Monday, July 20, 2015

Is your child on the right track for financial success?

Summer Employment for Youth a Must among Investors 
The majority of investors (87 percent) require or strongly encourage their children or grandchildren over the age of 16 to have a summer job, according to the latest survey from Spectrem Group’s Millionaire Corner (www.millionairecorner.com). Compared with investors of all wealth levels, the ultra-wealthy, those with a net worth of $5 million or more, (41 percent) were most likely to report that their children or grandchildren are working during the summer.

Ultra Wealthy Enter the Workforce Early
While most investors (57 percent) had a summer job when growing up, the ultra-wealthy ($5 million or more in net worth) and investors who identified as Republicans comprised the majority of investors who were young employees. Sixty-six percent of investors with a net worth of $5 million or more typically worked during the summer while they were growing up, compared with 51 percent of investors with a net worth less than $100K. Broken down by political party, 64 percent of Republican investors had a summer job while growing up compared with 55 percent of Democrats and 51 percent of Independent/Other.

Summer Internships Rank High among Investors
Summer internships are held in high regard among investors - 84 percent of investors strongly agree (38 percent) and agree (46 percent) that older children and grandchildren should take advantage of summer internships. Among those who disagree, only 3 percent of investors with a net worth less than $100K and a mere 1 percent of investors with a net worth of $100-$500K think summer internships don’t merit advantages.

Work Now, Move Out Later
Financial independence is one reason investors support summer jobs for children and grandchildren. Eighty-six percent of investors strongly agree (44 percent) and agree (42 percent) that summer employment is a way for their younger relatives to learn financial independence and, compared with investors of all wealth levels, those with a net worth of $5 million or more (50 percent) are most likely to strongly agree.


About Millionaire Corner
Millionaire Corner is an independent online resource for investors and about investors. With its Best Financial Advisors service, investors are able to search for financial and investment advisors to assist in growing their wealth.