Last week, Thomas Gilbert Jr. was arrested for killing his father, Thomas Gilbert, a wealthy hedge fund manager. It was reported that the reason behind the murder was dispute over the allowance given by the father to the son. Although this tragic event seems an extreme case, experts warn that children of affluent parents tend to have higher rates of depression, anxiety and substance abuse.
According to a 1999 study, substance abuse rates of the adolescents from households with more than 150,000$ income was higher than that of their peers from lower income family. The result can be attributed to the fact that these kids have money and resources, and therefore access, to drugs and other. There could be other reasons, however, such as pressure from the parents on the children to achieve the level of success they enjoy or lack of time spent with the children.
See Your Money: Growing Up on Easy Street Has Its Own Dangers, Ron Lieber, New York Times.
Posted by Jin Keol Park, Associate Editor, Wealth Strategies Journal
Wealth Strategies Journal 