Should you hide your wealth from your children?

Zoya Patel 26 November 2020 20
Homelessness Canberra

Should children be raised to be aware of inequality and disadvantage? Photo: File.

When I was growing up, I knew from an early age that money was tight in our family. How did I know this? Because every decision about expenditure was made carefully, from whether or not we could afford the toys I wanted, to what clothes we wore, through to our shared hobby as a family of trawling garage sales for furniture and other items.

After moving to Canberra from Albury in the late 1990s, my parents started a business and soon we were making a profit. Over the next few years, we went from a stable but modest income to comfortably middle-class, to very comfortable.

But I didn’t actually know that this transition occurred until I was an adult because my parents never let on to their children that we had more money. They still shrewdly assessed every request for expenditure and were careful to impress upon us the value of money and the need to be sensible about how we spent it. We were all told to get jobs as soon as we could and contribute to our own wants and needs with our incomes.

I was aware that some things were now accessible to us that weren’t before – like family trips overseas and bigger birthday presents, but I didn’t really understand it until I was much older and became aware that, should I need it, my parents were able to provide a significant safety net.

READ ALSO: How can public funding of rich private schools continue to be justified?

Recently, a friend confessed to me that her 11-year-old daughter had started making uncomfortable statements about wealth and status. She asked her mum how much their house cost. “Sabrina’s house cost over a MILLION dollars,” the little girl said, eager to know how her own home stacked up.

She also asked what their car was worth, and if they were ‘rich’.

Clearly, these conversations were happening at the schoolyard, and my friend didn’t know how to proceed. She didn’t want her daughter to become entitled or take things for granted once she knew that they had an above-average income. But it felt unethical to lie to her child.

When I told my own mother about this, she was adamant that not telling us how much money we had was the key to making sure all four of her children had good work ethics, knew not to overspend, and lived within our means.

I’ll admit that I don’t have children, but like many childless people, I have lofty ambitions of how I would raise my future offspring. I want to raise kids who are aware of inequality and disadvantage, and who actively acknowledge and check their privilege as it compares to others.

I watch the children of (very) wealthy friends grow up and am conscious that they have access to absolutely anything they want.

One friend’s son will only wear clothes that are by the designer Ben Sherman. He’s 13. Another’s child had a birthday party recently that looked about as opulent as the average person’s wedding. She’s 10.

They’re lovely children, but I do wonder if they will be lacking a level of empathy or social awareness as a result of being raised with such privilege.

READ ALSO: Humble businessman Cameron Whitnall believes in giving back to the community

On the other hand, pretending you don’t have money won’t stop your children from having a smooth and enabled coming of age necessarily, and maybe it’s impossible to truly grasp social inequality without having experiences its impacts.

I understand that raising empathetic, emotionally intelligent children is about more than just sheltering them from their own privilege, but I do wonder how you impress upon a child the fact that their own lives are not anything like how the majority of Australians live.

Canberra is more affluent on average than the rest of Australia. That doesn’t mean disadvantage doesn’t exist here, but if you grow up in a certain suburb, attend certain schools, and mingle with your own networks, you might be able to avoid confronting that reality for a good chunk of your life.

Would it be better to shield our children from being aware of their class and privilege, or is it more important to be honest and frank with them about where their experiences might differ from others?

How do parents approach raising kids who aren’t entitled as a result of having every need met with ease?

What's Your Opinion?

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20 Responses to Should you hide your wealth from your children?
George Prasad George Prasad 8:43 am 28 Nov 20

I think it more comes down to values than hiding your wealth from your kids. We're a close knit family that doesn't focus on money or staus, myself included. We have a lot of fun being together doing simple stuff. I reinforce subtly it doesn't matter what clothing you wear, whether you have the latest sneakers, tech devices etc...none of that stuff means anything. Enjoy what you have and things you don't and save up for it but think carefully whether you really need it.

I think its really important parents set this standard because they look to us.

    Christie Le Goy Christie Le Goy 1:20 pm 28 Nov 20

    George Prasad hooray for you, no wonder you're such a gorgeous family xxxx

Karen Feng Karen Feng 8:03 am 28 Nov 20

Growing up me and my bro didn't have much. By our teen years our family was slightly well off and my mum likes to show off. Most time spoiling my baby sister This made me worry how she will view money.

When i question my mother of this difference she responded with "Thats different shes born in Australia".

This statement made me angry as she is indicating that the children she had in china do not deserve much than the one born in Aust.

But i didn't take this anger on my younger siblings.

