The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

By Walter Hamilton, Los Angeles Times

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 Allianz.

Nearly half of so-called modern families, for example, live paycheck to paycheck. That compares with 41 percent of conventional households, according to the survey.

Only three in 10 nontraditional households have a high degree of confidence in their financial well-being versus 41 percent 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 percent of U.S. households are composed of married heterosexual couples with children, down from the 40.3 percent 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.

“New family structures have a direct impact on a family’s relationship with money and finances — and we found that, while modern families have similar strong emotional ties, they often feel financially less secure than their traditional counterparts,” said Katie Libbe, an expert on consumer insights at Allianz.

Photo: Evil Erin via Flickr

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

President Joe Biden

The price of gasoline is not Joe Biden's fault, nor did it break records. Adjusted for inflation, it was higher in 2008 when Republican George W. Bush was president. And that wasn't Bush's fault, either.

We don't have to like today's inflation, but that problem, too, is not Biden's doing. Republicans are nonetheless hot to pin the rap on him. Rising prices, mostly tied to oil, have numerous causes. There would be greater supply of oil and gas, they say, if Biden were more open to approving pipelines and more drilling on public land.

Keep reading... Show less
Youtube Screenshot

Heat deaths in the U.S. peak in July and August, and as that period kicks off, a new report from Public Citizen highlights heat as a major workplace safety issue. With basically every year breaking heat records thanks to climate change, this is only going to get worse without significant action to protect workers from injury and death.

The Occupational Safety and Health Administration admits that government data on heat-related injury, illness, and death on the job are “likely vast underestimates.” Those vast underestimates are “about 3,400 workplace heat-related injuries and illnesses requiring days away from work per year from 2011 to 2020” and an average of 40 fatalities a year. Looking deeper, Public Citizen found, “An analysis of more than 11 million workers’ compensation injury reports in California from 2001 through 2018 found that working on days with hotter temperatures likely caused about 20,000 injuries and illnesses per year in that state, alone—an extraordinary 300 times the annual number injuries and illnesses that California OSHA (Cal/OSHA) attributes to heat.”

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}