BIG TICKET GIVEAWAY

Win 2 tickets to every event for a year! Click here to enter.

Present by The Daily Herald
The Herald of Everett, Washington
HeraldNet on Facebook HeraldNet on Twitter HeraldNet RSS feeds HeraldNet Pinterest HeraldNet Google Plus HeraldNet Youtube
HeraldNet Newsletters  Newsletters: Sign up | Manage  Green editions icon Green editions

Calendar


Weekly business news
HeraldNet Newsletter Delivered to your inbox each week.
Published: Sunday, May 25, 2014, 12:01 a.m.

‘Modern’ families struggle more financially than conventional ones

Nontraditional families, such as those headed by single parents or same-sex couples, are in far worse financial shape than conventional households headed by married heterosexuals with children, according to a new study.
Nontraditional families fare much worse across a variety of measures, including their ability to save money for emergencies and their own sense of economic well-being, according to the survey by insurance company Allianz.
Nearly half of so-called modern families, for example, live paycheck to paycheck. That compares with 41 percent of conventional households, according to the survey.
Only three in 10 nontraditional households have a high degree of confidence in their financial well-being versus 41 percent for their conventional counterparts.
The financial woes of modern families are a big issue given the growth of nontraditional structures in recent decades. Only 19.6 percent of U.S. households are composed of married heterosexual couples with children, down from the 40.3 percent in 1970, according to Allianz.
Aside from same-sex couples and single-parent homes, Alllianz defined nontraditional families as those with three or more generations living under one roof; blended families in which at least one parent has a child from a prior relationship; older parents with young children; or parents whose adult children live with them.
“New family structures have a direct impact on a family’s relationship with money and finances, and we found that, while modern families have similar strong emotional ties, they often feel financially less secure than their traditional counterparts,” said Katie Libbe, an expert on consumer insights at Allianz.
Story tags » FamilyPersonal Finance

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus
digital subscription promo

Subscribe now

Unlimited digital access starting at 99 cents, or included with any print subscription.

HeraldNet highlights

No-nonsense intensity
No-nonsense intensity: Neeson at his best as private eye in 'Tombstones'
Good reminder
Good reminder: In the NFL, even the best teams will face tough times
Hop over to Whidbey
Hop over to Whidbey: Alpacas to zinfandel, there's a lot to explore on farm tour
Diving right in
Diving right in: MG's Wherley has proven to be a natural on the diving board