Over the past 40 years, shifting demographics and profound attitudinal changes have helped redefine the concept of "family" for many Americans. To understand how this evolving family structure is changing Americans' relationship with money and financial planning, Allianz commissioned the LoveFamilyMoney study.
- Objective: Explore the largest and most influential cohorts of today's modern family
- Cohorts studied: 7 family cohorts (group or social class)
- The central question: How does the evolving family structure change Americans' relationship with money and financial services?
- Number of participants: 4,500
- Research partners: Now What Research and The Futures Company
First, we explored the topic through online and face-to-face qualitative research fielded by Now What Research. Our online "blography" community generated over 204 hours of consumer insights into the modern family, which we followed up with a dozen 90-minute, in-home ethnography sessions.
- Background: In-depth interviews with 2 experts, 60 minutes each
- Blography: 51 individuals blogged for 1 hour a day for 4 days, generating over 204 hours of consumer insights
- Ethnography: 12 top bloggers were selected for a 90-minute in-home interview
- Screening criteria: All respondents were adults ages 25-65 and had a combined annual household income of $75,000 or higher.
Using the qualitative insights we uncovered, we then partnered with The Futures Company to develop and field a 110-question, 30-minute quantitative online survey of 4,500 respondents.
- Methodology: 30-minute online survey
- Total sampling: 4,500 Americans
- General population sampling: 1,000 Americans were included to explore the incidence of each family type in the general population
- Additional sampling: Minimum of 500 respondents from each of the 6 modern family cohorts and 500 respondents from the traditional family cohort
- Screening criteria: All respondents were adults ages 35-65 and had a combined annual household income of $50,000 or higher. We also set quotas to ensure a readable sample of mass affluent families, which were defined in this study as $100,000 in combined annual household income and/or $100,000 of investable assets.