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The five challenges of wealth inheritors

October 8, 2021

Children of wealth must overcome five key challenges to generate a sense of life purpose and a positive and facilitative emotional connection to their money.

Children of wealth must overcome five key challenges to generate a sense of life purpose and a positive and facilitative emotional connection to their money.

Each challenge describes an important aspect of the psychological relationship to the saving, spending, and sharing of wealth. To develop a positive wealth identity, children must resolve conflicts and overcome their vulnerabilities in each area.

Challenge 1: Financial awareness

Generation gap: why Millennials have hooked on to impact investing

January 19, 2016

The next generation has hooked onto impact investing like no other – so what do family offices managing multigenerational wealth need to know?

Impact investing isn’t only for the softhearted. In the past year alone, BlackRock launched new business unit BlackRock Impact, Goldman Sachs bought impact advisory firm Imprint, and former Massachusetts governor Deval Patrick now heads up Bain & Capital’s impact fund. “Some of the most celebrated and followed world-class investors have jumped into impact investing in the last year,” says Jean Case, AOL Inc entrepreneur and CEO at the Case Foundation.

Digital era could be driving wealthy millennials' interest in impact investing and philanthropy

December 15, 2015

Widespread access to digital information and social media could be driving ultra-high net worth millennials to engage more on philanthropy and impact investing, says the author of a new report that is focussed on the next generation’s attitudes to wealth.

Next-gens ‘need to understand value of money’

November 22, 2011

Next-generation members need to show an understanding of the value of money if they are to gain their parents’ trust and inherit their family’s fortune, according to Barclays Wealth’s Catherine Grum.

Escaping the gilded cage

May 1, 2004

Just as having too little money can be emotionally troublesome, so can having too much; family business inheritors need to work hard to establish a sense of self in the face of an all-encompassing financial security blanket, says Melanie Stern

Melanie Stern is Section Editor of Families in Business magazine.

At 21, most young adults receive a metaphorical 'key to the door'. The average 21-year-old is either ensconced in study or figuring out their first years in the world of work, understanding their place in society and generally having a good time.