Nontraditional families, such as those headed by single parents or same-sex couples, are in far worse financial shape than conventional households headed by married heterosexuals with children, according to a new study.
Nontraditional families fare much worse across a variety of measures, including their ability to save money for emergencies and their own sense of economic well-being, according to the survey by insurance company
Nearly half of so-called modern families, for example, live paycheck to paycheck. That compares with 41% of conventional households, according to the survey.
Only 3 in 10 nontraditional households have a high degree of confidence in their financial well-being versus 41% for their conventional counterparts.
The financial woes of modern families are a big issue given the growth of nontraditional structures in recent decades. Only 19.6% of U.S. households are composed of married heterosexual couples with children, down from the 40.3% in 1970, according to Allianz.
Aside from same-sex couples and single-parent homes, Alllianz defined nontraditional families as those with three or more generations living under one roof; blended families in which at least one parent has a child from a prior relationship; older parents with young children; or parents whose adult children live with them.