CNNMoney.com released an article on Jan. 11 that said a 2009 PNC Wealth Management survey found 35 percent of well-off individuals are concerned their children may be “too spoiled by money and have too many material possessions.” This was reported to be a rising trend, as the figure is up from 29 percent in 2008 and 22 percent in 2007.
Maybe it’s just because I’m a jaded community college student who supports a family of three on two part time jobs, but I would think it’s obvious that rich kids are spoiled. Anyone who has watched a high school student speed past them in a brand new sports car knows what I’m talking about.
Kids have been spoiled for years, and not just so-called “rich kids.” In 2005, teenagers spent an average of $150 billion a year, according to an article at Cincinnati.com.
“Early overindulgence is leading teens to unrealistic lifestyle expectations, weakening their work ethic and plunging them into disastrous financial practices that will haunt them for life, economists and employers say,” the article said.
Spoiling goes beyond spending money. In 2004, The Seattle Times reported that parents spoiled kids by failing to set limits, not requiring chores and smoothing out frustrations in order to keep kids happy. The article went on to say that two-thirds of parents say their children are spoiled, according to a 2001 survey by Time and CNN.
Spoiled kids were a problem in 2001? Have we learned nothing in the past decade?
As it turns out, we have. Sort of.
Let’s return to the 2009 PNC Wealth Management survey. CNNMoney.com reported “nearly half of those surveyed said the recession prompted them to discuss money matters with their children. Just over half said the downturn has already changed the way their children will manage their finances.”
Well, good! We as parents should talk to our kids about responsible money management. While we’re at it, let’s teach our kids how to be dependable and how to handle disappointment.
I’m no expert on any of these things, but I plan on teaching my daughter what I know in the hopes that when she grows up she is equipped to handle life as an adult. Perhaps as a parent it’s the best I can do.
For Bill Gates’ Rules for Spoiled Teenagers, click here!