Opinion: Elizabeth Davies says when people have access to huge bank accounts in their youth it can have a negative impact on their character

By Elizabeth Davies

I’ve often heard people say ‘too much money will ruin your life’. I’ve always found this thought a bit odd, sure I know money can’t buy happiness but one would think it really helps, right?

I was house sitting over the weekend and had the luxury of indulging in a little bit of the E! channel, a rarity as we paupers don’t have Sky TV. I caught a bit of a show about the curse of the lottery and another one about washed up child stars. All of these people’s lives seemed to be plagued by the same issues, relationship struggles, substance abuse problems, over-indulgence and bankruptcy.

I found myself thinking that perhaps there was some sense in that initial saying I mentioned, is it all a toxic case of too much, too fast, or too young?

The cold reality is that money changes people, and it has the strong potential to ruin them. Over the weekend I heard a painful example of this. Justin Beiber was in New Zealand for a concert at Auckland’s Vector Arena on Saturday night.

Before performing he stopped by the beautiful new Victoria Park skate park. He then took it upon himself to tag the as of yet pristine concrete. He later outraged fans by appearing on stage an hour and a half late, claiming that being late was ‘his thing’ and he now does it everywhere.

Beiber believes his money makes him more important than the fans that gave it to him. Sure he’s ‘talented’, ‘works hard’ and has earned his success. But he’s also spoilt, and possesses a smug sense of entitlement everyone over 20 finds cringe worthy. He has had too much, too young, and his chances of normality are practically nought.

New Zealand’s rising star, Lorde, seems to be desperately fighting this child star reputation before it’s even fully formed. In her song ‘Still Sane’ she professes ‘I promise I can stay good’, and we’re all crossing our fingers desperately hoping to avoid another Miley shame-fest that leaves parents covering their children’s eyes and everyone else sighing in inevitable disappointment.

Another Kiwi set to make a fortune is Lydia Ko, 16, who played in her first golf tournament as a professional this weekend. Lucky for Lydia the golf world isn’t quite so glamorous as music or movies, with far less exposure to things which could lead her astray. To be fair to Lydia she’s also played as an amateur for years, basically doing all the hard work and getting none of the real financial reward. She’s not in the dangerous position of having overnight success go to her head, though sometimes I do feel sad for her lost childhood.

I have nothing but pride for our young Kiwis making waves internationally and being hugely successful in their fields, I simply fear that having access to huge bank accounts in their youth will have negative effects on their characters.

I genuinely feel sorry for some of these kids, it’s lonely at the top, especially when you look into the eyes of your ‘friends’ and are unsure if you see stars, dollar signs, or genuine empathy.

I put it to you, if you were offered $10 million tomorrow for nothing, would you take it? $10 million could change your life, but would it change you?

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*Elizabeth Davies is a 23 year old post-graduate journalism student at Auckland University of Technology. She lives with her partner in Epsom and spends her free time refurbishing vintage furniture and attempting to bake while fighting a daily battle against her bank balance. She writes a weekly article for interest.co.nz on money matters and financial struggles from a young person's perspective.