Overcoming Entitlement and Raising Responsible
Next Generation Family Members

Abstract

Entitlement is viewed as a life-cycle task that all young adults must master. This concept embodies the expectations that the next generation have of their life based on what they received from their families. While all members of the next generation must learn to examine their expectations in terms of reality, this becomes an especially challenging task for those from wealthy families, where expectations can be higher. The authors suggest that in order to assist younger family members in dealing with this sense of entitlement, there needs to be a thoughtful and systematic approach to the process. They offer a model for thinking about the process and specific suggestions to deal with it.

TOPIC: Wealth management