.jpeg)
Can money really change the way we think and act? Research shows it can! Being rich brings you all kinds of advantages in life, but being rich is not always what it seems. While the rich are the envy of many, money cannot buy happiness and many challenges come with living a rich life.
Women in affluent families often give up their careers to become mothers, losing the identity and notoriety that work provides, while many wealthy elite men (fathers) are absent from family life, instead being busy running large and successful global corporations.
Children also face unique pressures – they are coerced to succeed and excel in school, often without the support of empathetic coaching and parenting.
Recent research shows that wealth can also override moral judgment. Numerous studies suggest that wealth distorts empathy and compassion. Maybe being rich isn't such a coup in the end?
Evidence suggests that wealthy people are disproportionately affected by addiction, so life in the riches lane is not quite what it might seem from the outside and there are unique pressures.
This article explores the psychology of the wealthy and examines how being a billionaire affects mental health.
Curse of rich kids “flu”
In 2013 wealthy teen Ethan Couch killed four people while driving under the influence. During his manslaughter trial, a psychiatrist testified that Couch had the flu, a term interpreted as "irresponsibility due to the family's wealth."
The psychologist argued that Koch had grown up in a very wealthy family and had acquired a deep sense of privilege and had lived life with a complete lack of responsibility.
Ethan's defense lawyers argued how he grew up without any repercussions for his bad behavior, and as a result the sentence was surprisingly light - instead of jail time for Ethan Coach being ordered to spend time in rehab and sentenced to 10 years in prison, the sentence would almost certainly have been very different. If he was a poor black kid from a slum.
During Ethan Coach's trial, it was revealed how he was raised. His parents' relationship was fractious and sometimes violent, which ended in divorce. A social worker's report at the time of the divorce settlement concluded that Ethan had an affair with his mother and that he lacked a regular, consistent relationship with his father. The social worker also said, "Both parents They “adult” Ethan and allow him to be overly involved in adult issues and decisions.
Research suggests that “wealth itself is a risk factor for adolescent development—not just having money, but how having money can distort values, parenting practices, and interpersonal relationships”—all of which were present in Ethan Koch's life.
Drug and alcohol use among affluent adolescents
Studies show that the anxiety experienced by children in affluent families is 20-30% higher than among the less affluent, and that affluent children are more likely to abuse drugs and alcohol.
There is often a high price to pay for wealth, and along with drug and alcohol abuse there are alarmingly high rates of depression, anxiety, eating disorders, cheating, and stealing among affluent teens.
There are many possible reasons for these results:
High pressure to meet expectations of excellence in school from parents, coaches, and peers
More isolated from parents and family
No is rarely said / no boundaries
Easy access to materials and alcohol
Preoccupied with material wealth and property
Peer pressure on the importance of attractiveness
Pressure at school and within the family unit to show no weakness
It prevents the development of friendships and intimacy
A life planned by activities with little time to play for free
This last point is interesting. University of Pennsylvania sociologist Annette LaRue wrote about this in her 2003 book An Unequal Childhood: Class, Race, and Family Life, in which she compared the parenting styles of two black children: one from an upper-middle-class family, the other the family under public assistance.
She describes the parenting style of affluent parents as like “coordinated cultivation,” and explains that the purpose of childhood according to this parenting style is to “acquire skills that will lead to greater opportunities later.” On the contrary, parenting styles in working-class families revolve around the philosophy of “growth.” Natural,” explains LaRue, because parents' trust that providing love, food, and safety is enough is often overridden in affluent families to satisfy these basic human needs.
When LaRue followed the children she studied, she found that the working-class boy possessed a wealth of practical skills that a wealthy teenager lacked, and noted that in general, middle-class parents tend to manage their adult children's lives in a way that prolongs adolescence.
Dysfunctional rich family
Of course, not all wealthy families suffer from dysfunction, but many of them do. Parents are often absent from home, work long hours, travel, and attend glamorous social events. Mothers who do not work have diaries full of beauty appointments, keeping fit, and preparing a large number of lunches and events. Other social with friends Keeping up appearances in super affluent social circles is a full time job and looking good comes with the zone.
It is common in wealthy families for children to be cared for by nannies or housekeepers, and then sent to the best boarding schools in the world. Of course, the intention is to give the child the best education, but this has a negative effect. Much has been written about how boarding schools produce mentally damaged individuals. Life in boarding schools can be harrowing and a profound childhood trauma for many.
