What’s worrying the rich these days? Above marital breakdown, overspending and their investments, spoiling their kids comes in near the top of the list.
A new survey asked 3,000 families around the world to rank their fears, including: “My children will lack the drive and ambition to get ahead.” Respondents from families worth $10 million or more rated that fear second, right after health concerns.
The survey findings were released just days after pop singer Sting told the Mail on Sunday Event magazine that he wouldn’t be leaving much to his six kids because he wants them to work. Warren Buffett has stated that he plans to provide his kids with “enough money so that they would feel they could do anything, but not so much that they could do nothing.”
Evidence collected by NYU economist Edward Wolff shows that the number of wealth transfers fell slightly between 1989 and 2007. But one projection by the Boston College Center on Wealth and Philanthropy claims that, as Boomers age, $36 trillion will be given to heirs from 2007 to 2061.
In the last few years, spoiling kids and lowering this generation’s professional ambition has become a common concern. From saying no to your adult children to educating young kids about money, make a plan for your family that fits your circumstances.