Some interesting nuggets of info from the recently released “Wealth and Values” survey from PNC Wealth Management (a unit of The PNC Financial Services Group):

  • wealthy Americans have become more concerned over the last two years that their children are becoming spoiled
  • 35% believe their children are “too spoiled by money and have too many material possessions”
  • 47% are now discussing money management with their children

Cheers to the 47% taking a proactive role. The American education system may not believe financial literacy belongs in a home economics curriculum but that shouldn’t stop parents from speaking openly about important life skills such as budgeting, responsible use of credit, etc.

Jeers to the 35% that have enabled their spoiled children. That’s right, they’re enablers! Old fashioned common sense (which may not be that common after all) suggests kids lack the means of acquiring most material possessions. Sure, the occasional candy bar is easily afforded with allowance money or a birthday gift from the grandparents but how many kids can afford an iPhone or a week in Aspen?

While we don’t want to deprive our kids of necessities or life experience we must realize that parenting involves more than parking our kids in front of a Disney DVD. We have to be proactive. Being an effective parent means providing kids with the educational tools they need, a realistic view of the world and the motivation to achieve success that need not be defined in material terms. Absent these things our kids will be spoiled, we’ll have no one to blame but ourselves and any attempts to right this wrong will amount to putting Band-Aids over bullet wounds.