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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

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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

 

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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


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