Becoming the Rising Generation: Uncovering the Path to Thriving for the Next Generation in Ultra-high Net Worth Families

Loading...
Thumbnail Image
Degree type
Graduate group
Discipline
Subject
ultra-high net worth
next generation
rising generation
families
parenting
grit
growth mindset
mastery-orientation
positive relationships
Developmental Psychology
Health Psychology
Other Psychology
Personality and Social Contexts
Funder
Grant number
License
Copyright date
Distributor
Related resources
Author
Keffeler, Kristin
Contributor
Abstract

Despite the common misconception that people who are born into wealth don’t (or shouldn’t) have problems, there are many challenges that rising generation family members face. Interviews with inheritors often reveal with themes of flagging self-identities, fear of failure, isolation, and lack of motivation. The roadblocks on the path towards thriving experienced by the next generation of affluent families are often unseen and generally not acknowledged. What can look like poor behavior – entitlement, disengagement, apathy, and lack of motivation – is often camouflaging deeply-felt confusion, self-doubt, fear, shame, and anxiety. Those next generation family members who adopt a mindset of hope, growth, and a willingness to persevere and find their own voice and path are referred to as the “rising” generation. This paper explores what traits and skills support inheritors to become members of the rising generation. Based on semi-structured interviews with rising generation exemplars, this research identifies four positive psychological skills or traits – growth mindset, grit, mastery experiences, and positive relationships – that are commonly present within the rising generation family members who have overcome the pitfalls of inherited wealth in which many of their peers become entrapped. Additionally, this paper outlines how both parents and their children can begin to cultivate these skills and traits.

Advisor
Date of degree
2018-08-01
Date Range for Data Collection (Start Date)
Date Range for Data Collection (End Date)
Digital Object Identifier
Series name and number
Volume number
Issue number
Publisher
Publisher DOI
Journal Issue
Comments
Recommended citation