holding Corporation
Rebecca Niiya, 402-574-6652
& Public Affairs