Despite all the self-gratifying influences surrounding them, children today are not as materialistic and self-serving as one would expect. According to a recent UNICEF study, they rank friendship and family as the most important priority in their young lives. The study indicates that their early years are defined by values based on shelter and protection, which they ideally experience within a familial environment.

Researchers discovered that children develop an understanding of complex values at a surprisingly young age, by demonstrating a sense of responsibility and understanding the importance of tolerance. As they get older, children assert their independence, and consequently, their values shift to friendship, trust and honesty. Children experience the importance of these values in their relationships with family and friends.

These formative experiences create the moral compass that will guide this future generation in acting responsibly.

Our children are surrounded with a dizzying array of choices. The Internet has opened endless possibilities for their young social lives and self-expression. It’s a generation that is empowered like no other, with few notions of limitations to hold them back. Until quite recently, children naturally developed a sense of limitation because of social structures and fewer resources. Desires that could not be immediately gratified were perceived as something valuable.

This new social and cultural landscape has complicated parenting more than ever. Parents often struggle to define the limits and convey traditional values. In describing today’s parent-child relationship, psychologist Jirina Prekop and pediatrician Christel Schweizer coined the following phrase: children are guests asking for direction. The authors believe that by treating a child as a guest, parents provide their children with an unconditional safe haven. A parent’s role is to help their child find their own way, as they discover their personal strengths, talents and aptitude. The values they learn on this journey will be a guide post
throughout their lives.

As wealth advisors, we help families secure their children’s future. Every family has a unique philosophy on raising children, and accordingly, we provide unique solutions to fit each family’s particular values and beliefs.

Every phase in a child’s life brings with it new challenges. We need to react accordingly, with intelligent solutions that will protect our children in their world of the future.

In doing so, we learn about the future ourselves. Our children will evaluate our decisions and actions by their own standards. Understanding their needs and interests are critical in making our wealth management strategies future-proof.