Same-sex couple families with kids have a similar financial profile as “traditional” families, but report having lower levels of debt than other “modern” families that were studied.
That’s according to the LoveFamilyMoney Study by Allianz, which investigates the financial needs of today’s families. Participants were ages 35-65 with at least a household income of $50,000. Traditional and same-sex couple families with and without kids were surveyed, along with five other types of described modern families: single-parent households; multi-generational families; families with adult children returning home (called boomerang families); blended families; and families with older parents and young children.
The survey showed that despite some of the general public’s perception that same-sex couple families are not the “norm,” they tend to describe their financial situation in the same light as traditional families. Fifty percent of same-sex couples with kids say they see themselves as “wealthy/affluent or financially comfortable.” Traditional families reported the same type of description at 52 percent.
One significant difference was 89 percent of surveyed same-sex couple families with kids described their family as being able to adapt to change, when it came to finances, if needed. That’s the most families who are flexible among all the surveyed groups. Another key statistic was 60 percent of same-sex couple families with kids combine their finances, while 80 percent of traditional families tend to fully combine finances as their managing approach.
The study overall showed that same-sex couple families with or without kids are keeping up—in terms of the financial landscape—with families that may be seen as more traditional.
“When it comes to managing family finances, the study revealed that same-sex couple families, which combine those couples with and without kids, have more in common with traditional families than any other modern family type,” said Allianz Life® Vice President of Consumer Insights Katie Libbe. “The financial services industry should take note that same-sex couple families are the most financially prepared type of modern family.”