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Monday
Jun162014

Times Are Tough for Both Traditional and Modern Families

iStock/Thinkstock(NEW YORK) -- There are certainly differences between traditional families and so-called "modern" families but they increasingly seem to share one thing: trying to make ends meet in still-tough economic times.

Allianz Life Insurance Co. of North America surveyed members of both groups to get an idea of how they're getting by.

For the record, traditional families are defined as those with two parents of the opposite sex with at least one child under 21 living at home.

Modern families are a variety of combinations, such as those with stepchildren; grandparents, parents and children living under one roof; single parents; older parents with children over 21 living at home; and same-sex couples with or without kids.

In a survey of 4,500 people, what Allianz Life wanted to find out is how middle-class traditional families -- that is, households earning $50,000 or more annually -- compare financially with modern families earning about the same.

Forty-seven percent of traditional families and 57 percent of modern families responded by saying, "I'm struggling, it's hard to make ends meet" or "I just feel poor."

What's more, of the 85 percent of traditional families who consider themselves middle class, nearly half claim that they are living paycheck-to-paycheck.

One interesting side note: same-sex couples, more so than members of either traditional or modern families, use financial advisers since it's taken longer for them to get protections and benefits afforded to married heterosexual couples.


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ABC News Radio