You think you’ve got problems? Just think how hard it is for the children of the weathy… with unemployment up how will they learn the value of a dollar? Will they never learn?
Teaching the Value of Work to Children of Wealth
By PAUL SULLIVAN
Published: May 28, 2010
“As a parent who has worked his whole life and has had a little bit of success in my career, one of the huge life lessons I learned early on is the value of a dollar,” said Mr. Hayworth, whose bank is based in Coral Gables, Fla. “Particularly for children of upper-middle-class and affluent families, there’s no perspective on value. When the new Range Rover pulls into the driveway, there’s no concept of how many hours of hard work went into owning that vehicle.”
Unlike many collegebound children today, Mr. Hayworth’s daughter would have had no worries if she had not been able to find a job. She could have spent the summer by the pool knowing her parents had the money to put her through college.
But the fact that she does not have to work is exactly what worries Mr. Hayworth and many other affluent parents. The recession and tight job market have made it imperative to teach their children the value of work. They worry about that, it seems, more than about any short-term swings in their portfolios.
“This is a tremendously confusing time for families,” said Matthew E. Brady, head of wealth advisory in the Americas for Barclays Wealth. “The issue of children is the most important topic that affects our clients. It’s the topic that comes up most consistently in every conversation.”
A whole coterie of experts has sprung up in the last few years to coach the children of affluence into the working world. Gibraltar offers classes in “financial life skills” that cover topics including saving, preventing debt and how money affects friendships. J. P. Morgan Private Bank offers what it calls “Next Generation Leadership” seminars.