More Teens Than Ever Say Being Financially Well-Off is Important
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Comment| Wednesday, February 28th, 2007 | Kristen DiPaolo | CWK Producer |
“They are looking at materialism in an effort to demonstrate and to illustrate self-worth. And, when you are not able to buy enough, when you are not able to have the iPod, the iPod phone and the BMW… when you’re not able to have all those things at one time, there tends to be a diminished sense of self-worth.”
– David Wall Rice, Ph.D., Personality Psychologist, Morehouse College
CWK Producer Adam Wilkenfeld contributed to this report
A new survey from the University of California/ Los Angeles shows that teens have become obsessed with money. Nearly 75-percent of college freshman now say it’s important to be “very well-off financially.” That’s up from around 40-percent in the 1960’s.
Instead of “peace, love and happiness,” teens today say they want designer labels, fancy cars and the latest technology.
“I kinda felt left out when I didn’t have a camera phone,” explains 17-year-old Ebonee Wall.
“Like, I’ll save up all my money and buy purses,” adds 14-year-old Marisa Iannaccone
“I have a couple jeans that are more than $200, maybe $300,” admits 18-year-old Joey Orizczak.
According to the Pew Research Center, 80-percent of young adults say getting rich is a top goal for most people their age.
Some call the obsession “Affluenza” – and we gave a group of high school cheerleaders a test to see whether they have it.
They were asked: “Have you ever lied to a family member about the amount you spent for a product?” “Do you ever use shopping as a therapy?” “Has one of your credit cards ever been rejected by a sales person because you were over the limit?”
Several kids in the group answered ‘yes’ to all three questions.
Experts say it’s sad, but many teens confuse what they have with who they are.
“They are looking at materialism in an effort to demonstrate and to illustrate self-worth,” says Dr. David Wall Rice, a personality psychologist with Morehouse College. “And, when you are not able to buy enough, when you are not able to have the iPod, the iPod phone and the BMW… when you’re not able to have all those things at one time, there tends to be a diminished sense of self-worth.”
If kids ask for items they don’t need, Rice says parents should refuse - without feeling guilty.
“There are some boundaries that you need to set,” he says, “and you need to be able to say ‘no’. ‘No, you can’t have those.’ Or, ‘no, you can work towards that. Maybe in about four to six weeks you might be able to get them on your own, if it’s that important to you.’”
Tips for Parents
- Even if you can afford to give your child the items he or she may request, it’s important not to over-indulge. Scarcity breeds creativity and resourcefulness. Affluence makes kids lazy and complacent. (Peter Whybrow, M.D., Psychiatrist and Neuroscientist)
- When kids have too many material goods, they risk becoming spoiled and entitled. Then, when kids are not able to get everything they want, they may become upset, sad or depressed. (Peter Whybrow, M.D., Psychiatrist)
- Parents who feel guilty about not spending enough time with their kids often try to compensate with material goods. This is not a substitute. Happy children spend plenty of time with their parents and their peers. (Peter Whybrow,M.D., Psychiatrist)
- The task of childhood is to find oneself. Kids are not going to find themselves in an iPod or a big screen TV. They need to spend time with their parents in order to discover their own identity. (Peter Whybrow, M.D., Psychiatrist)
References
- University of California, Los Angeles
- Pew Research Center
- “Affluenza: The All-Consuming Epidemic”, John de Graaf, David Wann and Thomas H. Naylor
