State of the American Family

How have attitudes toward family finances and financial planning changed? Find out in MassMutual’s fourth "State of the American Family" study. You'll discover new insights and guidance to help you make better financial decisions.

Key Findings


All Families

STATE OF THE AMERICAN FAMILY STUDY

 

All types of American families – multi-cultural, LGBTQ, military, and millennials, to name a few – are feeling more optimistic about their finances. However, worry and uncertainty remain. Learn more about how you can take control of your finances, secure your financial future, and protect the ones you love.

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Retirement calculator

Infographic - 1 in 3 believe the American Dream is disappearing. 1 in 3 have a retirement plan. 1 in 4 are prepared for a financial emergency.

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African American Families

STATE OF THE AMERICAN FAMILY STUDY

 

African American families are optimistic and focused on improving their financial position despite money worries. MassMutual understands your concerns and can help you achieve your idea of the American Dream. Learn more about how you can take control of your finances, secure your financial future, and protect the ones you love.

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Life insurance calculator

Infographic - 79% percent of African American families say paying down debt is a high priority. 47% of African Americans are more likely to include extended friends and family in their definition of family. Of all ethnic groups surveyed, African American parents are most actively involved in educating their children on finances.

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Asian Indian Families

STATE OF THE AMERICAN FAMILY STUDY

 

Asian Indian families are taking many steps to secure their financial future. However, they are still trying to find effective ways to balance priorities while maximizing their savings and investments. Learn more about how you can take control of your finances, secure your financial future, and protect the ones you love.

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College savings calculator

Infographic - For Asian Indian families, financial planning is important for both the short term and the long term. 82% prioritize saving as much as possible and 71% prioritize developing a detailed financial plan. 63% of Asian Indian families say that paying for college is part of the American Dream. 71% of Asian Indian families consider the ability to retire when they want as part of the American Dream.

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Chinese American Families

STATE OF THE AMERICAN FAMILY

Chinese American families are embracing American values and cultural traditions to build personal and financial success for their families. Learn how to create a nest egg for retirement, secure your family’s future, and protect the ones you love.

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Life insurance calculator

Infographic - 86% of Chinese American families define the American Dream as "financial security for me and my family". 70% of Chinese American families prioritize saving as much as possible. Only 34% of Chinese American families are confident about their ability to retire at the age they want.

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Families with Special Needs

STATE OF THE AMERICAN FAMILY STUDY

 

Caregivers of dependents with special needs are most concerned about the future independence and financial well-being of their loved one. Learn more about how you can secure the financial future of your loved one with special needs.

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Financial guidance for caregivers

Infographic - In order to try to balance work and home life, working parents of a child with special needs are more likely to get help with childcare from family other than their parent(s)/ in-law(s); 17 vx 10% non-special needs. Caregivers spend about 5 hours a day providing care to their dependent with special needs. Only 50% of families with dependents with special needs have at least 3 months or more emergency funds saved.

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Korean American Families

STATE OF THE AMERICAN FAMILY STUDY

Korean American families are balancing two cultures in order to secure a better financial future for their children. Learn more about how you can manage risk, secure your children’s education, and protect the ones you love.

 

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Financial goals calculator

 

 

Infographic - 60% of Korean American families include paying down debt as a financial priority. 57% of Korean American families include college as a financial priority. Only 20% of Korean American families have an actual retirement plan in place.

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Latino Families

STATE OF THE AMERICAN FAMILY STUDY

 

Latino families are taking steps to secure their financial future and dreams, but more can be done to keep the American Dream alive. MassMutual can help. Learn how to take control of your finances and protect the ones you love.

Download executive summary

Financial goals calculator

Infographic - 61% of Latino families consider paying for their children's college education a financial priority. Retirement is a concern for Latino families. 2/3 are not confident they are prepared for retirement. One third have a plan for retirement. More than 83% of Latino families define the American Dream as financial security for their family. However, less than half (48%) feel confident that they can achieve this. 

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LGBTQ Families

STATE OF THE AMERICAN FAMILY STUDY

 

LGBTQ+ families are conflicted by the desire to enjoy life today and planning for their family's financial future. MassMutual has a long-standing commitment and partnership with the community. Learn more about how you can take control of your finances, secure your financial future, and protect the ones you love.

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60% of LGBTQ families will only buy financial products from companies that are socially responsible. 37% of LGBTQ families have less than 1 month of expenses saved for an emergency. Only 37% of LGBTQ families are confident in their ability to pay for their children's education.

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Military Families

STATE OF THE AMERICAN FAMILY STUDY

 

Military families are confident making short and long-term financial decisions. With a disciplined approach, military families are prioritizing paying down debt and building a financial cushion. Start preparing for your financial future today using the calculator below.

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Retirement calculator

Infographic - 45% of military families are confident they are financial prepared for retirement vs 32% non-military families. 63% of families have credit card debt vs 55% non-military families. 1 in 4 military families have less than one month of expenses set aside for emergencies.

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Millennial Families

STATE OF THE AMERICAN FAMILY

Millennial families are more focused on their financial priorities than other generations. However, they are challenged by their day-to-day expenses and are looking for effective ways to plan for their future. MassMutual can help. Learn how to take control of your finances and protect the ones you love.

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Financial Goals Calculator

Infographic - 39% of Millenial Families feel like they should be doing more to save for the future. 35% often have to prioritize day-to-day expenses. 32% wish they were more in control of their finances.

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Sandwich Generation Families

STATE OF THE AMERICAN FAMILY STUDY

 

Caring for your loved ones, both young and old, is rewarding yet we understand it comes with emotional and financial stress. Learn more about how you can control your finances, secure your future and protect the ones you love.

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Disability Insurance Calculator

Infographic - 47% of families in the sandwich generation spend time caring for parents/in-laws on a daily basis. 36% of sandwich generation families wish they knew more about how to plan for parent's care and finances. Sandwich generation families are better prepared for an emergency: 55% have 3 months or more expenses saved.

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Women

STATE OF THE AMERICAN FAMILY

Women are taking steps to improve their overall financial situations. However, they continue to look for effective ways to manage their financial priorities and secure their future. MassMutual can help. Learn how to take control of your finances and protect the ones you love.

Download executive summary

Retirement Calculator

Infographic - Almost half of women are responsible for the management of their household finances. Having an emergency fund is the top financial priority for women, yet almost 1/4 of women surveyed have less than one month of expenses saved. Three-quarters of women are not confident that they are doing a good job of preparing financially for retirement, only 1/4 have a definite plan for retirement saving.

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Insurance products issued by Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA 01111-0001) and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (Enfield, CT 06082).