When it comes to financial planning, blended families are often faced with how extended family or step family members figure into their decisions about money. Take the first step toward understanding more about their unique dynamics with these five insights.
Blended families are more common than ever
The “traditional family” is often thought of as a married heterosexual couple with children younger than age 18, all living in the same household. Yet only 35% of American families fall under this definition.1
They can feel misunderstood
7 out of 10 understands their situation. Investors believe financial advice is often designed for a traditional family.2 A common concern is finding a financial professional who understands their situation.
They’re often struggling with combined debt
43% report that their new relationship has come with additional financial burdens.3
Blended families often have less savings
They report an average of $158,600 in savings and investable assets, compared with $264,300 for traditional families.3 Additionally, 46% feel they’re less likely to achieve their financial goals.4
They’re seeking a way to save
36% of blended families without a financial professional say that developing a savings strategy is the #1 thing they want guidance on.3
To Learn More:
1 “Beyond the Picket Fence: Financial Challenges of the Modern American Family,”www.ubs.com (last updated Sept. 6, 2019)
2 “The Traditional Family Wasn’t and Isn’t Today,” Charles McCain, Cannon Financial Institute (May 5, 2016)
3 “Changing Family Dynamics Create New Financial Needs,” The Allianz Love Family Money Study (October 2014).
4 “The Costs and Benefits of the Blended Family,” Kimberly Palmer, U.S. News World Report (Feb. 25, 2015).
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