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Financial needs of &#39jigsaw families&#39

The idea of the traditional average married couple with 2.4 children is being replaced by men and women remarrying to bring “jigsaw families” together, according to Virgin One research.

The lender says Britain&#39s new breed of “step-families” are unlikely to turn to each other to be bailed out of financial difficulties, increasing the demand for flexible financial products such as its current account mortgage.

Virgin One&#39s report, New British Families, identifies 10 new types of family unit but it is “jigsaw families”, which Madonna and Guy Ritchie are an example of, that face the most stress, with 11 per cent claiming their new life is more complicated than before.

The other nine family units identified, with specific and often complex financial requirements, include The Simpsons, who are married with younger children from their current relationships and the Brads and Jennifers, who live together with no children.

In response to the research, Virgin One has produced a guide to home-sharing, whatever the circumstances, from drawing up a contract when buying a home with a friend to dealing with a difficult step-child. It says this recognises the need for financial systems to fit various lifestyles.

Virgin One account press officer James Duffell says: “Somewhere in the last 30 years we stopped following in the footsteps of our parents and the traditional 2.4 set-up and began to life live differently. Jigsaw families are just one type we are seeing more and more of but perhaps the most problematic in terms of making things work – especially when it comes to balancing finances and the dynamics of new relationships.”

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