When you live in a 15 bedroom home and fly on private jets everywhere you go, there is a good chance that you understand your parents have money. However, Morgan Stanley Managing Director Glenn Kurlander tells The Atlantic that many rich American’s never share their actual wealth figures with their children.
A study reported by the Spectrum Millionaire Corner, a website with users that have at minimum $100,000 a year in income, explains that 17 percent of high-income parents intend to tell their children about their income by the time they’re 18. Another 18% of parents never plan on showing their kids the balance books.
A recent survey asked 1,000 participants if they would disclose their worth to offspring under 18. The answer was, overwhelmingly, “no.”
The study found that 9% of respondents were worried that their children “might share” the family’s wealth info with friend’s, while 13% said they had anxiety about how their income disclosure could affect their children.
Wealth families who openly talked about their wealthy overwhelmingly did so in order to teach their kids about savings and budgeting. Wealth numbers were also revealed “in case of emergencies.”