Finances or Football? New Survey Finds Surprising Number of Men Choose to Spend Free Time on Money Matters Over Watching Sports
WILMINGTON, Del., Oct. 25, 2011 /PRNewswire/ — ING DIRECT USA, the nation’s largest direct bank, and Men’s Health found that men have learned their lessons from recent financially tough times and are keeping close tabs on their wallets.
In fact, survey findings revealed that 42 percent of men spend more time working on their personal finances (including investments) each week than watching sports. Additionally, 44 percent of men have $100,000 or more in net worth.
“A surprisingly large number of men surveyed are saving for retirement, paying off their mortgages and watching their finances more closely, things that simply were not happening just five years ago,” said Arkadi Kuhlmann, President and CEO of ING DIRECT USA. “Being financially fit and responsible is something all consumers should strive for and these findings prove that people see the value in being in control of their money and future.”
“Our readers are constantly asking us about how they can improve their finances,” said David Zinczenko, Editor-in-Chief of Men’s Health. “We developed this survey to gather better insight into where our readers are succeeding and where they are failing so we can better help them achieve financial success.”
ING DIRECT and Men’s Health partnered together to determine the level of financial fitness among men in America and the results are encouraging.
Top findings on men’s entertainment spending habits include:
- Ninety-one percent of men were only willing to spend $1,000 to ensure “what happened there stayed there” at a bachelor party; and
- Only 11 percent of men spend between $100 and $199 each week going out (drinks, dinner, pool, etc.); the majority (40 percent) spends no more than $49 each week.
Additional top findings include:
- 31 percent of men have more than six months of living expenses saved in an “emergency fund” (available in cash, not including retirement savings); however that leaves 69 percent who have less than six months’ worth saved;
- Men were most likely (40 percent) to deposit an extra $1,000 into the emergency fund over contributing to their retirement fund or spending it on themselves or a significant other;
- Fifty one percent of men always or usually pay their monthly credit card balances in full; and
- Of those who own a home, 56 percent of men are current in their payments and have some equity, while 35 percent of men own their home in full.
The national phone and online survey was conducted within the United States by TNS on behalf of ING DIRECT USA March 30 through April 3, 2011 among 1,000 adults age 18+, 500 of whom were males. No estimates of theoretical sampling error can be calculated; a full methodology is available.
About ING DIRECT USA
ING DIRECT, the nation’s largest direct bank and largest thrift, is dedicated to inspiring Americans to become a nation of savers. Since its inception in 2000, more than 7.6 million Americans have entrusted their savings with ING DIRECT, building the bank to nearly $91.3 billion in assets. ING DIRECT has developed a comprehensive social media Savers Community, including Twitter, Facebook and it’s We, The Savers blog. For more information about ING DIRECT call 1-800-ING-DIRECT, and for information about its commitment to financial education visit Planet Orange(SM).
Style note to Editors: ING DIRECT is always capitalized and never referred to as ING.
About Men’s Health (www.menshealth.com)
Men’s Health is the go-to source for guys seeking the latest information and expert advice in their pursuit of a healthy and active lifestyle. Published 10 times a year in the U.S. by Rodale, Men’s Health is the best-selling men’s magazine on newsstands and provides its 12 million readers with the up-to-the-minute information on health, fitness, fashion, nutrition, relationships, travel, technology and finance. Men’s Health is the largest men’s lifestyle magazine brand in the world, offering 40 global editions, a host of apps for iPhone, Android, and BlackBerry subscribers, as well as branded books, eBooks and microsites. The magazine has garnered numerous industry accolades, winning National Magazine Awards in the general excellence and personal service categories as well as being deemed by Media Industry Newsletter as the “#1 Most Notable Magazine Launch of the Last 25 Years.” Men’s Health has also made several appearances on Advertising Age’s “A List” and Adweek’s “Hot List.” For up-to-date news from Men’s Health, visit www.menshealth.com, and get instant updates on Twitter (@MensHealthMag) and Facebook (Men’s Health).
Laura DiLello, ING DIRECT USA
Allison Keane, Men’s Health
SOURCE ING DIRECT USA