Penny for your thoughts? In the controversy about whether the U.S. penny should stay or go, most women want pennies to stick around, but men want to get rid of them. In the latest Investor Pulse survey from Spectrem Group’s Millionaire Corner (www.millionairecorner.com), 57 percent of women believe the United States should keep the copper coin, while 62 percent of men think the U.S. should get rid of it entirely.
Old People are Biggest Penny Fans
Responses broken down by age revealed that those aged 60 and older were most keen on keeping pennies in use. Surprisingly, the least supportive age group was not young people but middle-aged respondents between 41-50 years old; 57 percent of respondents in this age group want to get rid of pennies.
Gender and age aside, the slight majority of respondents (53 percent) think the U.S. should get rid of pennies.
Dollar Bills Set to Stay
Only 14 percent of respondents think the U.S. should get rid of dollar bills, with men again more likely to say they’d like to see them go (20 percent of men versus just 6 percent of women).
Unlike the penny, older respondents are more convinced that we should get rid of dollar bills, whereas young respondents favor keeping them around.
Investor Pulse from Spectrem’s Millionaire Corner is fielded each month to approximately 1,200 investors. A set of questions, which changes monthly, is asked regarding interesting topical issues. The resulting research is analyzed and segmented by: age, gender, household net worth, retirement plan ownership, occupation, investment risk tolerance, marital status, investment knowledge, household income. Spectrem’s Millionaire Corner conducts the survey through an online panel and specifically targets selected wealth segments. The survey is completed by the person primarily responsible for making the day-to-day financial decisions within the household.