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.