It is safe to say that a strong number of parents today spoil their kids. Everything from overindulgence of technology to caving in to every whim and desire at the merest sign of disagreement, millennials and Generation Zers today are uncouth, miserable and entitled because of the constant spoiling in their youth.
Are we spoiling children? A new study suggests that many parents have gone into debt just to spoil their children with gifts, vacations and birthday parties.
According to a survey by T. Rowe Price, nearly half (46 percent) of parents in the United States have become indebted because they purchased something their kids wanted. But this pecuniary mistake may transition into adulthood as well, warns financial experts.
Cashing in your life savings to throw a lavish wedding, delaying the sale of your small business to ensure your children are employed and bailing out your son or daughter because they are not working are just some of the ways spoiling your children in their youth can lead to irresponsible and spoiled children in their adulthood.
What’s the solution? Start tackling the money issue as early as two years of age.
“As they start to argue and fight back it’s even harder and less pleasant to bring up lessons like [money] is a finite resource and kids can’t have as much as they want,” Pat Seaman with the National Endowment for Financial Education told CNBC.
Restraint, conversations and willpower are keys to a fiscally responsible child.