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Chart of the Day: Family Size is Shrinking

Crews Bank & Trust Wealth Management Services Mar 19, 2024
Line chart illustrating the decline in average family size from 3.3 in 1960 to 2.5 today. Decrease began in 1965 with the enactment of the Social Security Act. Recent decreases, although stabilizing, are attributed to families having fewer children.

Contents

Today's chart, sourced from Apollo and the Census Bureau data, illustrates a decline in the average family size from 3.3 members per household in 1960 to 2.5 in 2023. The trend began in 1965, with many attributing it to the enactment of the Social Security Act as part of Lyndon Johnson's "Great Society" program, which expanded benefits enabling older parents to live independently from their adult children. While the decline is stabilizing, recent decreases are primarily attributed to families having fewer children.
Chart of the Day

About the Author

Crews Bank & Trust Wealth Management Services
Crews Bank & Trust Wealth Management Services

Experienced professionals from our wealth management services team can help you achieve a bright financial future through investment strategies tailored to you. We’ll show you all of the options available and help you choose the ones best suited to you. We’ll provide high-quality, personal service as we work toward your goals together. Our Portfolio Managers do not receive commissions on trades; our recommendations of investments are based solely on your best interests.

Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

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