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

Think Fast: Behavioral Economics and Benefits Messaging

Learn how principles from behavioral economics can influence employees' decisions to enroll in workplace benefits.

U.S. Individual Annuity Market

Benchmark sales, persistency, analysis, and outlook for a range of annuity products, reported by distribution channels and market types.

U.S. Monthly Individual Life Sales

Get the latest monthly individual life sales and application trends.

U.S. Individual Life Insurance: COVID-19 Mortality Experience Study

Explore the impact of COVID-19 on individual life insurance claims experience.

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.

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

Continue to deliver valuable sales effectiveness training to your financial professionals no matter where they’re located.