Your children can’t get enough of the latest toys and gadgets, but are you and your spouse to blame for their materialistic desires? It may be time for a reality check this festive season.
When the latest iPad was released in Singapore, Patsy Koh’s nine-year-old daughter begged them for one.
“Her birthday and Christmas were coming up, so she wanted it as an early gift,” shares the 39-year-old private tuition teacher. “She already has an iPad from a couple of years back, so I denied her request.
“But she wouldn’t stop pleading with me, telling me that she needed to have it. After months of whining and begging, she finally got her wish. She wouldn’t let the matter go and I didn’t want to disappoint her.”
Does this sound familiar? Perhaps you, too, have kids who will stop at nothing to get the newest toys and gadgets but, for some parents, the demands just never end.
“My eight-year-old son always wants the latest game or toy that’s out there, while for my preteen daughter, it’s clothes,” says accounts manager Juliet Wong, 39.
“I spend a couple of hundred dollars a month on things they want, but then they get tired of these items after a few weeks and ask me to buy them more.”
Living in a material world
There’s no doubt that kids today are more materialistic than ever. According to financial experts, that’s because they have more choices.
“It really is about having too much to choose from at any one time,” says Keon Chee, who co-authored Bringing Up Money Smart Kids with Adam Khoo.
“It’s not only confusing for kids, but it’s also damaging because they tire easily of what they have as they keep on acquiring and expecting more and more new things.
“When I was growing up, we had chicken once a week and hardly any beef at all. Today, kids have chicken, beef, fish, lamb and prawns, all in the same meal and in unlimited amounts.”
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