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Fairness is something that resonates with all of us. Whether it’s on the playground, in the workplace, or in our financial lives, our sense of fairness plays a profound role in how we perceive success and well-being. Recently, I’ve found myself reflecting on what fairness means to me—and realising how it can vary widely from person to person. What feels fair to me may feel different to you, and these realisations often arise in everyday situations, like teaching children about fairness or navigating life changes. Each of these moments prompts us to question what we consider deserved or unjust, whether it’s a result of luck, fate, or sheer hard work.
At Six Degrees, we believe that understanding values and purpose are the foundations for a wealth strategy with true financial resilience (and prosperity).
Fairness, often a core part of family conversations, especially between siblings, is one of those values that shapes so much of how we approach life’s decisions.
The Role of Fairness in Our Lives
Fairness isn’t just an ideal; it’s a guiding principle that affects our actions, decisions, and relationships. Our values influence our sense of purpose, inspiring and guiding us toward actions that resonate with who we are and what we believe in. In our financial lives, this concept translates into ensuring that everyone feels valued, respected, and fairly treated, despite different needs and circumstances.
Fairness in Family Finance: Equality vs. Equity
In the realm of finance and often legacy, fairness takes on a unique complexity. Often, it isn’t about equalising every outcome or dividing everything equally but understanding the unique needs of each family member.
For example, one child may require more support than another, or there might be different needs depending on grandchildren or family dynamics. Striking a balance between treating family members equitably while recognising individual needs and contributions can be challenging but is essential for a fair financial strategy.
This is a conversation we frequently have with our clients at Six Degrees, as part of our commitment to building a financial strategy that not only reflects values but also instils confidence. By engaging in these discussions, families are better equipped to create plans that respect each person’s unique needs and contributions.
Teaching Fairness: Lessons from Childhood
Understanding fairness, like understanding money, often starts in childhood. Many of us carry early experiences and lessons about fairness into adulthood. Teaching resilience, especially in schools, can play a huge role in helping individuals cope with situations that may seem unfair.
Children with autism, for example, often have a very literal view of fairness, equating it directly with equality. They may believe that fairness means everyone gets the exact same amount, whether it’s birthday presents or screen time. This straightforward interpretation can make it challenging for them to grasp situations where fairness involves equity—adjusting based on needs, circumstances, or contributions. If an autistic child sees a sibling receiving a different consequence for the same behaviour, they might struggle with the rationale, feeling it’s unfair without understanding the underlying reasons. In these cases, as in our financial lives, open communication is crucial for helping them navigate this concept.
Fairness and Financial Resilience
Fairness is not just a moral value; it’s a practical strategy that fosters greater financial success and well-being. By exploring feelings around fairness, as we do with money, we get to the heart of what drives a family’s decisions and sense of security. This understanding enables us to create a financial strategy that honours individual values and builds resilience for everyone involved.
At Six Degrees, we’re committed to helping you explore and honour your unique values in shaping a purposeful and resilient approach to your wealth. Through our discussions and guidance, we aim to uncover the true spirit of fairness in your financial decisions, helping to create a foundation for lasting prosperity and connection.
This insight is for information purposes and does not constitute financial advice, which should be based on your individual circumstances. The value of investments may go down as well as up and you may get back less than you invest. Past performance is not a reliable indicator of future performance. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances. Please note that the Financial Conduct Authority (FCA) does not regulate some aspects of cash flow, estate or tax planning or trust advice.
