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How Wealthy Will Your Children Become?

It seems that parents have high expectations of how much money their children will earn:

A QUARTER of Australians expect their children to become high-income earners when they grow up, while two-thirds of parents think their kids will be middle-income earners, a new study shows.

According to the survey by Fidelity Worldwide Investment, parents say the key to their children’s future wealth is a good education, financial skills and a hard work ethic.

The researchers surveyed Australia and other Asian and Pacific countries about income expectations for their children. The survey has found 8 per cent of Australian parents say they expect their children to have a low income as adults.

The biggest factors for expecting a low income are a lack of economic opportunities and no “financial benefits” from the family, Fidelity Australian managing director Gerard Doherty says.

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