LIMRA Consumer Research
Industry IssuesIncreased 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.
- 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.