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 spoiledThe 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.
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."