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Experian Consumer Newlywed Survey

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1
EDELMAN BERLAND
Experian Credit Score
Newlywed Survey Report
February 2016

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2 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement
WHO HOW MANY ACCURACY WHEN HOW
Newlywed Adults
Nationwide
...

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3 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement
Key Findings
• Finance and credit play a bigger role in th...

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Experian Consumer Newlywed Survey

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Experian recently surveyed newlyweds nationwide to see what role credit and finances play in establishing a life together and achieving long-term financial goals, such as buying a home. The results suggest financial discussions should take place before saying “I do.”

Experian recently surveyed newlyweds nationwide to see what role credit and finances play in establishing a life together and achieving long-term financial goals, such as buying a home. The results suggest financial discussions should take place before saying “I do.”

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Experian Consumer Newlywed Survey

  1. 1. 1 EDELMAN BERLAND Experian Credit Score Newlywed Survey Report February 2016
  2. 2. 2 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement WHO HOW MANY ACCURACY WHEN HOW Newlywed Adults Nationwide (Have been married within the past year) n=1,002 Margin of Error: +/- 3.1% Data Collection Occurred January 21 - February 1, 2016 Online Survey Methodology Results are compared with those of an online survey of n=1,010 married adults ages 30- 49 nationwide conducted April 16-19, 2014. Demographics
  3. 3. 3 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement Key Findings • Finance and credit play a bigger role in the modern-day marriage • Today’s newlyweds are more likely to have discussed long-term financial goals and credit scores with their spouse before getting married • A potential partner's credit score was more important to today’s newlyweds when selecting their spouse than it has been to other married couples • Still, newlyweds may be in for a few financial surprises • Although most newlyweds discuss finances before getting married, one in three are still surprised by their spouse’s financial situation and spending habits • On average, newlyweds would spend more than $800 without telling their spouse, and 15% report having a financial account that their spouse does not know about • Credit becomes critical within the first year of marriage • Newlyweds’ say credit already plays an important role in their marriage – mostly in getting good interest rates and securing a loan to buy a house, which is newlywed’s top financial goal • Credit scores are already a source of stress in 39% of newlywed marriages
  4. 4. THE MODERN MARRIAGE
  5. 5. 5 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement 98% 95% 77% 86% 95% 92% 86% 82% Personality Compatibility Financial Responsibility Career Ambition Physical Attractiveness Attribute Importance (Shown: % Important) Married Newlywed Similar to married couples overall, newlyweds value financial responsibility over physical attractiveness in a spouse Q7: How important are each of the following attributes in a spouse?
  6. 6. 6 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement 79% 73% 69% 60% 55% 43% 76% 69% 68% 69% 55% 60% Annual income Student loan debt Bill payment history Long term financial goals Retirement savings Credit score Learned about Spouse Before Marriage (Shown: % Learned about Spouse) Married Newlyweds Today’s newlyweds are more likely than married couples overall to discuss long-term financial goals and credit scores before their wedding Q10: Please indicate when, if ever, you learned each of these things about your spouse. His/her…
  7. 7. 7 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement 49% 33% 60% 56% Important Agree Married Newlyweds Credit scores are more important and top-of-mind for newlyweds today when they are selecting a spouse Q16: When choosing your spouse, how important was it for him/her to have a good credit score? Q20: To what extent do you agree or disagree: “Before I was married, I considered how a potential spouse’s credit score could affect my finances.” Credit Score Importance when Choosing a Spouse Considered the Impact of Spouse’s Credit Score Before Marriage
