Rich parents want their kids to get their first job in middle school

Rich parents want their kids to get their first job in middle schoolRich parents want their kids to get their first job in middle schoolRich Millennials are expecting to bankroll their childrens futures in unprecedented ways - but their generosity comes with strings, according to a new survey.More than half of millennials - or 56% - say they expect to foot the bill for their childrens college, compared to just 42% of Gen X parents, and just 23% of Baby Boomers. Millennials also expect to pick up the tab for their childrens rent, home purchases, and wedding costsmore frequently than earlier generations - expressing an open-wallet policy with their kids even into their 30s and beyond, according to thedigital wealth management firm Personal CapitalsAffluent Family Finances Survey,Still, parents have some serious expectations connected to their largesse. Survey responses show 67% of parents of all ages say they believe their kids should get a job as early as middle or high school, co mpared to just 12% who say they believe their kids should wait until after college to work.The study, carried out by ORC International,surveyed 1,001 millennial, Gen X, and Baby Boomer parents in the US with assets of $500,000 and up. The survey distinguishesbetween affluent and high wealth parents, who were described as having at least $3 million in investable assets.Heres when rich parents think kids should abflug workingSeventy-one percent of parents surveyed in the Baby Boomer generation think children should start working while in high school, versus 56% of those in Gen X, and 40% of millennial parents.Its unclear how many of those kids actually have a job, given that a report based on government surveys of American high school students found the number of teens who had ever earned money from working dropped from 76% in the 1970s to just 55% in 2010.Affluent parents, across generations, are feeling increasing pressure from their children to provide longer term support, Personal Capital CEO Jay Shah said in a statement.Personal Capital found that 19% of surveyed affluent parents plan to support their kids until they hit 30 and older, and 97% say theyll leave behind an inheritance, as91% of those surveyed said that the sum would be at least $100,000.Why kids arent working as much as they used toWhile the Personal Capital research didnt address the specific types of jobs affluent parents want their kids to work, the idea of parents wanting their children to do so at earlier ages reflects the reality that teens in the US arent working as much now as in the past.Bloomberg reported in June of this year that teen employment has plunged since the 1990s, citing data from the Bureau of Labor Statistics.When recessions hit, in the early 1990s, early 2000s, and from 2007 to 2009, teen labor participation rates plunge. As the economy recovers, though, teen labor doesnt bounce back, Bloomberg reported.The current projections for teen employment continue to plummet, wit h the rate of teens working during the peak summer months expected to drop to less than 27% in 2024 - down from almost 70% in 1988 and 1989,Bloomberg reported.Among the theories on what could be driving down teen employment include an increasing need for older Americans to hang on to their jobs and an increase in parents crowding kids schedules with activities and volunteer work that might look good to colleges.Other researchersspeculated that the drop in teen jobs is linked to todays teens remaining in a suspended state of extended childhood.Financial literacy starts at homeIts possible that part of the divide between kids and self-sufficiency around money stems from parents reluctance to let their kids in on honest conversations about cash.Just half of the affluent parents surveyed report that their kids are aware of their salary, and 47% report that their kids know how much their net worth is.Parents who have $3 million or more in combined assets are more likely to hide their sa lary from their kids, the study found.The first step is for families to start conversations about family financesand legacy planning, Shah said.Ron Lieber, the New York TimesYour Money Columnist and author of the book The Opposite of Spoiled Raising Kids Who Are Grounded, Generous and Smart about Money, writes that making financial conversations part of daily life is the best way to get kids - and parents - comfortable with the topic.Every conversation about money is also about values. Allowance is also about patience. Giving is about generosity. Work is about perseverance. Negotiating their wants and needs and the difference between the two has a lot to do with thrift and prudence, Lieber writes.Parents may not be doing their kids any favorsIn the Personal Capital survey, astaggering 70% of parents in the millennial generation say that when it comes to saving up, they would prioritize putting money toward their childs college schooling instead of their own retirement. And 48%of a ll parents surveyed agreed.But financial analysts warn that this kind of generosity is short-sighted, since this could prove to be a big mistake if these children end up supporting their parents in old age. Remember, you can always borrow for college - you cant for retirement.That makes the following finding even more concerningA 2016 Personal Capital surveyreportedly found that 40% of millennials dont have even one retirement savings account.