As parents, it’s only natural for us to want the absolute best for our children. We strive to provide them with the things and opportunities we either cherished or missed out on during our own childhoods. We hope for them to experience the finest education, the most enriching vacations, the trendiest clothing, and the hottest gadgets on the market. We consider tutors for their academic success, hoping they’ll secure admission into top-tier colleges.
But is showering them with the best always the best approach?
BEING FINANCIALLY STRAPPED
Take the case of a blogger I follow, who often shares tales of her challenging childhood. Economic instability regularly visited her family, with joblessness and food shortages being frequent concerns. Yet, every Christmas, her parents splurged on an array of gifts to place under the tree.
As a child, she appreciated the abundance of presents, but her perspective changed as she matured. She started to yearn for steady meals over extravagant Christmas mornings. Being on the receiving end of such fiscal irresponsibility, even if well-intentioned, bred resentment. When parents try to give their kids everything, even when they can’t afford it, it breeds financial instability and relational stress. Material possessions do not equate to security.
THE ABILITY TO PROVIDE EVERYTHING
On the other end of the financial spectrum, there are parents fully equipped to satisfy every whim of their children. But does the ability to provide everything mean they should?
The decision is subjective, but endless giving might lay a troublesome ground for children. They could start expecting everything they desire, whenever they want it. Such a lifestyle, once established, is difficult to maintain as children grow up and strike out on their own. Additionally, receiving everything on a silver platter can hinder the development of a robust work ethic.
As reported by The Huffington Post, Graham Tuckwell, founder and chairman of ETF Securities, opines that an excess of money can be detrimental to young people, potentially reducing their ambition and desire to achieve. Consequently, leaving children worse off.
Raising children to earn their achievements and properties holds value. This might mean withholding things they want, which could indeed be within our means to provide. But challenging as it may be, this approach might nurture the right characteristics and values in our children.
So, how do you decide when, and how much, to give your child, and when to say no?
