Add social media to the mix and the problems become even worse. Instagram’s imagery has meant that ‘keeping up with the Joneses’ has gone viral. The Rich Kids Of Instagram, a popular account and TV show, provides ample content to make even the wealthiest scions envious. Problem cases like these are causing a complete re-think of succession planning among wealthy families.
A survey by UK asset manager, Canada Life, earlier this year found one in five British millionaires aged over 45 is not planning on leaving anything behind for their heirs. Nearly half of the 1,000 surveyed said they would spend it before their time was up, and 9 percent would leave it to charity. These are drastic moves on parents’ behalf, but if anything could install motivation then it is the fear of running out of money. This is more pronounced for wealthy scions who have often never had to worry about money.
