Modern families break the stereotypical mold

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America’s modern families

The new normal

4 out of 5 households no longer fit the former norm, mom, dad and their 2.2 kids mold.
Time to throw out the one-size-fits-all financial planning.
Get advice tailored to your family’s specific needs.

Modern families represent almost 70% of the U.S. population:

  • 35% traditional families
  • 65% modern families

Financial security:

  • Modern families report feeling less confident about their financial future.
  • Modern families are more complicated, making it more difficult for them to strategize and stay on track. Examples include financial responsibilities, such as education, retirement and emergency funds.

A sampling of modern families:

  • LGBTQ and same-sex couples
  • Blended families with children from previous relationships
  • Multigenerational families
  • Single adult with children households
  • Immigrant families

LGBTQ families:

  • 60% of same-sex couples say that there “is not enough financial guidance designed for my family type.” 

2015 Supreme Court ruling created new laws and new plans for marriage equality

  • Survivor benefits/employer benefits for married couples
  • New estate transfer rules
  • Potential tax benefits

Concerns over new laws:

  • Unsure about the net taxes and the financial impact of marriage? Check mock 1040s to compare single versus joint filing options.
  • Employers may sunset partner benefits for unmarried couples. Be aware; plan for changes. 
  • With marriage, also comes divorce. Consider prenuptial arrangements. 
  • Barriers restricting the ability to adopt children still exist in many states. Research your options.

Final note: the struggle for full equality for LGBTQ is ongoing. U.S. Bank is here to help you sort through your financial matters. 

Other modern families

Blended families represent the largest number of today’s modern families.
On average, 65% of remarried couples have children from previous relationships. 

Communication is key. Take time to plan and talk about financial responsibilities.
One-third of American households are headed by single adults. 
Singles need to save more to ensure they stay on track for retirement. You may need 80% of what married couples have, not 50%.
First- and second-generation immigrants now represent about one-fourth of the U.S. population.
Biggest challenge: balancing education planning with retirement planning.

Sandwiched between children and aging parents, boomers struggle to balance multiple demands without jeopardizing their retirement. 
Clarify expectations: discuss how adult family members pool resources (income, skills, energy, and time) to help maintain balance.

Make possible happen.

Realsteps, our goals-based financial planning process, can help all families make sense of their finances. Seeking assistance from an experienced U.S. Bancorp financial professional is an important first step at planning for a successful financial future.


All statistical information included was obtained from the U.S. Bank Realsteps research report, Financial Insights for Modern Families, June 2016.

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