Just under half of adults currently living as part of a family have experienced at least one previous committed relationship (involving marriage or cohabitation) prior to their current family setup. More than one in six (17%) have had two or more past committed relationships, with 5% having had three or more.
These are the findings of a recent report by Aviva, which has revealed a growing diversity among UK families as a result of trends in cohabitation, separation/divorce and remarriage.
Based on customer profiles and Government data Aviva has recognised the six most common types of modern family as:
- Living in a committed relationship with no plans to have children
- Living in a committed relationship with plans to have children
- Living in a committed relationship with one child
- Living in a committed relationship with two or more children
- Divorced/separated/widowed with one or more child
- Single parent raising one or more child alone
The report also found a number of consequences of this increased diversity, including:
- Past experience strengthens family finances and reduces friction over money
- Almost half of parents with child maintenance income staring at a protection void
- Wills are often neglected after a break-up
Louise Colley, protection distribution director for Aviva said:
“The UK is now home to an increasingly varied and diverse range of family set-ups. Cohabitation, separation and remarriage each put a new slant on the task of managing family finances and it is clear from these findings that relationship developments can bring benefits and challenges in equal measure.
“It is encouraging to see that experience helps many families to fine-tune their approach to money matters and take a more harmonious approach. However, like many things in life, relationship circumstances can change, which makes it vital for families to keep track of their finances and ensure any existing commitments are kept up to date.”
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