More Complicated Modern Families Come With Financial Complications Too
NEW YORK (TheStreet) -- The so-called nuclear family is in decline, and some of the financial blessings of their era may be going by the wayside too.
The nuclear family model was classically an opposite-sex married couple with children. In 1970, that was 40.3% of all U.S. households. Today that figure has declined to 19.6%, according to data from Allianz and its LoveFamilyMoney Study released this week.
In its place are more of what sociologists call the "modern" family, which Allianz breaks down as follows:
Multi-generational families:Three or more generations living in the same household.Single-parent families: One unmarried adult with at least one child under 18 years of age. Same-sex couple families: Married or unmarried couples of the same gender. Blended families: Parents who are married or living together with a stepchild and/or child from a previous relationship.
- 30% of modern families felt a high level of financial security, compared with 41% of traditional families.
- 36% of modern families have collected unemployment, compared with 21% of traditional families.
- 35% of modern families have unexpectedly lost a main source of income, compared with 23% in the traditional category.
- 22% of modern families have declared bankruptcy, compared with 11% of traditional families.
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