Wealth more hindrance than help?

Whilst it is a well-known fact that money does indeed make the world go around, the age old statement that money cannot buy happiness is being proven in the worries of some of the world´s wealthiest people.

Whilst a comfortable living and financial security is something we all covet for our children, at what point does the money become a threat as opposed to an aid?

A recent survey has highlighted that some of the richest people in the world share the concern that their wealth is hindering their children’s desire for success.  A study released by law firm Withersworldwide shows that the fear of children’s ambition trumped divorce, a lack of ability to provide for one’s family and even threats of failing investments.

Sara Cormack of Withers stated: “If the first generation are wealth creators, then the second generation tend to be wealth preservers, but it is the third generation that families are most worried about.”

The argument stands that if the youngsters are simply handed luxuries and riches on a plate, they do not in turn see the effort and hard work exerted into earning such wealth. They can lose sight of the worth of riches and the challenges that arise on the way to earning them.

Plenty of celebrities are working hard to ensure their children have a strong work ethic and concept of value. Nigella Lawson has previously said her children will not receive any of her millions, claiming that “it ruins people not having to earn their own money,” whilst former member of The Police, Sting will not be bequeathing any of his massive fortune to his children, also wanting them to work for their own money.

The data from which the analysis was gathered was a result of surveys of more than 4,500 people and interviews with over 15 wealthy families worldwide.