Ready to Discuss Health and Wealth with the Next Generation?

The old adage that “money can’t buy happiness” has never been truer. Compared to previous generations, society as a whole is more affluent and generally in better physical health. Yet media reports continue to document a significant rise in mental health issues like anxiety and depression.

This conundrum brings to mind Maslow's hierarchy of needs – the belief that even if we meet our basic physiological needs, optimal personal fulfilment requires other progressively “higher” needs to be met, such as love and belonging, self-esteem and the respect of others, and self-actualisation based on morality, creativity and more.

For ultra-high-net-worth families, getting to grips with the mental health of their children can be an important part of supporting the next generation to take on the forthcoming responsibilities of privilege.

Preparing heirs for the future

In working with affluent clients at the higher end of the scale, our advisers have noticed families placing an increasing emphasis on good health. Parents are showing a greater focus on mentoring their children and other heirs with intention. Transferring wealth between generations is about more than financial capital. Wealth comes in many forms, and holistic wealth advice should include supporting families to maintain their emotional well-being, build strong interpersonal relationships and make a positive impact on the world.

As part of the process, we encourage families to spend time defining what purpose of family and purpose of wealth mean to them. They are also encouraged to explore what success looks like, both individually and collectively, and how that vision may evolve over time. This reflective process may prove extremely helpful to the next generation as they contemplate their own relationship with wealth and the importance of good health.

In recent years, our advisers have increasingly heard instances of ultra-wealthy parents planning to leave only a fraction of their fortune to the children, while earmarking the bulk of their wealth to favoured philanthropic causes. They are not being overly strict with their children, nor are they withholding love or support. These parents are trying to avoid the “silver spoon” cliché by having their children appreciate the value of hard work, learn important lessons about independence and forge their own identities. Their goal? To help their children become leaders who can think for themselves and make sound personal and career decisions.

Care can be costly

Part of this leadership capability will stem from having strong mental and emotional health. And this is where the younger generation has already begun to step up and show their parents that they acknowledge the critical importance of leading a well-rounded life. Today’s young adults are far more proactive than past generations when it comes to initiating open conversations around mental health, resilience and emotional well-being. Collectively, they continue to break down the longstanding stigma associated with mental health issues, which is crucial to making meaningful progress.

Perhaps more telling is that young people are proving themselves to be willing to take action to achieve their wellness goals. And this is where highly affluent parents can help their children succeed. From comprehensive mental health therapy and wellness retreats to biohacking, regenerative therapies and other preventative health measures, working toward optimizing physical and emotional well-being can be expensive. However, investing in their children’s health now could pay dividends down the road for wealthy parents, helping the next generation become the stable, self-actualized leaders they hope them to be.

ABOUT THE AUTHOR