BANK OF AMERICA
Merrill Edge is a streamlined investment service that gives you the investment insights of Merrill Lynch and the convenience of Bank of America banking to help simplify your financial life.
With Merrill Edge, you can see your Merrill Edge investment and Bank of America bank accounts on one page online, along with access to tools, research, support, and competitive pricing for online trades.
It’s easy to get started with Merrill Edge. It takes minutes to open your account and you can fund it directly from your Bank of America bank account.
Additional Merrill Edge benefits include:
Key Findings from the Merrill Edge Report
On May 13, 2013, Bank of America released the Merrill Edge Report, a semi-annual quantitative and qualitative study of the financial concerns and priorities of the mass affluent (consumers with $50,000-$250,000 in investable assets). Findings include:
Gen Y starting to plan for retirement earlier
Gen Y (ages 18-34) has been saving aggressively, averaging $55,000 already saved for retirement. Young investors are also starting to save much earlier, with an average starting age of 22, while baby boomers started saving on average 13 years later at the age of 35.
Mass affluent are making trade-offs to live the life they desire in retirement
Saving for retirement continues to be a top priority for the mass affluent. While they anticipate saving about $860,000 on average for retirement, more than half of respondents (54 percent) have less than $150,000 currently saved. Consequently, more than half (55 percent) of those not yet retired expect to retire later, which remains consistent with April 2012 and October 2012 findings.
Mass affluent parents are not compromising retirement savings to pay for college
Mass affluent parents are continuing to struggle with balancing the cost of their children’s college while saving for retirement. While cutting back and making trade-offs is essential, just 22 percent of mass affluent parents who saved or are saving for college said they would cut back significantly on their retirement savings to pay for their child to go to college.
Even with record high tuition rates, half (51 percent) of mass affluent parents will or have saved just $20,000 or less for their child’s entire college education, while nearly one in five (17 percent) mass affluent parents did not or will not save for their child’s college education at all.
Mass affluent are making lifestyle changes to pay down debt
Today, the mass affluent are optimistic about their financial futures. More than half (55 percent) of respondents believe they will have less debt over the next 10 years, while 33 percent believe they will have the same amount. About seven in 10 (67 percent) of those who believe they will have less debt 10 years from now plan to accomplish this by living a more frugal lifestyle.
Merrill Edge Report Methodology
Ketchum Global Research & Analytics and Braun Research conducted the Merrill Edge Report survey by phone between March 1, 2013 and March 18, 2013 on behalf of Merrill Edge. Braun contacted a nationally representative sample of 1,013 Americans in the United States with investable assets between $50,000 and $249,999, and oversampled 300 mass affluent in Dallas, Los Angeles, Orange County, Calif., San Francisco, Northern New Jersey and South Florida. The margin of error is +/- 3.1 percent for the national sample and +/- 5.7 percent for the oversample markets, with both reported at a 95 percent confidence level.
To help inform the Merrill Edge Report, Communispace conducted a series of qualitative studies including interactive conversations, surveys, and other dynamic and exploratory activities with its proprietary online community of 300 mass affluent consumers.
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.
News Releases and Additional Information
For More Information
For more information about Merrill Edge and the Merrill Edge Report, please contact Don Vecchiarello, Bank of America, 1.980.387.4899.