Skip to content

Identifying the Younger Decision Maker - Evolution of the Family Financial Officer

Nilufer R. Ahmed, Ph.D.; James T. Scanlon, M.S., HIA 3/22/2017

LIMRA Consumer Research

Download Your Reports

No part of any report may be reproduced or translated without written permission from LIMRA. Please contact Customer Service for further information.

Industry Issues

Increased education levels together with more women working have resulted in a growing share of couples where wives out-earn their husbands, which could affect decision-making roles. This study reports on the trends in identifying the Family Financial Officer (FFO) among young couples since 1965, and discusses whether the FFO concept is still relevant today.

Key Findings

  • Today’s married Millennials/younger Gen Xers (ages 25-44) have broken from traditional financial responsibility roles.
  • Relative incomes of spouses play a large role in identifying the FFO.
  • Overall, a somewhat larger proportion of husbands have the responsibility for making decisions about investments/savings, insurance products, and money management activities.
  • FFOs are relevant for the financial services industry today.

Related Resources

 

Identifying the Younger Decision Maker - Evolution of the Family Financial Officer

 

Related Research

U.S. Workplace Benefits Disability Insurance Sales and In Force

Step right up for the latest sales trends in the U.S. workplace-benefits market for disability insurance. New 2Q 2024 data.

U.S. Individual Annuity Market

Access your one-stop shop for U.S. annuity sales data — benchmark sales and analysis for a range of annuity products, reported by distribution channels and market types. New Q1 2024 FRD Summary Report.

Annuities and Advisors’ Practices

How will advisors’ use of annuities change — and why?

U.S. Individual Life Insurance Sales

Size it up — quarterly U.S. individual life insurance sales results reflecting 85 percent of the premium market, as well as annual industry estimates and the comprehensive U.S. Individual Life Insurance Yearbook. New 2Q 2024 Data.

U.S. Workplace Dental and Vision Sales and In Force

Schedule your check-up on the latest market results for dental and vision products sold in the workplace. New 2Q 2024 data.

Meet the Project Director

James T. Scanlon, M.S., HIA
Scanlon directs a team of LIMRA researchers focused on insurance product and service marketing. His program includes one-time topical studies, as well as recurring surveys that track consumer behaviors and ownership levels over time. Scanlon conducts projects with a focus on key consumer segments, including the middle market, affluent markets, and small-business owners. He holds an M.S. in resource economics from the University of Massachusetts, where he also earned a B. A. in economics.

Assistant Vice President, Insurance Research — Markets
LIMRA
jscanlon@limra.com


You May Also Like...

Fiduciary Education for Sales & Service Professionals

This program independently certifies and protects customer-facing professionals.

Trustworthy Selling

Effectively train and retain your sales professionals to increase their productivity and success in the industry.

Did you accomplish the goal of your visit to our site?

Yes No