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Financial tips for modern families

modern-family

What it means to be a family has changed dramatically over the past generation.

There are more than 9.3 million families in Canada, but the portion that fits the typical idea of married partners with children is falling, notes Statistics Canada.

At 67%, families anchored by married partners are still the most common, but that’s down from 70% in 2006. The 2011 census counted 1.5 million common-law couple families, going from 14% of the family population in 2006 to 17% in 2011.

For the first time, the census also counted the number of blended families. They made up 12.6% of the 3.7 million families with children in 2011. Of those, 5.2% were what StatsCan calls complex stepfamilies, which are made up of biological or adopted offspring of one parent as well as the children of both parents. (Think of Gloria and Jay’s children, Manny and Joe, on Modern Family.)

The Sandwich Generation is busy taking care of older parents too. Nearly 360,000 Canadian households are made up of families with children, parents and grandparents living under one roof.

Here are articles and resources for all kinds of families.

Modern families by the numbers

  • 67% of families are anchored by married partners (down from 70% in 2006)
  • 12.6% of families are blended
  • 3,684,675: families with children
  • 1.5 million: common-law couple families in 2011
  • +1.5 million: families are led by a lone parent
  • 64,575: same-sex couples in Canada

Source: Statistics Canada’s 2011 census

Dual-income couples

Don’t miss marriage’s financial perks

Should you invest in residential property?

Why disability insurance matters

Preparing for parental leave

Advisor to Client Checklist iconChecklist: Peak earning pitfalls

Blended families

How to raise financially savvy kids

How to save for your child’s education

Filing taxes for busy families

Estate planning for a blended family

Advisor to Client Checklist iconChecklist: Estate planning for blended families

Members of the Sandwich Generation

Start a family conversation about elder care

Make sure your will is crystal clear

Talk inheritance with the kids

How to make a power of attorney ironclad

Advisor to Client Checklist iconChecklist: Estate planning

Advisor to Client Conversation starter iconConversation starter: Preparing a PoA for personal care

Advisor to Client Presentation iconPresentation: When capacity is in question

And, being a modern family can also be about coming from another place to make a home in Canada. If you know someone who’s more comfortable in another language, we’ve got you covered. Many Advisor to Client articles are available in Hindi, Punjabi and simplified Chinese. Here are a few:

Do you need to update your estate plan?

Tax tips for new homeowners

7 common investment mistakes to avoid

Will 18-month parental leave reduce pressures on working families?

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