Same-sex couple families with kids are emerging leaders when it comes to success with their finances, according to an Allianz Life LoveFamilyMoney Study of 4,500 Americans.
When asked how financially secure they feel, almost four in 10 (37 percent) same-sex couple families with kids reported feeling a high level of financial security, a very similar level to traditional families (41 percent) 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 percent) and traditional families (52 percent) 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.
Same-sex couple families with kids and traditional families report having lower levels of debt than other modern families. An equal proportion of same-sex couple families with kids (22 percent) reported having no debt (not including mortgage) as traditional families. In contrast, only 16 percent of other modern family types reported having no debt.
“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,” said 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.”
The Allianz LoveFamilyMoney Study was designed to seek insights into the unique financial needs of today’s families. The other modern family types identified beyond traditional and same-sex couple families include single-parent households, those with adult children returning home (boomerang families), multi-generational families, blended families and families with older parents and young children. Survey participants were between 35 and 65 years old with household incomes of at least $50,000.
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 percent) compared to other modern family types (82 percent). Yet, significantly more same-sex couple families with kids describe their family as able to adapt to change (89 percent), when compared to both traditional families (80 percent) and other modern family types (81 percent). 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 percent) compared to traditional families (24 percent).