The paper, written by Sonya Luther, Professor Emeritus of Psychology and Education, Teachers College, Columbia University, explores the culture of abundance and the nature and potential causes of problems among the wealthy.
.jpeg)
She detected problems in several areas including substance abuse, anxiety, and depression—and two main groups of possible causes: achievement pressures and isolation from parents. Both were ramped up through boarding school.
The pursuit of more wealth
As soon as people have a lot of money, another obsession begins, the obsession with staying rich. Harvard behavioral scientist Ashley Whillans calls this behavior a “toxic money mindset.” She says that many already wealthy people have a money-centered pursuit of more wealth and that this does little for happiness.
By studying the wealthy, Whillans found that people were focusing too much on making money and not enough on getting more time. But studies show that people who value time over money are happier, have healthier relationships, better social connections, and have greater job satisfaction.
Wealth goals are always changing, how many millions will suffice? People in wealthy circles always compare themselves to others, money is prestige and wealthy people are often entrenched in a culture of individual superiority.
Once you have the trappings of a wealthy life, there is a huge competitive drive to keep it and outpace the fortunes of those around you. The fear of losing that wealth, power and status plays a big role on confidence and reveals doubt, which is a very stressful condition and has an impact on mental health.
Moral entitlement, less sympathy
Psychologists have categorized billionaire personalities as a "dark triad" of Machiavellianism, psychopathy, and narcissism. Studies show that extremely wealthy people are more likely to exhibit behavioral tendencies towards “self-promotion, emotional coldness, duplicity, and aggression” and are more likely to engage in various immoral behaviors.
There is a marked lack of empathy in affluent circles Research shows that many wealthy and upper classes display a lack of empathy for others and can even act cruel Alleged cases of routine belittling, intimidation and vandalism were par for the course at the exclusive Bullingdon Club at the University of Oxford in the UK during the 1980s .
Studies show that people from lower socioeconomic classes are better at reading facial expressions than people with money. Reading facial expressions accurately and trying to understand what the other person is feeling is an essential part of empathy.
Research by psychologists Paul Biff and Dacher Keltner at the University of California, Berkeley, found that as people accumulate wealth and power, their friendly feelings toward people begin to deteriorate.
The effect of wealth on mental health
Access to money may guarantee the best healthcare but it does not guarantee health per se. Living with wealth has many drawbacks, as highlighted in this article. The effect of wealth on mental health is a serious issue, and behind many affluent lifestyles lies suffering, pain, childhood trauma, addiction, and depression.
Riches may provide an outstanding education and upbringing, but children in ultra-wealthy families often grow up feeling isolated and unloved, so it's really no wonder that depression, anxiety, addictions, eating disorders, and behavioral problems are common.
Your personal journey to freedom in CALDA
At CALDA we have a deep understanding of the life experiences of Ultra High Net Worth Individuals (UHNWIs) and have a team of medical professionals and complementary therapists to help you peel off the mask and learn what's blocking true happiness.
The Reviewer:
Miles, F. 12 Feb 2020. What happened to 'affluenza' teen Ethan Couch? Fox News
Mooney, M.J. 27 Apr 2015. The worst parents ever. DMagazine.
Rampage, C. 28 Feb 2008. The Challenge of Prosperity: Affluence and Psychological Distress Among Adolescents. Clinical Science Insights Vol.4.
Miller, D. 11 Jul 2018. The Common Misconceptions About a Wealthy Upbringing. Psychology Today
Luthar, S.S. November 5, 2013. The Problem With Rich Kids. Psychology Today.
Kelleher, E. May 13, 2021. Why Wealthier Kids Are Time Poor And Depressed. Fatherly.
Renton, A. 20 July 2014. The damage boarding schools do. The Guardian.
Luthar SS. 17 Aug 2007. The culture of affinity: psychological costs of material wealth. Child Dev. 2003 Nov-Dec;74(6):1581-93
Whillans, A. Oct. 19, 2020. The toxic money mindset that even millionaires have—and how to break out of it. CNBC Make It.
Eidelson, R. 25 Oct 2019. Psychology's "Dark Triad" and the Billionaire Class. Psychology Today.
Gregoire, C. 6 Jan 2014. How Money Changes The Way We Think And Behave. Huffington Post.