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Culture
Economics
Generosity
5 min read

Be generous: pass on values and vision, not just wealth

Millennials may not earn more—but they could steward more wisely
An illustration of a family around a table looking at graph on a laptop.
Nick Jones/Midjourney.ai.

For the first time in modern history, this present generation of 28 to 43-year-olds will not achieve a higher standard of living than their parents. This is due to factors including wage stagnation, exorbitant house prices, equally exorbitant student debt, and an unstable job market.  

Paradoxically, this same generation stands to inherit the greatest amount of wealth in history. The Financial Times estimates this to be about £8.3 trillion in the U.S., £2.7 trillion in Europe, and £2.2 trillion in Asia.  

For Christian families fortunate enough to find themselves in this situation, it’s important to consider that passing on wealth is not just a financial issue, it’s a discipleship issue. And before we delve in, I want to acknowledge that not every reader will fit the traditional family model. You might be single, part of a blended family, estranged from children, or mentoring younger people instead of raising them. The principles here still apply - ‘next generation’ simply means those you influence.  

Talk about it 

One of my soap boxes is to encourage people, especially Christians, in the UK to talk more about money and giving. This becomes especially important within families who steward a lot of wealth. If parents don’t speak to their children about their wealth – what they’re doing with it and why – they run the risk of their children 

  • feeling overwhelmed by the responsibility and potentially making poor choices,  

  • not understanding or valuing their parents' heart for good stewardship and potentially squandering the wealth, 

  • doing things their own way and potentially dishonouring their parents’ wishes, or 

  • feeling resentful that they did not inherit as much as they thought they would. 

Being intentional and speaking openly as a family about your wealth will give you as parents a chance to inculcate your children with conviction about and purpose for what God has blessed you, and them, with. And it will give your children the opportunity to share their own heart and views on how to use wealth for good, as these may differ from yours.  

There is a plethora of information out there, and plenty of professional advisors who would love to be called upon to manage your wealth transfer, but, if you are a person of Christian faith, let us challenge ourselves to look to Scripture as a first point of departure.  

David and Solomon  

King David looms large as a character in the Old Testament. One of his ambitions was to build a temple for the Lord in Jerusalem. But God explicitly told him that he didn’t want David to do the building; instead, this project was to be passed on to his son, Solomon. We know that David was a very wealthy man, and that the temple building project would require vast amounts of resources, and thus, perhaps we can consider this instance as one of the great wealth transfers of ancient times. 

There are many takeaways from this story, but here are a few that stand out to me.  

David’s desire to build a temple for the Lord comes after he’s built an extravagant palace for himself. This invites a question: how many of us might come to the end of our working lives and realise we’ve had similar priorities?  

While we don’t have a way of knowing how much Solomon’s own ideas were welcomed in the planning and preparation, I think we can assume that David spent a lot of time imparting his vision and motivation to Solomon. There’s no way this kind of philanthropic project could’ve been executed otherwise.  

While this transfer started well, it didn’t end well. Solomon went on to accumulate even more wealth than his father and ended his life in a downward spiral of excess and deception. I’m not saying there is a direct correlation between inheriting wealth and getting caught in a downward spiral, but there are many temptations and pitfalls to contend with. 

There’s something to be said for timing. While one of the scripture passages that relate this story makes it sound like the handover went smoothly, another paints a very different picture. In it we see an elderly king clinging to his position and refusing to pass his mantle to Solomon until a coup by another son forces his hand.  

What can we learn from this?  

If we want our children to use their inherited wealth wisely and generously, it’s vital that they witness their parents modelling the right priorities. If I’ve pursued the accumulation of wealth more than I’ve pursued generously sharing my resources, my children are more likely to do the same. 

If we intend to pass our legacy on to our children, we must involve them in the conversation early on. And we must be careful to allow room for their own ideas lest they grow disillusioned and disengage.  

We cannot control what our children do with the wealth we give them; we can only do our best to model the right attitude before God when it comes to our resources. The best way to do this is to teach our children that everything we have comes from God and is to be used for his purposes, not for our own material excess.  

Know when to pass on the mantle. If we hang on too long, we risk opening the door to unnecessary division and conflict within our family. It’s also worth considering transferring wealth earlier rather than later in order to be philanthropically active as a family. As in a relay race, the person being passed the baton must for a time be running at the same speed as his or her predecessor.  

The great generational transfer  

When the time comes to hand over our resources and our legacy to the next generation, there are many things to consider. We’re not just handing over our money; we’re handing over all of what we’ve learned and experienced in our walk with God. I would argue that this spiritual transfer is even more significant than any other kind. For that, we have many biblical examples we can turn to: Moses and Joshua, Elijah and Elisha, Paul and Timothy, and of course, Jesus and his Church.  

