Only 25 percent of families use a financial professional

“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: