How Australia’s teens are dodging the social media ban

Australia is now conducting the world’s largest real-world experiment on children and social media: a nationwide ban for under-16s. Just weeks in, the results already cast doubt on whether this approach can work. While concerns about smartphones and social media harming children’s mental health are legitimate, outsourcing parenting to government through a blunt ban is misguided.

Advocates point to research, popularised by Jonathan Haidt, suggesting social media is “rewiring” children and driving anxiety. But popularity is not proof. Scientists remain unconvinced the ban will meaningfully reduce screen time, and the policy carries the familiar tone of alarmism—we must do something—rather than careful, evidence-based action.

Age restrictions make sense for alcohol, tobacco and driving, but social media is different. Expecting government to replace parental responsibility is bad policy and bad parenting. Predictably, teenagers are already bypassing the rules with fake birthdays, borrowed accounts and second phones. Bans invite challenge, especially from digitally fluent adolescents, creating a futile game of cat and mouse.

More importantly, real learning happens at home. Children absorb values through observation long before instruction. A ban rings hollow when parents themselves are glued to their screens at the dinner table. The deeper problem is a loss of agency caused by platforms designed to hijack attention—affecting adults and children alike.

The solution is not top-down regulation but bottom-up responsibility. Parents are best placed to help children develop healthy relationships with technology by modelling restraint and encouraging agency. Governments cannot legislate attention, and platforms will not restore it voluntarily. If we want children to live well with powerful technology, we must show them that we can step away ourselves. No ban can recover what we have already surrendered; that work must be done deliberately, daily, and close to home.

This was originally posted at Spectator.

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My Best Investment in 2025

At a time of year when people take stock and set goals, it seems appropriate to tell you about an outstanding investment, and one you can make too.

Key features: 

    • Asset class highly illiquid and not fungible
    • Very accessible; no need for intermediaries
    • Returns are off the scale though exact measurement is hard

 

How tantalising is that?

What is it? we took our married children and their children away on a family holiday.

“Investment?” you say. Surely “non-discretionary expenditure” is a more appropriate categorisation? No.

What is the most important work of a family office?

Some might respond with some variation of “capital preservation” or “building assets for the future” (that was my late father’s favourite).

The answer comes from Dr John Trainer (misattributed to CS Lewis): “Children are not a distraction from more important work. They are the most important work.”

What differentiates a family office from any other investment house is the F-word: family.

Trainer claimed that the quote was “repurposed … from a cheesy old nugget in customer service.” That “cheesy old nugget” was from Kenneth B. Elliott, sales VP at Studebaker, who said in 1941 that “the customer is not an interruption of our work—he is the purpose of it”

In business, we sometimes joke: “if only those pesky customers would leave us alone and let us work”. In family business, sometimes we think about our children in the same way. But that has things the wrong way around.

There are two lessons for family offices here.

Firstly, to start with ‘why’ – purpose. What is the family office for? To serve the needs of the family. Therefore, an essential part of planning and building out a family office is to understand the needs and goals of the family.

Families don’t need investment policy statements, and capital allocation. They need the things that all people – and all families – need: health and wellbeing, connectedness, growth and development, and purpose.

These are encapsulated in the Jay Hughes’ forms of family capital: human, intellectual, social and spiritual.

The fifth form – financial capital – is important only because it is the engine that pays for the current and ongoing needs of the family. The investment policy statement and capital allocation strategy are the means to the core family goals, not goals themselves.

“Preserving family capital” is almost as heartless as “maximising shareholder value”.

With that in mind, the second lesson is to reframe family expenditure. Paying for education is using the family’s financial capital to build intellectual capital. Coaching and mentoring develop human capital. Family philanthropy fosters spiritual capital, and can also be a great way to build social capital.

And my best investment for the year – that family holiday – generates social capital. The feeling of connection and togetherness that comes from sharing positive experiences together is what keeps families together.

The ROI from seeing our children and grandchildren enjoy each other’s company and have fun together is off the scale – it’s priceless.

Because no matter how much financial capital anyone has, our most valuable asset is our time. Ten years from now, our kids and grandkids may not remember the gifts we purchased for them, but they will remember going to feed the elephants, having breakfast together and playing in the pool, and chanting “you can do it” as the taxi struggled up the steep hill to get to our rental house.

The ‘asset class’ of family social capital is one we can always invest in, and usually delivers stellar returns.

(disclaimer: This article does not constitute financial advice)

 

Conversation Starters:

  • How often does your family go away together?
  • How do you go about planning these?
  • What memories do you have of family holidays?
  • What was your best investment for 2025?

