Bank of America : Dallas/Fort Worth’s New Definition of Success Is All About Family

The definition of success is changing in Dallas/Fort Worth and across the country. Almost three-quarters of both Dallas/Fort Worth residents and Americans believe being able to provide for family is most essential to defining success.

In comparison, monetary and career-focused advancements are seen as far less essential. In fact, only 13 percent of Dallas/Fort Worth residents say being a millionaire is essential to their definition of success, and 11 percent consider having an impressive resume important.

These findings come from the latest Merrill Edge Report, a biannual survey of 1,000 mass affluent Americans that oversampled 304 Dallas/Fort Worth residents between September 6 and September 24, 2017. The report reveals how Americans and Dallas/Fort Worth residents are redefining success - placing greater importance on their ability to make a positive impact on their families than just on the amount of money they make.

'Providing for family is at the heart of success for Dallas/Fort Worth respondents, and we're seeing a shift in how people prioritize and set goals accordingly,' said Ryan Deany, regional manager at Merrill Edge. 'It's important to set financial goals early and create a strategy to pursue them, no matter if you're saving for a house, your child's education or your family's dream vacation.'

Avoiding relatives' mistakes

Although Dallas/Fort Worth residents believe family is essential to their definition of success, they may not believe their extended family or siblings are financially successful. Dallas residents would rather avoid the mistakes of their extended family (44 percent) and siblings (42 percent) than follow in their extended family's (24 percent) or siblings' (25 percent) footsteps.

As Dallas/Fort Worth respondents hope to avoid their family's perceived mistakes, they may be making wiser financial decisions, giving them a more optimistic outlook about money.

Dallas/Fort Worth respondents and Americans in general feel their investment habits are more 'successful' (53 percent versus 48 percent nationally) now than they were 10 years ago. They also feel their investment habits are more 'forward-looking' (56 percent versus 52 percent nationally), 'responsible' (53 percent versus 54 percent nationally) and 'vigilant' (52 percent versus 47 percent nationally).

A conservative approach to finances

Dallas/Fort Worth residents are also less inclined to take risks. Many Dallas/Fort Worth respondents see the following as risky:

• Putting all of their money in the market (55 percent).

• Quitting their job without another one lined up (55 percent).

• Taking a job without benefits (46 percent).

• Not investing in a 401(k) (46 percent).

Perhaps this outlook on risk is driven by fear of a potential recession. Seventy percent of Dallas/Fort Worth respondents predict another recession will occur in their lifetime, and about three in 10 believe it will occur in the next five years.

However, Dallas/Fort Worth residents appear to be taking matters into their own hands by making financial sacrifices, including cutting back on going out (41 percent) and skipping vacation for a year (32 percent).

For more in-depth information about the financial behaviors and priorities of mass affluent Dallas/Fort Worth residents and Americans in general, read the entire fall 2017 Merrill Edge Report here.

Merrill Edge Survey Methodology
Convergys (an independent market research company) conducted a nationally representative, panel-sample online survey on behalf of Merrill Edge Sept. 6-24, 2017. The survey consisted of 1,010 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 consist 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: Southern California, Dallas/Fort Worth, Chicago, Atlanta, and Phoenix. An additional group of 205 Generation Z respondents was surveyed. The margin of error is +/- 3.1 percent for the national sample, about +/- 5.6 percent for the oversample markets, and +/- 6.8 percent for the Gen Z group, all reported at a 95 percent confidence level.

Merrill Edge
Merrill Edge is a streamlined investment service that provides access to the investment insights of Merrill Lynch and the convenience of Bank of America banking. With Merrill Edge, clients can view their Merrill Edge investment and Bank of America bank accounts on one page online. They also have access to easy-to-use tools, actionable insights, one-on-one guidance and competitive pricing for online trades.

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 34 million active users, including 24 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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Susan Atran, Bank of America, 1.646.743.0791
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