‘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.

More in Herald Business Journal

Exec director of Future of Flight in Mukilteo stepping down

A former board president will temporarily lead Snohomish County’s most popular tourism attraction.

Seafood producer Keyport moves corporate HQ to Edmonds

The family business sees the city as business friendly — and able to accommodate expansion.

Tax bill will help fund 5,000 layoffs, Kimberly-Clark says

Executives declined to say which factories the company would be closing.

Ex-Boeing executive Ray Conner joins Alaska Air board

Alaska Air Group said his appointment affirms the company’s commitment to its Northwest roots.

AI can read! Tech firms race to smarten up thinking machines

“A long way from computers being able to read … general text in the same way that humans can.”

Peoples, HomeStreet banks bump lowest salaries after tax cut

The banks with Snohomish County branches will raise minimum salaries for employees to $15 an hour.

Amazon opens store with no cashiers, lines or registers

The Seattle store allows shoppers to use a smartphone app to pay for items they want.

The expansion at Angel of the Winds Casino is expected to add room for up to 300 more slot machines and 16 new table games. (Courtesy Angel of the Winds)
Groundbreaking held for multimillion-dollar casino expansion

Angel of the Winds will gain up to 300 more slot machines, a 200-seat buffet and more.

Trump hits solar panels, washing machines with tariffs

The administration cast the decisions as part of his pledge to put American companies and jobs first.

Most Read