 

Further Reading:

How to gift your wealth in 2019: Gail Kelly reveals how her family gifts money
Taxes, kid issues and more: Rich families’ biggest blunders
The Rich Kid Revolutionaries
Wanted, a generous wife
Voices 3 ways COVID-19 changed wealth management for UHNW families
Keeping it in the family: Planning for the vacation home

 

 

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source https://davidwerdiger.com/ultra-high-net-worth/my-best-investment-in-2025/

It’s immigration, stupid!

How did Australia go from a model of multiculturalism to a terrorist attack that murdered 15 innocents celebrating Chanukah on iconic Bondi Beach? James Carville’s “it’s the economy, stupid” helped Bill Clinton bump an out-of-touch George HW Bush from office. In our case, “it’s immigration, stupid”.

There are in fact two dimensions to dealing with this.

Firstly, the immigration issue itself.

In a place where less than 4% of the population are of indigenous origin, Jews, Greeks, Italians, Vietnamese, Chinese, Lebanese and more came in waves to this strange land so far away. Many had survived great adversity (like my parents), and plenty simply in search of a fresh start. They worked hard, enjoyed success, and largely gave back in droves to the country that welcomed them and gave them a fresh start.

This pattern mirrors the story of modern Australia, which began as an English penal colony. Far away in so many ways from England and its class system, we developed an egalitarian culture. This was the place where you can start again, where no matter what your origin, you are no better than anyone else.

Cities developed ethnic clusters, and these locales were places where immigrants and their families were able to both celebrate their home country culture and comfortably integrate into Australia.

Australian multiculturalism was a model of success. It wasn’t clear whether this was the product of clear government policy or something that a feature of our unique culture.

The key was an unwritten compact between the country and her new arrivals: keep your culture, embrace your new home, and leave your old-world hatreds at the door.

Things started falling apart because our immigration model broke.

In recent years, Europe has seen a surge of Muslim immigration driven by labour needs and multiple refugee crises. Once people arrive, they bring their families, which further grows the immigrant population. And in Europe, Muslim birth rates are 2.5-3.0 children per women vs around 1.6 for non-Muslim. Recent figures show France at around 9% Muslim, Germany at 7% and the UK at 6.5%.

Such significant population shifts have led to cultural integration challenges in those countries and throughout Europe. This has led to “no-go zones” in some countries, where even local law enforcement are reluctant to visit.

In 2021, Muslims represented 3.2% of the Australian population, and is currently estimated to be around 4%. We have birth rates issues to Europe, so this will only grow. But between our generous cultural tolerance – 83% of Australian support multiculturalism – and “she’ll be right” attitude, we have allowed a subset of those immigrants to opt out of our social compact.

Radical clergy preach antisemitism and are protected by generous freedom of speech laws. Huge taxes on tobacco have given rise to a vibrant tobacco mafia, but no-one dares mention that these gangs are Muslims. Instead, our progressive government walk on eggshells, concerned about the risk of Islamophobia if we call a spade a spade.

The Muslim population has reached critical mass and has discovered its political power in our most recent federal election.

Since the Hamas attacks on Israel on 7 October 2023, antisemitism has surged in Australia. It went from protests outside the Sydney Opera House just two days after the attacks, to regular pro-Palestinian protests that spilled over into antisemitic rhetoric, to vandalism and arson against schools and synagogues, and now terrorist attack on Bondi Beach.

The second dimension to the problem is the inability to debate immigration policy, because of the deep polarization of society. With apologies to Sir Isaac Newton, actions evoke an opposite reaction of greater magnitude. Political left & right each push further apart toward the extremes. Social media platform algorithms facilitate heated debates between total strangers on other sides of the world who rush to negative assumptions about each other. The algorithms reward outrage, pushing people to more extreme positions in search of likes and followers.

This makes it near impossible to have a nuanced debate on immigration. It’s either ‘tolerate everyone; open borders’ or ‘no tolerance for a broad group that includes an intolerant subset’. In Australia, this is exacerbated by socialist leadership who lack a moral compass. We can’t talk about antisemitism without mentioning Islamophobia. We can’t talk about terrorism or immigration without being labelled a racist. But the vast majority of Australians are not bigoted, just as the vast majority of Muslim immigrants to our country are not antisemitic.

With two dimensions to the problem, the solution starts with two things. Firstly, find the moral fortitude to name the problem, and second, debate it in a nuanced and respectful manner.

