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Not So Brady: Today's Blended Families Are a Financially Challenged Bunch

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1) Blended Families Blended families consist of parents who are married or living together with someone of the opposite sex, and who live with a child and/or stepchild from a previous relationship. N=879 Gender 64% female | 36% male Age 47 years old (average) | 18% are 35-39 years old | 45% are 40-49 years old Children 93% have children of their own | 61% have stepchildren 10% have 1 child/stepchild | 25% have 2 children/stepchildren 65% have 3+ children/stepchildren Ages of children 37% 0-8 years | 31% 9-12 years | 50% 13-17 years | 30% 18-20 years | 56% 21+ years Family in household 85% live full-time with their own children | 33% live with stepchildren 20% live with extended family (12% parent/stepparent/in-laws, 7% grandchildren) Race 81% Non-Hispanic white | 8% Non-Hispanic Black | 8% Hispanic Marital history 66% married before | 35% separated/widowed/divorced 5-10 years ago 32% more than 10 years ago Employment 76% employed (59% employed full-time) 83% of spouses/significant others employed (70% employed full-time) 5% are retired Expect to retire: 26% before age 65 | 36% age 65-69 | 21% age 70+ | 17% never Education 45% some college/VoTech or AA degree 41% college degree (26% BA/BS degree, 10% graduate/postgraduate degree) Income $93,600 average annual household income before taxes (58% earn $75,000+) Savings $158,600 average household savings and investable assets $157,800 average retirement savings (6% with $500,000 or more) 17% could last one year or more if the main breadwinner(s) lost source of income Debt $30,660 average debt (not including mortgage) 24% more than half of monthly pre-tax income going to debt payments (including mortgage) 42% are comfortable with the amount of household debt Financial products 65% own life insurance | 28% have a pension | 9% own an annuity Financial advisor 38% have ever used a financial advisor | 21% currently have a financial advisor ABOUT THE STUDY Over the past 40 years, shifting demographics and profound attitudinal changes have helped redefine the concept of family for many Americans. To understand how this evolving family structure is changing Americans’ relationship with money and financial planning, Allianz commissioned the Allianz LoveFamilyMoney Study, 2014. (9/2015) ENT-1794 Find more information on the LoveFamilyMoney study at www.LoveFamilyMoney.com.