The Most Valuable Thing to Your Children
As a wealthy family, what is the most valuable thing you can give your children? One sure way to find out the answer is to ask (too often parents don’t bother).
According to a Wells-Fargo survey of Millennials, more than 90% of children say they want to inherit their parents’ values, not their wealth. Some 84% want top sustain and build on their family’s legacy. This should be very heartening news for parents.
In a previous newsletter, I mentioned the relative importance of education and networks which families can provide to their children. Clearly, it’s not all about money!
Regarding philanthropy, 80% of children surveyed say the family’s giving aligns with their own values, but 40% want more of a say.
The survey shows the importance of talking about wealth and legacy within a family, and how learning between generations can go both directions.
Consider This: Have you asked your children what the family wealth means to them? What is most important to them about their lives? Conversations like that aren’t always easy. It’s important to make ‘space’ for them where all voices can be heard.
- Children of Millionaires Want to Inherit Parents’ Values More Than Their Wealth, Wells Fargo Survey Finds
Here is more on reading on family wealth transition.