  8. 8. 8 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement Newlyweds discuss their financial goals more frequently and are more likely to discuss even small, everyday purchases with their spouses Q13: Approximately how often do you discuss financial goals with your spouse? Q11: How likely are you to discuss the following financial topics with your spouse? 64% 96% 75% 92% Small, everyday purchases Large investments Purchase Discussions (Shown: % Likely to Discuss) Married Newlyweds 30% 12% 50% 59% 20% 29% Married Newlyweds Financial Goal Discussions (Shown: % Frequency of Discussions) Weekly Monthly Less often 70% Monthly+ 88% Monthly+
  9. 9. 9 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement Despite having more manageable financial situations than married couples overall, newlyweds are more debt-averse Q15: Please indicate whether you would agree with that statement and whether you think your spouse would agree. 61% 59% 34% 36% Our bills are overwhelming We feel comfortable taking on more debt Financial Decision-Making Statements (Shown: % I would agree) Married Newlyweds
  10. 10. FIRST YEAR FINANCIALS
  11. 11. 11 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement ONE IN THREE NEWLYWEDS SAY THAT THEIR SPOUSE’S ARE DIFFERENT THAN WHAT THEY EXPECTED BEFORE MARRIAGE Q10A: To what extent do you agree or disagree with each of the following statements? Q12: What is the maximum amount of money that you would spend before discussing it with your spouse? While most newlyweds talk about finances before their wedding day, many still end up surprised by their spouse’s finances and spending habits FINANCIA L SITUATIO N SPENDIN G HABITS 33% 36% $808 AVERAGE AMOUNT NEWLYWEDS WILL SPEND BEFORE DISCUSSING IT WITH THEIR SPOUSE MEN $1,259 WOMEN $383
  12. 12. 12 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement Some newlyweds even have secret financial accounts that their spouses do not know about – particularly new husbands Q15A: Which of the following types of financial situations do you have? Q15B: You mentioned that you have a joint account with your spouse. Have you opened a joint financial account, merged financial accounts or both? (Asked if have a joint financial account, n=741) 16% 74% A secret financial account my spouse does not know about A joint financial account with my spouse Credit Card & Banking Accounts (Shown: % Currently Have) 46% 28% 26% Financial Account Discussions (Shown: Among those with joint accounts) Opened a joint financial account Merged a financial account Both MEN 20% WOMEN 12%
  13. 13. 13 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement Q14A: When you think about your first year of marriage with your spouse, what do you consider to be your biggest financial concern? 12% 13% 14% 16% 19% 23% Having to merge financial accounts Not being able to save enough money for retirement Managing joint financial accounts Not being able to support a family Not being able to pay off debt Developing a shared budget Top Financial Concern In their first year of marriage, most couples are most concerned about creating a shared budget with their spouse and paying off their debt DEVELOPING A SHARED BUDGET is the top financial concern for all newlyweds regardless of age and gender or whether this is their first marriage or they are remarried NOT BEING ABLE TO PAY OFF DEBT is the top financial concern for less affluent newlywed couples (combined household income less than $50,000)
  14. 14. 14 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement Q14: Which of the following do you consider to be your and your spouse’s biggest financial goal [in your first year of marriage]? Q13A: How do you and your spouse plan to use the money that you received at your wedding? Newlyweds’ biggest financial goal is saving to buy a home, and most plan to put their wedding money toward a starter home 5% 6% 7% 7% 13% 19% 20% Paying off student debt Paying off a home loan Paying off wedding debt Saving for retirement Saving for a vacation To save to provide for family Saving for a home Plans for Using Wedding Money 13% 33% 18% 9% 7% 9% 1% 33% 12% 10% 10% 10% 9% 6% Saving for a home Saving for retirement Paying off a home loan Saving for college education Saving for a vacation Paying off student debt Paying off wedding debt Top Financial Goal Married Newlyweds SAVING FOR A HOME is the top financial goal for all newlyweds regardless of age, gender and household income or whether this is their first marriage or they are remarried
