Discover the hidden psychological and physical risks affluent children face and learn how to mitigate them.
While financial success offers opportunities, it also presents unique challenges, particularly when it comes to the mental and emotional well-being of children in wealthy families. Contrary to popular belief, research shows that children from affluent families are often at a higher risk of experiencing mental health challenges, such as depression, anxiety, and substance abuse as well as a range of physical symptoms.
These issues can stem from expectations and interactions the children have with their social environment rather than from the parents directly, but even then, the family unit can play a major role in mitigation. This blog will delve into these risks, backed by data and scientific evidence, and offer practical suggestions to mitigate these challenges.
The Psychological Toll of Growing Up Wealthy
Studies have indicated that children from high-income families are more susceptible to major psychological conditions than their middle and low-income peers. For example, a series of studies published in the Journal of Developmental Psychopathology and the Journal of Child Development found that affluent adolescents exhibited up to three times more clinical depressive symptoms, 50-100% more prevalence of substance abuse, and an increased risk for a host of related conditions such as anxiety, physical self-harm and acting out.
The reasons behind these higher rates of mental health issues are multifaceted. One contributing factor is the pressure to achieve. Children from wealthy families often (even subconsciously) set very high goals for themselves due to the successful examples at home. To distinguish themselves and feel self-worth they need to equal or surpass their parents which naturally puts pressure on them. Moreover, to deal with this comparison some take a contrarian route that is not necessarily better for them but is distinct from their parents (e.g., discounting hard work and traditional success metrics to contrast to a successful career-focused parent who works long hours).
Physical Health Implications
Beyond mental health, the challenges faced by children in wealthy families can also manifest in physical health problems. Chronic stress and anxiety can lead to a range of physical symptoms, including headaches, gastrointestinal issues, and sleep disturbances. Additionally, the emphasis on perfection or appearance in some affluent social circles contributes to eating disorders, such as anorexia nervosa and bulimia.
Practical Suggestions for Mitigating These Challenges
While the challenges are significant, there are steps that wealthy families can take to protect their children's mental and physical health:
Be proactive, as early as possible: Establishing a family communication culture where children are willing to discuss their deep feelings and concerns is not easy and does not happen overnight. Don’t wait for signs of distress to establish these communication lines because it is often harder to do for the first time when under distress.
Be structured: Establishing a communication culture may be easier than you initially think, but requires structure and consistency. Some parents find it effective to set up a routine to help ensure the support the kids need is not forgotten in their busy schedules. For example, you can use the time before the bedtime story or in the car on the way to soccer practice to ask the kids about their day.
Start gradually. Try to avoid going immediately to issues that can cause deep emotions and rather guide the conversation towards them subtly. For example, if you want to understand if your child suffers from social isolation, try starting with very concrete and easy-to-answer questions like “What did they do today?”. Then follow up with questions on whom they did it with and how they feel about these people, etc.
Conclusion
While wealth can provide numerous advantages, it also comes with its own set of challenges, particularly when it comes to the mental and physical health of children. By understanding these risks and taking proactive steps to address them, families can help their children navigate the complexities of growing up in an affluent environment.
We understand that addressing these challenges is complex and multifaceted, but we're here to help. Our team of professionals offers not only wealth management but also guidance on maintaining holistic family well-being. Reach out today to learn how we can help you build your financial success while minimizing the unique challenges that come with it.
Additional reading:
Bhasin, S. K., Sharma, R., & Saini, N. K. Depression, anxiety and stress among adolescent students belonging to affluent families: A school-based study. Indian Journal of Pediatrics, 77, 161–165.
Bulik, C. M., Tozzi, F., Anderson, C., Mazzeo, S. E., Aggen, S., & Sullivan, P. F. The relation between eating disorders and components of perfectionism. American Journal of Psychiatry, 160(2), 366-368.
Luthar, S. S. The culture of affluence: Psychological costs of material wealth. Child Development, 74(6), 1581-1593.
Luthar, S. S., & Barkin, S. H. Are affluent youth truly "at risk"? Vulnerability and resilience across three diverse samples. Journal of Abnormal Child Psychology, 40(3), 457-469.
Luthar, S. S., & Becker, B. E. Privileged but pressured: A study of affluent youth. Child Development, 73, 1593–1610.
Luthar, S. S., & D'Avanzo, K. Contextual factors in substance use: A study of suburban and inner-city adolescents. Development Psychopathology, 11(4), 845-867.
Luthar, S. S., & Latendresse, S. J. Children of the affluent: Challenges to well-being. Current Directions in Psychological Science, 14(1), 49-53.
The problem with rich kids. Psychology Today. https://www.psychologytoday.com/us/articles/201311/the-problem-rich-kids