Jesus told his disciples to go and make disciples of all nations, akin to what God said to Adam and Eve way back in the beginning: Be fruitful, fill the earth and exercise good stewardship over it. Our mission has always been to steward the earth, see it flourish, and point people to a relationship with God. To do this, God has put resources into our hands to be stewarded well and faithfully passed on to the next generation. It’s imperative that we do this well if our message is to be taken seriously.  

What would it look like for your family, or the next generation you influence, to steward both resources and faith together?  

 

Stewardship UK sponsors series 8 of the Re-Enchanting podcast. Find out more. 

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4 min read

Portofino’s real prisoners are not the beggars it is banning

The economic elite can’t exclude the poor from their privileged bubbles

George is a visiting fellow at the London School of Economics and an Anglican priest.

A colourful row of buildings in an Italian port.
Portofino's harbourside dining.
Slim Emcee on Unsplash.

I know Portofino a bit, because it’s nearby my Italian in-law family and we’ve been there a couple of times when visitors have wanted to see it. It’s a former fishing village on the Ligurian coast, a natural bay and beyond lovely. And its mayor, Matteo Viacava, has just banned beggars from its cobbled streets, as they irritate wealthy tourists and celebrity visitors, which is less lovely. 

Italy struggles with its relationship with tourism. Rome was sinking under a pile of rubbish a few years ago. The more literally sinking Venice tries to repel visitors with taxes, while providing a backdrop welcome for mega-wealthy weddings. The walled Tuscan town of Lucca recently cracked down on the buttodentri, the restaurant touts who hustle diners. As with any European tourist destination, Airbnb apartments drive rental prices up and the indigenous population out. 

There is something particular about the Portofino beggar purge though. Perhaps it’s a bit like Versailles before 1789 – in the case of Portofino, the poor have no clothes so let them wear Prada. It’s all designer boutiques and there isn’t a real shop, a paneterria or forno, to be found. No one carries any weight, naturally, but you do wonder how they eat at all, if not in one of the extortionately priced trattoria. 

To visit, as thousands will this summer, is to realise how much there is that you don’t require. It has everything a rich visitor wants, but nothing that they actually need. We’ve heard people call it Disneyland Italy, but I think it’s more like Patrick McGoohan’s The Prisoner TV series, shot in another, similarly named, dystopian village, Portmeirion in North Wales, where everything is laid on except freedom. Even that’s not quite right – as The Eagles nearly wrote, in Portofino you can leave any time you want, you just can’t afford to check out, unless you’re loaded. 

It strikes me now that the mysterious bubble that pursued the aspirant escapee McGoohan along the beach may have been a cunning metaphor. People who live in Portofino (and very few do), or who seek sanctuary there, or in Palm Beach, or on Long Island, or in St Moritz, or on Mustique, or in South Kensington, exist in a bubble.  

Joining friend and foodie Loyd Grossman at the Chelsea Arts Club a while ago, he told me he’d just walked down from his home in South Kensington and seen not a single person who actually lived there, but only people who cleaned their houses. Residents arrive from and leave for the airport, often from subterranean garages, in privacy-glassed limos. 

Like Portofino, these are bubbles from which anyone but their own demographic are excluded. It doesn’t have to have gates to be a gated community. The bubble is a psychological state, which is bought to protect us from those of lesser means and especially, God save us, from the poor. 

Simply to have them removed is to have head and hearts dwelling in gated communities.

And, increasingly for the economic elite, the poor are anyone who cannot afford to, or are not forced to, separate themselves for security, because they have no access to a privileged bubble. That the poor are always with us is a gospel injunction, which I used to take at face value as a statement of apathy or resignation, even acceptance, in an inadequate world, that the poor are simply poor and there is nothing to be done about it. 

Latterly, I’ve seen it far more in the post-modern sense of being present with the poor in their moment of poverty, in solidarity and in their corner. That means they share our space, as neighbours. We’re not just talking about the economically poor here, but the dispossessed and discarded; the vulnerable and volatile; the marginalised and maligned.  

We, the rich, can’t afford to exercise zero tolerance, to pretend they don’t exist, because – to coin a phrase of George Osborne’s when, hilariously, he claimed as Chancellor of the Exchequer to be making common cause in austerity – we’re all in this together. And by “this” I mean the one, shared bubble, which is universal.  

We’ve been considering tourists and beggars, but we can scale it up to famine in Gaza or Sudan; asylum seekers in small boats; prisoners in Guantanamo Bay or on death rows; those who face earthquakes and tsunamis. They can’t be made to disappear by magic or mayoral edict, only by addressing the circumstances of their poverty – of food, money or spirit – with practical, social and political policy, plus a dollop of compassion for the cause of their plight. 

Simply to have them removed is to have head and hearts dwelling in gated communities. It’s not sufficient, for sure, to notice the beggars this summer, to drop a few euros, but it’s a start along the street towards knowing that the poor are indeed always here, with us. Even in Portofino.

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