  15. 15. 15 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement 33% 32% 29% 28% 24% 24% 18% Getting good interest rates Securing a loan to buy a house Getting good insurance rates Securing a loan to buy a car Managing a joint credit account Saving for retirement Saving for children’s college education Role of Spouses’ Credit Score in Marriage (Shown: % Has Played an Important Role in Marriage) Already, newlyweds report that their spouses’ credit score plays an important role in their marriage – and is a source of stress for some Q19: In which of the following ways has your or your spouse’s credit score played an important role in your marriage? Q20: To what extent do you agree or disagree : “My spouse’s credit score OR My credit score has been a source of stress in our marriage.” 39% 61% Credit Score as a Source of Stress in Marriage Yes No 80% ANY OF THESE
  16. 16. 16 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement Q21: Please indicate whether you and your spouse have ever encountered each of the following financial situations since getting married: Required a co-signer Q22: Which of the following describes the reason(s) you needed a parent or in-law to co-sign on your behalf? [Asked of those who have required a co-signer since getting married, n=188] 19% HAVE REQUIRED A PARENT OR IN- LAW TO CO-SIGN ON THEIR BEHALF AFTER GETTING MARRIED Many newlyweds still need a co-signer even after their wedding day because they have a brief employment history or insufficient income 25% 34% 35% 36% Debt from previous marriage Poor credit Insufficient income Not been employed long enough Reasons for Needing a Co-Signer (Shown: Among those who Required a Cosigner)
  17. 17. IDENTITY THEFT & PROTECTION
  18. 18. 18 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement Q18A: How, if at all, do you monitor your personal credit? Q18: How knowledgeable do you feel about credit scores and reports? 35% 47% 18% Knowledge of Credit Scores & Reports Very knowledgeable Somewhat knowledgeable Not knowledgeable Newlyweds claim to be well-informed about credit, yet many do not engage in credit monitoring activities 14% 17% 27% 28% 33% 41% 42% Enrolled in paid credit monitoring service Use a financial app Receive fraud alerts from bank Enrolled in free credit monitoring service Review credit report annually Check credit score annually Check financial statements regularly Credit Monitoring Practices 38% ENROLLED IN CREDIT MONITORING SERVICE
  19. 19. 19 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement 22% 28% 33% 17% Identity Theft Impact on Financial Goals (Shown: Among victims of identity theft) Impacted a great deal Impacted somewhat Not impacted too much Not impacted at all Identity theft has a significant impact on newlyweds’ financial goals Q21: Please indicate whether you and your spouse have ever encountered each of the following financial situations since getting married: Identity theft Q23: To what extent has identity theft impacted your family’s financial goals? [Asked of those who have been / whose spouses have been victims of identity theft, n=149] 50% IMPACTED 15% OF NEWLYWED MARRIAGES HAVE AT LEAST ONE SPOUSE THAT HAS BEEN A VICTIM OF IDENTITY THEFT
  20. 20. APPENDIX
  21. 21. 21 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement Categor y Subcategory Tot al Gender Male 49% Female 51% Age 18-24 14% 25-34 48% 35-44 23% 45+ 15% Region Northeast 18% South 37% Midwest 22% West 23% Race White 74% African- American 13% Asian 7% Other 6% Ethnicit y Hispanic 21% Non-Hispanic 79% Category Subcategory Total Children Yes 35% No 65% Previous marriage 9% Education HS or less 14% Some college 29% College graduate 40% Graduate school 17% Previously Married No 74% Yes, Once 18% Yes, 2+ times 7% Knowledg e of own credit score Yes 79% No 14% Unsure 7% Totals may not add up to 100 due to rounding Category Subcategor y Self Spous e Credit score Poor 9% 11% Average 14% 13% Good 23% 25% Very Good 33% 31% Exceptional 19% 18% Unsure 2% 1% Employme nt Employed 80% 86% Retired 3% 3% Unemployed 3% 3% Student 4% 2% Homemaker 8% 4% Individual annual income < $25K 29% 22% $25K - $49K 26% 33% $50K - $74K 19% 22% $75K - $99K 13% 12% $100K+ 9% 7% Refused 4% 4% Demographics
  22. 22. 22

Hinweis der Redaktion

  • Survey methodology
    The data points referenced above come from a study commissioned by ConsumerInfo.com, Inc., an Experian company, produced by research firm Edelman Berland and conducted as an online survey of n=1,002 newlywed adults nationwide (those who have gotten married within the past 12 months). Interviewing took place from January 21, 2015 through February 1, 2016. The margin of error is plus or minus 3.1 percent.

    Results are compared with those of an online survey of n=1,010 married adults ages 30-49 nationwide conducted April 16-19, 2014.

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