Ameriprise Study: Siblings Rarely Argue about Money, but When They Do It's about Their Parents
June 21 2017 - 6:00AM
Business Wire
According to new research from Ameriprise Financial (NYSE: AMP)
released today, only 15 percent of siblings have conflicts over
money with their brothers or sisters. The newly unveiled research
is part of the Ameriprise Family Wealth Checkup study, which
surveyed 2,700 Americans, including more than 1,900 with siblings,
between the ages of 25-70. The latest findings examine siblings’
communication, financial disagreements, and perceptions of each
other when it comes to managing money.
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When siblings spar over finances, it’s usually about their
parents (68 percent). The top issues revolve around how an
inheritance is divided, whether a sibling supports their parents
more than other siblings, and if parents are being fair in their
financial support. Beyond these disputes, other topics that cause
sibling spats include different money values or spending habits (56
percent), varying levels of income (46 percent), and issues
involving repaying money (33 percent).
“Families who talk about money tend to feel more confident so
it’s encouraging to learn that many siblings are having financial
conversations,” said Marcy Keckler, vice president of Financial
Advice Strategy at Ameriprise Financial. “Problems can occur in
family relationships when money is not discussed between parents
and children – the same holds true for siblings. It’s important for
siblings to keep open lines of communication about money so that
they can work toward common goals, like caring for aging
parents.”
What do Siblings Talk About?Although the study found most
siblings talk about money with each other (65 percent), the number
one topic they discuss is another relative’s financial situation
(58 percent). The second most common subjects are their own
long-term financial goals and the cost of healthcare which are tied
at 56 percent each. Most siblings say they’ve never talked about
life insurance (66 percent), saving for a home (58 percent), or
managing debt (55 percent).
Sibling Rivalry: How They CompareMost respondents (63
percent) say their asset levels are very different from their
siblings, and 57 percent say they approach financial decisions
differently as well. When it comes to feeling confident about their
financial future, most survey participants say they feel better
about their own outlook than their siblings’. Nearly two-thirds (63
percent) say they are very or extremely confident in the future of
their finances, but just over one-third (37 percent) say they feel
the same way about their siblings. Nearly half of siblings believe
they are more financially responsible (44 percent) and more
knowledgeable (45 percent) than their brothers and sisters. Very
few respondents admit to having less financial knowledge (18
percent) or being less financially responsible (13 percent) than
their siblings.
“Even though they may have contrasting viewpoints, siblings
shouldn’t let their differences prevent them from talking about
money,” says Keckler. “By bringing financial topics to the table on
a regular basis, siblings can get in sync and feel more confident
when working out family financial kinks together down the
road.”
Here are some tips to help siblings facilitate smoother
financial discussions.
Financial
Communication Tips for Siblings
1. Determine key priorities -- Assess what financial matters you
and your siblings will need to manage together like caring for
aging parents. 2. Set aside time to talk -- Whether it’s at a
family gathering or a quarterly check-in, siblings should allocate
time to discuss the family financial goals that have been
identified. 3. Set responsibilities -- Each sibling may be able to
identify different ways they can help, so assign roles based on
each person’s unique circumstance. 4. Don’t let past conflict
interfere -- Try to understand each other’s point of view and leave
any previous sibling rivalries behind—this is key to effective
financial communication. 5. Ask for help if needed -- Whether it’s
seeking assistance from other family members or an outside source
like a financial advisor, it’s ok to ask someone to help guide
conversations.
For more information about the study, please visit our research
page at Ameriprise.com/familywealth
About the survey
The Family Wealth Checkup study was created by Ameriprise
Financial, Inc. and conducted online by Artemis Strategy Group
November 23 – December 15, 2016 among 2,700 U.S. adults between the
ages of 25-70 with at least $25,000 in investable assets. For
further information and details about the study, including
verification of data that may not be published as part of this
report, please contact Ameriprise Financial or go to
Ameriprise.com/familywealth.
About Artemis Strategy Group
Artemis Strategy Group (www.Artemissg.com) is a communications strategy
research firm specializing in brand positioning, thought leadership
and policy issues.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel
confident about their financial future for more than 120 years.
With extensive asset management, advisory and insurance
capabilities and a nationwide network of approximately 10,000
financial advisors, we have the strength and expertise to serve the
full range of individual and institutional investors' financial
needs. For more information, or to find an Ameriprise financial
advisor, visit ameriprise.com.
For further information and detail about the study including
verification of data that may not be published as part of this
report, please contact Ameriprise Financial.
Ameriprise Financial Services, Inc. Member FINRA and SIPC.
© 2017 Ameriprise Financial, Inc. All rights reserved.
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Ameriprise Financial, Inc.Jennifer Johnson,
612-671-7188Media RelationsJennifer.3.johnson@ampf.comConnect with
us on Twitter: @Ameriprise
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