October 15, 2011
Philanthropy's Role in Developing Responsible Adults
Many advisors to families of wealth focus on overcoming counterproductive behaviors of their clients' progeny. The authors believe a more constructive approach to raising responsible adults emphasizes positive practices, such as philanthropy.
The authors' research has identified four areas of philanthropic engagement which can help inhibit entitlement behaviors in children of wealth: financial literacy, voluntary service, modeling positive behaviors, and providing younger generations to help make decisions about family wealth.