Finweek English Edition - - MONEY -

It leads to a lack of un­der­stand­ing of the value of money, how to earn it and how it shapes re­la­tion­ships and our­selves. Wealth in­her­i­tance is of­ten seen as an al­ter­na­tive to work, this leads to a loss of work ethic and un­der­stand­ing the need to work one’s way up from the bot­tom. Fi­nan­cial de­pen­dency in­hibits de­vel­op­ment of own drive and sense of self-worth. It also hin­ders the abil­ity to see op­por­tu­ni­ties and prob­lems. When ev­ery­thing comes too eas­ily, there is a dis­tor­tion in val­ues as to what is ac­tu­ally re­quired in or­der to earn any­thing. It cre­ates a dis­torted sense of self-im­por­tance and may lead your child to equate money with self-worth. It de­prives your child of the sense of achieve­ment that comes with work and its as­so­ci­ated re­wards. It can pro­duce in­sa­tiable con­sumers, friv­o­lous with credit and spend­ing and ob­sessed with brands, fash­ion and trends. Lack of core life val­ues, mean­ing and pur­pose makes these young­sters more sus­cep­ti­ble to ac­tion/con­se­quence be­havioural prob­lems in­clud­ing drugs and al­co­hol. It can create a lack of ap­pre­ci­a­tion of a life of real sub­stance and mean­ing that is not re­lated to money. Wealth is a mag­net for the insin­cere and can in­hibit your chil­dren sur­round­ing them­selves with peo­ple of sub­stance.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.