Many problems parents struggle with can be improved, if not solved, by involving them in charitable and volunteer activities, according to Richard Morris and Jayne Pearl, co-authors of Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation (Bloomberg, a Wiley imprint, 2010).
aMany parents worry that their children are spoiled and entitled; others worry their children feel guilty about living a comfortable lifestyle when so many other people are suffering,a say Morris and Pearl. aSome families have a hard time giving as much to charitable causes than they have in the past. Another common problem is that lots of parents feel they donat know enough to teach their kids all they need to know about money, or they are uncomfortable talking about it at all.a
The authors point out that each of these concerns can be addressed by involving children in giving decisions and helping out at community and other charitable causes. For instance, they explain, aParents can inspire their kids to become philanthropic by inviting them to participate in identifying and researching causes the family can support