Nearly six in 10 families have never used a financial professional. And many depend on family, friends and colleagues to plan for their financial future, according to a new report.

Allianz Life discloses this finding in a summary of results from a study, LoveFamilyMoney, which polled 4,500 Americans. The report explores the financial needs of today’s “modern families,” a term that embraces heterosexual couples with children, same-sex couples and single-parent households.

Also included in the definition are parents 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.

The report finds that one-quarter (25 percent) of families are currently working with a professional, despite the fact that 73 percent report experiencing a financial hardship as an adult. Nearly a third (30 percent) of families would be interested in getting help from a financial professional to set up a plan for saving money.

“American family structures have evolved significantly in the past 40 years and the traditional family model — heterosexual couples living together with their children — represents less than 20 percent of households today versus more than 40 percent in 1970,” says John Carroll, head of U.S. Retail for Allianz Global Investors. “Financial professionals need to embrace this change and understand how the structure of modern families and the issues they face affect their relationship with money and prospects of meeting their financial goals.”

Among the report’s additional findings:

  • Less than a third (30 percent) of modern families say that they feel financially secure compared to 41 percent of traditional families. Further, more than a quarter (26 percent) said they do not feel secure versus 21 percent of traditional families.
  • More than three quarters (77 percent) of modern families agree that working with a financial professional would relieve them of planning for their family’s financial future. And more than 8 in 10 (84 percent) agree that a financial professional can help them achieve their financial goals.
  • Among those who have never worked with a financial professional, nearly a third (32 percent) of modern families would consider working with a financial professional versus only 26 percent of traditional families.
  • Modern families are most likely to see the value of professional help with planning and managing a retirement account. But on average they have less in retirement savings ($196,800) than do traditional families ($251,100).

The following is an infographic recapping key findings from the survey: