Wikinvest Wire

Rich kids don't know what's hitting them

Monday, January 11, 2010

More news of rapidly changing societal norms due to the economic and financial market developments of recent years comes in this CNN/Money report about new poll data showing how well-to-do parents see their finances and their offspring.

Rich kids beware: More parents think you're spoiled
A growing number of wealthy Americans are beginning to think their children are too spoiled as the recent recession prompts many wealthy Americans to reconsider their financial priorities, according to a poll published Monday.

PNC Wealth Management said its survey of well-off individuals found that 35% are concerned that their children may be "too spoiled by money and have too many material possessions." That's up from 29% in 2008, and 22% in 2007.

As a result, 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.

The poll, based on a survey of more than 1,000 adults with annual incomes of at least $150,000 and assets of more than $500,000, also showed that the recession has prompted the nation's well-off to do some financial soul searching.

A full 90% of those surveyed said they believe it is "more important than ever to live within my means."
The abrupt removal of "home equity wealth" from the balance sheets of millions of Americans has undoubtedly been an upheaval for young and old alike, though, you can't really blame the young for being spoiled - they don't know any better.

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AJ said...

I read a comment the other day. "Don't just live within your within your needs."

I think it's a cute quote, but when you carry it out to the conclusion, things get sticky. If we live according to our needs, most people wouldn't need jobs. If we employ a reasonable amount of the population, we will produce way more stuff than what we need.

We are racking up too much debt. But we're doing it because we have this idea in our minds that everyone should have a job (also why we love to attach health care benefits to jobs). Is it possible that employment is too high? Are we, as a society, efficient enough that our culture could survive with 20% unemployment, if it weren't for the fact that those unemployed would need some sort of assistance or face starvation?

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