Statistically Significant Findings For Traditional & Modern Families
According to the Allianz study Love Family Money, modern families who have used a financial professional report higher financial security than those who never used a financial professional. However, traditional families who used a financial professional report higher financial security than those who never used a financial professional and all modern families.
Attitudes and behavior about using a financial professional
- Fewer modern families and traditional families who used a financial professional report not saving any money or not saving as much as they could as one of their worst financial habits compared to those who never used a financial professional
– Modern families who have never used a financial professional are more likely to report not
saving money than traditional families - Modern and traditional families who have used a financial professional are more likely to agree than
those who have not used a financial professional that financial professionals help achieve financial
goals and relieve the pressure of trying to plan for the family’s financial future - Modern families who have used a financial professional have more in retirement savings than those
who have not used a financial professional
– Traditional families who have used a financial professional have more in retirement savings than
those who have not and modern families - Modern families who have used a financial professional are less likely to have declared bankruptcy,
but show fairly similar ratings for losing a main source of income unexpectedly or going on shortterm or long‐term disability
– Traditional families who have used a financial professional are less likely than those who have
never used a financial professional and modern families to have declared bankruptcy
– Traditional families are less likely than modern families to have lost a main source of income
unexpectedly or used short‐term or long‐term disability - Interestingly, modern families who have used a financial professional and those who never used a
financial professional are similar on consulting family members, although those who have used a
financial professional are more likely to consult friends when making a financial decision (Q39)
– Traditional families are more likely than modern families to consult their spouse or significant
other
– Traditional families who have used a financial professional are more likely to consult their
parents than all other groups - Traditional families and modern families provide similar feedback on the services provided by a
financial planner
Demographics
- Modern families who have used a financial professional are older, on average, than those who have
not used a financial professional and traditional families - Traditional families who have never used a financial professional and modern families who have
used a financial professional are more likely to reside in the Midwest
– Modern families who have never used a financial professional are more likely to live in the South - Of the Hispanic families included in the study, those in traditional families are more likely than
others to have ever used a financial professional
– Modern non‐Hispanic white families are more likely than traditional families to have used a
financial professional - Traditional families who have used a financial professional have higher total annual income before
taxes than those who have not and modern families
– Traditional families who have never used a financial professional have higher annual income on
average than modern families who have not used a financial professional - Modern families who have never used a financial professional have less household savings and
investable assets, on average, than those who have ever used a financial professional and traditional families
– Traditional families who have used a financial professional have higher savings and assets than
all others - Traditional families who have used a financial professional are most likely to report that they are
employed; modern families who have not used a financial professional are least likely to be
employed - Traditional families who have used a financial professional are more likely than all others to have a
college degree
– Traditional families who have never used a financial professional and modern families who have
used a financial professional are more likely than modern families who have never used a
financial professional to have a college degree
