Allianz LoveFamilyMoney Study
Successful saving, planning and preparing for retirement
BY SARA THURIN ROLLIN
Despite the fact that they may be perceived as the most "untraditional" among all family types, same-sex-couple families with kids are emerging leaders when it comes to success with their finances, according to the Allianz LoveFamilyMoney Study of 4,500 Americans. When asked how financially secure they feel, almost four in 10 (37%) same-sex-couple families with kids reported feeling a high level of financial security—a very similar level to traditional families (41%) and significantly higher than each of the other modern family types identified. In the study, same-sex-couple families were the only modern family type that included respondents with and without kids because of their developing and unprecedented family structure.
The Allianz LoveFamilyMoney Study also discovered that same-sex-couple families with kids have a similar financial profile as traditional families. When asked to describe their current financial situation, half of same-sex-couple families with kids (50%) and traditional families (52%) described themselves as either wealthy/affluent or financially comfortable. This was much higher than all other modern family types who reported the same current financial status.
"When it comes to managing family finances, the study revealed that same-sex-couple families, which combine those couples with and without kids, have more in common with traditional families than any other modern family type," says Allianz Life® Vice President of Consumer Insights Katie Libbe." The financial services industry should take note that same-sex-couple families are the most financially prepared type of modern family."
Blazing Their Own Financial Trail
Perhaps one reason for same-sex-couple family financial success is their open and honest attitude toward discussing money. Same-sex-couple families with kids were just as likely as traditional families to report that it is easy to discuss family finances with their spouse or significant other (87%) compared to other modern family types (82%). Yet, significantly more same-sex-couple families with kids describe their family as able to adapt to change (89%), when compared to both traditional families (80%) and other modern family types (81%). What's more, when same-sex-couple families with kids compare their current family to the one they grew up with, their current family is less sheltered (33%) compared to traditional families (24%).
Kids Change the Financial Landscape
The Allianz LoveFamilyMoney Study shows that while same-sex-couple families overall are ahead of the game when it comes to their financial successes, having children greatly affects them. Compared to the overall same-sex-couple family cohort who saved an average of $276,200 for retirement, same-sex-couple families with kids have considerably less, reporting an average savings of $210,700. And yet, same-sex-couple families are still the most successful modern family savers compared to other modern family types, who report having an average of $186,000 saved.
"Like any other family type, adding children to the equation takes a toll on the family financial landscape," says Libbe. "This is one key area where financial professionals can help."
Opportunity for Financial Professionals
The Allianz study also reveals that same-sex-couple families with and without kids are very open to working with a financial professional. Nearly half (48%) say they currently have a financial professional or have used one in the past, which is slightly less than the 53% of traditional families who report the same, but higher compared to 44% of other modern family types.
In terms of what they seek in a financial professional, same-sex-couple families are most motivated to go to a financial professional for: a better return on investments (40%); help in making financial decisions (30%); and answers to specific questions about their financial situation (28%).
For more information, please contact Sara Thurin Rollin at sarathurin.rollin@allianzlife.com.
National Association of Insurance and Financial Advisors Service Corporation
http://www.naifa.org/