As the definition of family has evolved, it's important that financial institutions develop products and services that meet the changing needs of the modern family.
The first hurdle may be one of perception. According to a UBS Investor Watch, "Beyond the Picket Fence: Financial Challenges of the Modern American Family," many of today's families including households without children, same-sex couples, blended families with children from a prior marriage, the contemporary mix multigenerational families (aging parents or adult children living at home) and older, first-time parents, feel that financial guidance is skewed toward "traditional families."
More than 71% of investors polled by UBS believe that support system on which modern families depend to achieve their financial aims — Social Security, health care and retirement benefits — have not caught up with their needs.
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