Changing Family Dynamics Create New Financial Needs: How the Evolution of the American Family is Creating New Challenges - and Revealing New Opportunities - for the Financial Services Industry

Dec 28, 2015
  • Description

Over the past 40 years, shifting demographics and profound attitudinal changes have helped redefine the concept of "family" for many Americans. In fact, the very structure of the American family is changing dramatically: According to the U.S. Census Bureau, today only one in five U.S. households (19.6%) is made up of a married heterosexual couple with children -- compared to 40.3% in 1970. To understand how this evolving family structure is changing Americans' relationship with money and financial planning, Allianz commissioned the LoveFamilyMoney study. The study sought to explore exactly how American families are changing, and to answer one fundamental question: "How does the evolving family structure change Americans' relationship with money and financial services?" This white paper summarizes the study's key findings.