I taught my siblings the value of saving and why money need to be kept for a rainy day.

They will consult with me before buying certain toys.

And they know they should only splurge but not frequently.

We grew up fine not truely knowing how much our family have because we know not to depend on it.

jwinston jwinston 8:30 pm 27 Nov 20

I think the bigger issue here is should you hide your wealth from your wife?

Capital Retro Capital Retro 9:30 am 27 Nov 20

I was surprised to hear a secondary school student tell me that teachers are now telling students that they have rights and entitlements to everything their parents own. Not in my house they don’t. Is this an emergence of Marxist influences in the education system?

It is important that everyone aspires to become wealthy and independent from government welfare.

After all, the one thing money can’t buy is poverty.

    dolphin dolphin 3:32 pm 28 Nov 20

    your typical nonsense again retro. I would have thought its more important to have healthy satisfying lives, with respectful relationships full of love and empathy for others. Once you hit a level of comfort further accumulation doesn’t really add to happiness

    Capital Retro Capital Retro 9:28 pm 28 Nov 20

    I see you have read more than a bit about Marxism.

Kasra Mn Kasra Mn 12:28 am 27 Nov 20

At what $$ point is someone wealthy?

    Karen Feng Karen Feng 8:09 am 28 Nov 20

    Kasra Mn That is a good point. When my sister was much younger she was surrounded by friends that is more economically disadvantaged.

    I remember one time i screw up by telling her that we don't use the oven because we're poor. She then told this to her friend, when her friend ask.

    When she was a teen she was in a school where the other kids parents are significantly more wealthy.

    ........ Depending on your surrounding you can be considered poor/wealthy.

    I feel i am poor. But if compare to a poor family in Ethiopia i might be considered rich.

Anita Patel Anita Patel 11:44 pm 26 Nov 20

An excellent article.

Sher Bee Sher Bee 5:08 pm 26 Nov 20

Wealth is alway about $$$

Monika B Monika B 1:53 pm 26 Nov 20

Children should be taught social responsibilities from a young age. Privilege comes with a duty of care and share. I taught my child that she is extremely lucky with her privileges but not everyone are as lucky as her and she has a duty to share.

Every birthday/christmas she gets to pick presents to donate that are of similar values/quantity as she gets.

I take her volunteering, some holidays are verging towards working holiday type. There is a homeless person with a dog she is friendly with and whenever we see him we chat and help him out with some money/food.

    bj_ACT bj_ACT 1:38 pm 27 Nov 20

    Lucky for us kids never listen to their teachers. ?

bj_ACT bj_ACT 12:36 pm 26 Nov 20

I lived for many years through a number of areas within Kambah before moving to Deakin in 2011.

I have noticed a vast difference between the birthday parties of the neighbouring kids of ‘new’ Deakin with jumping castles and clowns compared to the hide and seek and dominos pizza of the Kambah kids.

Despite the last few years through Uni and a flasher home and area, I’m convinced my kids learnt well from humbler times amongst humbler neighbours. I support the approach Zoya’s Parents took.

Dawn Bowra Dawn Bowra 11:24 am 26 Nov 20

Yep 👍🏻 and spend it all on your self care, and live your best life too. By all means give them a start but for Christ’s sake look after your self. They will manage and they will work and live life and survive

Acton Acton 10:36 am 26 Nov 20

You don’t have children. You have expressed doubts about ever having children of your own for a variety of selfish and virtue signalling reasons. Now you feel so entitled and superior as to lecture the rest of us on how to raise our children.

Jamie Fisher Jamie Fisher 8:38 am 26 Nov 20

Not a bad problem to have...

Jessica En Bee Jessica En Bee 7:20 am 26 Nov 20

Parents shouldn’t hide it but kids do need to be taught about the world and how privileged they are. Awareness of poverty and class is taught from birth in some cultures and it encourages gratitude, empathy and a desire to help others. We could do with more of that.

    Kylie Wylie Kylie Wylie 7:28 am 26 Nov 20

    Jessica En Bee i agree 100%

    Sandy Hammersley Sandy Hammersley 4:44 pm 26 Nov 20

    I have been both, I feel the same about myself, either way, it's not about money, it's about believing in yourself and doing the right thing in society, I still look after the homeless and people who need help, and I accept help if it's needed, that's when you realise who you really are. I had a friend who was very wealthy, she was always helping people but it was all about her and how great she was, I asked her one day, you help people now how can I help you, she nearly had a fit, you see I was taking away her power and superior personality, she didn't like it one little bit.

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