All parents have hopes and dreams for their children. They hope to see their children create loving relationships, achieve success in satisfying careers and make productive contributions to society. For many parents with strong moral, religious or civic beliefs, it may be particularly important that their children grow up to become caring, generous adults with deeply-held philanthropic values.
Families with wealth may have more pronounced and complexreasons to promote philanthropy. Parents who themselves have been raised in a tradition of stewardship may want to extend this legacy into the next generation. Parents also may be concerned about the potential risks of wealth on their children’s development, such as stunting their initiative, undermining their self-worth, or fostering a sense of entitlement, materialism, and isolation. Promoting appropriate and responsible philanthropy within the family is a wonderful way to surmount these challenges.