Data Snapshot: The Definition of ‘Family’ Is Evolving

The percentage of unmarried cohabiting couples has skyrocketed in recent years, yet banking products and digital access and experiences still assume traditional household structures. Young couples seek flexible digital tools that enable them to share expenses and maintain financial independence. Recommendations include more flexible digital banking experiences for couples, reimagining permissions, and tools that enable and encourage couples to collaborate and communicate. This report is part of the Digital Banking Data Snapshot series, which examines how banks and credit unions can earn and maximize their hold on primary-FI status in a brutally competitive environment.