Financial wisdom from the nation's favourite families

Posted in: Family Last updated: 12 May 2016

The results are in, and the nation's favourite celebrity family – according to OneFamily's poll of 1,007 people – is the Royal Family! With just under 30% of the vote, the Windsors defended their crown from upstarts such as the Beckhams (18.3%) and the Obamas (15%), while the less-than-popular Trumps (3.6%) and TOWIE's Wrights (2.3%) were left languishing at the bottom of the table.

And while it was fun to discover who the public loves (and loathes), we also wanted to look into how famous families support one another financially. Many of us look to Mum and Dad for financial advice, or might have used a nest egg paid into by our grandparents to fund university or travel. The rich and famous might seem to have limitless funds - but are things really so different for them, and do they still pass on financial wisdom to their children?

The Beckhams may be richer than the Queen, with a family brand worth an estimated £470m1 versus the Queen’s £277m2 - but, as David Beckham revealed in the BBC One documentary For the Love of the Game, their children "always understand how important and how lucky they are to have the life they have"3. The documentary followed Beckham as he played a football game on all seven continents to support children's charity Unicef.

Will Smith, whose family clocked in a respectable fifth place in our survey, might have made his name as an actor and rapper, but he made his fortune as a money-savvy entrepreneur. He's also well-known for his philanthropy, establishing the Will and Jada Smith Family Foundation in 2001. And he's not above handing down a little financial advice to children Willow, 15, and Jaden, 17.

In 2013 interview with New York Magazine4, Will said he thinks it's important to educate children about responsibility with money, and he's "trying to design a curriculum for children to understand even the basic connection between a bank and capitalism". He added that Jaden's spending saw a sharp turnaround "once he started approving his own bank statements and credit cards".

Probably few people are more familiar with the importance of managing money than US president Barack Obama, who carries the fortunes of 320 million people on his shoulders. But in 2011, the president made an unusual move: he invited journalists from 23 personal finance websites to an informal summit where he dispensed a few of his own tips on money management5.

"Save a little bit out of whatever you earn, and the magic of compounding interest applies," is apparently Obama's guiding principle, passed down by his bank manager grandmother. Others include "beware of debt" and "spend on things that are going to increase your productivity and your income".

Finally, while Saint West and North West Kardashian are probably still a little a bit young to make use of Mum and Dad's financial tips, interviews with Kim suggest she'll be full of wisdom when the time comes. Speaking with MarketWatch in 20156, Kim Kardashian said she was lucky that her own parents taught her about "credit and saving and things like that", adding: "It’s nothing they teach you in school, and I really think that is unfortunate. I think classes on credit, and saving, and balancing a chequebook, which is so simple, should be taught in school."

So there you have it – even the rich and famous see the value in passing money management lessons down through the generations. What financial wisdom will you hand down to your kids?

1 http://www.londonschoolofmarketing.com/press/brand-beckham-is-now-worth-half-a-billion-pounds

2 http://www.telegraph.co.uk/news/2016/03/18/how-wealthy-is-the-queen-not-as-rich-as-you-think/

3 http://www.huffingtonpost.co.uk/2015/12/22/david-beckham-love-of-game-children_n_8859668.html

4 http://www.vulture.com/2013/05/will-and-jaden-smith-on-working-together.html

5 http://www.kiplinger.com/article/business/T019-C012-S001-obama-gets-personal-with-finance.html?si=1

6 http://www.marketwatch.com/story/let-kim-kardashian-be-your-financial-adviser-2015-07-01

Note: Whilst we take care to ensure Hub content is accurate at the time of publication, individual circumstances can differ so please don’t rely on it when making financial decisions. OneFamily do not provide advice so it may be worth speaking to an independent financial adviser about your own circumstances.