Sibling rivalry rarely reaches financial topics, according to research from Minneapolis-based Ameriprise Financial, but when it does, it’s usually about parents.
According to the Family Wealth Checkup study from Minneapolis-based Ameriprise Financial, only 15 percent of siblings have conflicts over finances with their brothers or sisters, despite that they often have different views about money.
Sibling financial arguments typically revolve around other family members, according to the respondents, 68 percent of financial disagreements between brothers and sisters are about their parents.
For Ameriprise’s respondents, the most contentious issues include how an inheritance will be divided, whether one sibling is providing more support to their parents than the others and whether parents are being fair in their financial support.
Less often, sibling arguments involve issues like different money values or spending habits, varying levels of income and issues involving repaying money, according to the respondents.
While most siblings do not fight about money, they still generally talk to each other about financial issues. Nearly two–thirds of Ameriprise’s respondents, 65 percent, said that they discuss money with their brothers and sisters.
More often than not, these discussions involve the financial fitness of another relative.
Source: FA Magazine