Monday, November 3, 2014

Blended families more likely to struggle with money

Forget the Brady Bunch. The idyllic picture of a blended family with a big house and a maid couldn't be less accurate when it comes to today's "blended" families.

Blended families have far less savings and are significantly more likely to live paycheck-to-paycheck than traditional families, according to a recent survey sponsored by Allianz Life. The financial services company defines a blended family as one in which parents who are married or living together live with stepchildren or children from a previous relationship.

One-third of blended families' report they're not saving at all. And they're twice as likely to report that their spouse brought financial baggage into the relationship that's tough to overcome.

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