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Why Parents Should Give The ‘Rising Generation’ The Space to Fail
Self-esteem cannot be bought, it is built through experience - Jessica McGawley
Jessica McGawley, Principal and Founder of Dallington Associates, claims that helping children reframe failure as a learning opportunity sets the stage for their future success. “It is important for parents to relinquish a little bit of control during a young person’s formative years and give them the space to make mistakes, and learn from them”, she told listeners on the second episode of Stonehage Fleming’s new podcast, ‘Family Futures, Wisdom & Wealth’.
“If you are a successful, wealthy parent, chances are is you have made a lot of mistakes and have a healthy relationship with rejection, which is what has what has helped you get to where you are today.”
Discussing how important it is for the ‘rising gen’ to forge their own pathways, Jessica maintains that failure is not only necessary, but rather advantageous for personal development: “It is a real privilege to be given the space to get things wrong and work it out on your own. Self-esteem is not something you can ‘gift’. Resilience is not something you can inherit. You can guide them when there is a crisis, but do not make it all happen for them.”
However, it is imperative for parents and grandparents to still maintain boundaries and hold the ‘rising gen’ accountable: “It should not be a ‘free-for-all’ where everything is accepted and there are no consequences.” Citing her experience at Dallington Associates, Jessica stated: “Young people respond incredibly well to boundaries. Some of the most well-adjusted young people I have ever worked with have come from families where there were consequences and boundaries.”
‘Family Futures, Wisdom & Wealth’ is out now. Access episode two here to listen to host, Guy Hudson, interview Jessica McGawley on the key themes arising from her fifteen-some years’ experience in working with UHNW families, wealth creators and their children.