Regardless of the family structure, debt and retirement remains a major alarm of households. It seems that some households are more concerned than others. More couples than non-couples have taken action to lower their debt and invest in their retirement.
A survey conducted by MetLife Mature Market Institute shows that couples are taking their retirement seriously by discussing their future with financial advisors. By doing so, some 34 percent of couples are on track to achieving their retirement goals. While married women are more confident with their savings ability, single women are mostly apprehensive about being able to save for their retirement and paying off debt.
The uncertainty of financial stability from non-couples could appear from the support given by the head of household.
“We have seen an increase in multi-generational households, which tend to increase in difficult economic times and fall when the economy improves. The most recent Census confirms that in the past 10 years a record number of parents with small children moved into their parents’ homes, creating a three-generation household. What differs from the three-generation households of the past is that in most cases today the grandparent is the head of the household.”
More single women with or without children are living with their parents. During this opportune time, the decision to increase their retirement contribution and create a debt elimination strategy should be in the forefront of their financial plan.
Older couples are finding themselves taking care of their single daughters or sons and their family, which prolongs their retirement.
“The composition of households in America today as it relates to family structure is much more diverse than in previous years. According to the 2010 U.S. Census, 300.8 million Americans were living in a variety of arrangements with an average of 2.6 people per household, and 3.1 people per family. Though the number of households has increased since 2000 to 116.7 million in 2010, average household size has decreased, while average family size stayed the same.”
More single women believe it’s harder for them to save for retirement than respondents who are married or have a blended family.
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Bahiyah Shabazz, MBA is one of the nation’s leading financial experts on the art of maximizing growth, entrepreneur, personal wealth expert, and author of “Finances are linked to emotions: live within your means”. Bahiyah Shabazz is also a motivational speaker, columnist, and radio host.