Affluenza – still intensively researched, accepted by some of us as a real danger for new generations, disputed by others, like any new thing. In a world of abundance where consumerism of all kinds is encouraged and promoted, how do you ensure that children do not develop an unrealistic, undeserved, and unsustainable sense of entitlement to everything they want, or more and more money?
What can we do as adults that affluenza remains only a word of our times and not a reality that can put us in danger financially, socially, and emotionally?
What is Affluenza?
From two perspectives, it is said that:
- “Affluenza” is a social condition/attitude arising from the desire to be richer/very rich or to be very successful. It can also be defined as the inability of an individual to understand the consequences of his actions due to his economic status/privilege.
- “Affluenza is defined also as a pseudo-scientific psychological affliction that affects rich people. It is not yet a medically recognized disorder. The word was first used in 1954 but was popularized in 1997 through a documentary with the same name.”
Practically as in the saying: money is good if it doesn’t make us crazy, and disconnected from reality, it’s good if we make it work for us not just to have it available as “unlimited” wealth.
A little context in which affluenza can appear
If you grew up in families that had to work hard to handle things and expenses, that saw saving as a lifestyle, and where money didn’t just come to them in a certain easy context, you’re probably less likely to experience affluenza. The feeling of saving and appreciating is thus easier to pass on to the children.
It is also normal to want as a parent children to grow up in a safe environment, and not face the hardships we had. But how do we put limits in this regard? As we well know, we cannot protect our children from daily realities. We can only educate them to face everything the best they can.
The (social) pressure to consume externally applied or just self-perceived is a component of childhood and adolescence. And make no mistake – we face these pressures in adulthood too!
The main difference is that all children initially look to their parents as their seemingly unlimited resources that pay for their “needs”. Adults instead are generally responsible 😊 when it comes to “needs”, within the limits of available funds, and we don’t mean any credit card. No way!
Add to all this, the child’s seemingly innocent ability to use charm, persistence, guilt, and a host of other tools to convince his parents to fund certain expenses and desires.
Even a financially well-educated parent can give in sometimes! However, doing so opens the door to a sense of entitlement that children can unjustifiably acquire.
We can, however, focus on having a strategy of repeatedly exposing children to the values we want them to have.
What to remember about affluenza?
Affluenza also refers to having a single focus – the accumulation of wealth and success, at the expense of authentic relationships and experiences. Affluenza can sometimes lead to depression or anxiety.
Scientists blame the emergence of affluence on the background of a contemporary social culture that overexposes wealth and the need to accumulate and own, without also coming up with strategies to avoid unintended consequences.
Other concerning things about affluenza are full concentration on work and earning a lot of money, and a great self-image only related to high financial status.
How do we prevent affluence/affluenza?
Prevention of affluenza starts with discipline. This includes applying consequences when the child breaks the rules and giving responsibilities. You should show the child that his actions have real consequences and that life requires work, discipline, and responsibility, regardless of status and wealth.
Top 10 Practices in preventing affluence/affluenza
- Assign responsibilities and impose clear consequences
- Involve children in philanthropic activities
- Emphasizes the value of relationships and experiences vs. possessions/wealth
- Ask children to save for the things they want
- Facilitate children’s financial education
- Encourage children to have a job after 18 or start their own businesses
- Identify the right financial coach to guide children once they have earned or even inherited finances
- Develop a plan for transferring assets in a protected manner
- Help your children be justifiably careful not just selective in their choice of friends
- Reduce, reuse, repair recycle, help – 5 actions to implement in your family
We do good for children through financial education by closely watching their behavioral patterns over time. Call with confidence a psychologist and a financial coach to help! Let’s Take the money out of the taboo area!