Money Is More Taboo Than Sex
In US culture, it's a persistent truth that parents are much more likely to talk to their children about sex than money. The same applies between spouses. And how do you feel when your children ask you about your finances? As a result, when a loved one dies, those left behind are often in the dark about a great many things critical to their well-being. Some parents, or spouses, give the impression that finances are in order, or abundantly available, when in fact, they are not. And many siblings have fallen apart when a parent passes without clear instructions.
Let's face it. In the US, money is the fulcrum of just about every emotional destination.
To explore these issues, SBI will conduct an in-depth qualitative study to identify communication patterns within affluent families and stakeholders about:
- Who trusts whom for what?
- The sequences of events that might be triggered by changes in life stage
- The priorities of how money ought to be spent or saved.
One-hour qualitative interviews will take place in 2-3 major markets; interviews will be video taped. Sponsors are welcome to watch interviews. Following are examples of interview questions.
- Do you talk to your children about money? If so, what's your approach? If not, what's in the way?
- Have you argued with your spouse about money lately? If so, what was the issue?
- What's the most you can spend and still have it be a one-spouse decision? Is there a price that triggers a "two-spouse decision?"
- In your family, is financial planning a one spouse or two spouse decision?
- Do you and your spouse agree about how fancy a car, or house you can afford? (a read on status alignment)
- Have you made any major financial decision independent of your spouse lately (such as switching banks or investing in equities)?
- If you were hit by a car and couldn't take responsibility, would your spouse (or children) know where all the assets are?
- Have you ever misled a family member about having more or less money?
Sponsors will receive:
An onsite presentation of documented research to discuss the gaps between affluent people's expressed views and their actual behavior, uncover the attitudes that people indicate without saying explicitly, and identify what end-users are likely to see as actionable—lip service versus what they may actually do.