Patrick R. McDowell, CFP®, AIF® was quoted in a Time Money article by Kerri Anne Renzulli discussing modern family finances.
Biggest Challenge: Unpacking all that financial baggage
Four decades after Mike and Carol Brady joined their broods in cutting-edge TV matrimony, blended families—a couple and their kids from current and previous unions—have become utterly commonplace. While only 23% of the boomers who grew up watching the Bradys have a step-sibling, 44% of millennials do.
What hasn’t changed: how the financial baggage that remarrying spouses carry, combined with the tensions of providing for both biological children and stepkids, can weigh down even the happiest bunch. In the Allianz survey, 43% of blended families said that they have difficulty overcoming issues with money that they or their partner brought into the relationship; a third reported that inadequate support from an ex makes it hard to save. “Most people want to ‘do right’ by all parties involved, but it’s tough to do that without alienating someone,” says planner McDowell.