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The More the Merrier: Modern Families Prioritize Unity over Finances

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1) Multi-Generational Families Multi-generational families consist of three of more generations living in the same household, including children and a parent and/or grandparent. N=532 Gender 68% female | 32% male Age 46 years old (average) | 24% are 35-39 years old | 44% are 40-49 years old 26% are 50-59 years old Children 98% have children of their own | 17% have stepchildren 27% have 1 child/stepchild | 34% have 2 children/stepchildren 39% have 3+ children/stepchildren Ages of children 11% 0-2 years | 35% 3-8 years | 31% 9-12 years | 40% 13-17 years | 23% 18-20 years 35% 21+ years Family in household 96% live with their own children | 10% live with stepchildren 95% live with a parent/stepparent/in-laws 9% live with a grandchild/grandchildren 7% live with a sibling | 7% live with a grandparent Race 73% Non-Hispanic white | 11% Hispanic | 8% Non-Hispanic Black Marital history 68% currently married (74% in first marriage) 19% currently separated/widowed/divorced Employment 74% employed (58% employed full-time) 86% of spouses/significant others employed (75% employed full-time) 7% are retired Expect to retire: 25% before age 65 | 35% age 65-69 | 23% age 70+ | 17% never Education 37% some college/VoTech or AA degree 50% college degree (30% BA/BS degree, 14% graduate/postgraduate degree) Income $99,200 average annual household income before taxes (58% earn $75,000+) Savings $180,900 average household savings and investable assets $178,700 average retirement savings (9% with $500,000 or more) 19% could last one year or more if the main breadwinner(s) lost source of income Debt $34,520 average debt (not including mortgage) 22% more than half of monthly pre-tax income going to debt payments (including mortgage) 43% are comfortable with the amount of household debt Financial products 61% own life insurance | 25% have a pension | 9% own an annuity Financial advisor 43% have ever used a financial advisor | 23% 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.