The classical liberal position isn’t anti-immigration, but pro-integration. By all means, bring your culture, and meld it into the Australian melting pot, but leave your prejudices and hatred at the door. The people I knew who died at Bondi Beach deserve better than “she’ll be right”.

This was originally posted at The Times of Israel.

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source https://davidwerdiger.com/blog/politics/its-immigration-stupid/

Bondi Beach and Australia’s failed multiculturalism

Bondi Beach has long symbolised Australia at its most open and unguarded. I knew two of the people murdered there, and their deaths shattered the belief that social harmony can be assumed. For my father, a Holocaust survivor welcomed after the war, Australia offered refuge on an unspoken condition: build a life here, contribute, and leave old-world hatreds behind. That bargain once held. Bondi Beach shows it has frayed.

Australia’s “she’ll be right” temperament worked as a national mood, but as an immigration philosophy it became complacency. Multiculturalism succeeded not because everything was tolerated, but because it was conditional. Migrants kept their cultures while embracing a shared civic identity. This reflected Karl Popper’s warning that unlimited tolerance ultimately destroys tolerance itself.

The Bondi attackers were not recent arrivals but embedded residents, part of a broader and long-ignored pattern. Since Hamas’s 7 October attacks, anti-Semitic incidents in Australia have surged, escalating from rhetoric to vandalism, arson, and murder. Australia’s intelligence chief now identifies anti-Semitism as the country’s most serious threat to life.

Yet political leaders lacked the courage to name the problem. Warnings about radicalisation and failed integration were dismissed as racism, allowing communities to exist alongside Australian society rather than within it. Foreign Islamist regimes have exploited this failure, weaponising tolerance against the country that extended it.

Australia remains overwhelmingly supportive of multiculturalism. The failure lies not with the public, but with elites who treat integration as hostility. Assimilation is not oppression; it is the price of entry. Bondi Beach is not only an Australian tragedy—it is a warning to every democracy that believes diversity can endure without enforcing its terms.

Read more…

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source https://davidwerdiger.com/blog/death-mourning/bondi-beach-and-australias-failed-multiculturalism/

More darkness; more light

Our menorah, tonight

We just lit Hanukkah candles here in Melbourne, and as we sang the traditional Hanerot Hallalu song, we all broke down in tears. Just a couple of hours ago, our brothers and sisters in Sydney, celebrating Chanukah at Bondi Beach, were gunned down. We personally know some of those shot and killed. We’re in shock.

As we begin the festival of light, the world has become darker.

Yet again, we are shocked but not surprised. People have been saying for months that a terrorist attack with mass casualties in Australia was inevitable, and now it has happened. Our government has shown by their (in)action that they don’t care about us.

Expect the usual mealy mouthed (*#&$^ from our Labor politicians over the next few days, and a heavy dose of both-sides-ism: Hatred of any kind has no place in our society. We can’t act on the antisemitism recommendations until we also act on the Islamophobia recommendations. Yeah, yeah. Heard it before, many times. Will hear it again, and again.

But enough politics. What can we take from this?

Firstly, to those non-Jewish business associates who reached out with messages of support: with tears in my eyes as I write this, I cannot thank you enough. Knowing there are people who genuinely care for what has happened and continues to happen to the Jews in Australia means so much. You are a shining light.

Secondly, the juxtaposition with the festival of Hanukkah carries a strong message. On Hanukkah, it’s not enough for us to light candles each night in our homes. An essential component of the mitzvah is pirsumei nissa – publicising the miracle. Whether it’s Hanukkah celebrations on the beach, or in the park, or menorahs on cars everywhere, we display our Judaism proudly. We don’t cower or hide.

I wear my kippah proudly in the street. Yes, it leads antisemitic comments from haters. But they can get *&^#$ed. Not only won’t you stop me from proudly displaying my Judaism, you only strengthen my resolve – and our resolve as a people. We’ve been doing this for thousands of years, and nothing has stopped us, and nothing will.

Our Rabbis teach: “a small amount of light deflects a large amount of darkness”. The world is darker tonight with the tragic murder of innocents celebrating Hanukkah at the beach. Please respond by lighting Hanukkah candles this year and remaining proud and strong in your Judaism.

Am Yisrael Chai!

This post is originally posted at The Times Of Israel.

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source https://davidwerdiger.com/blog/death-mourning/more-darkness-more-light/

A Prophet in Your Own City

For many years, I thought ‘Jesus’ was the answer.

The question was: who first said “one cannot be a prophet in their own city”?

Because the statement is first recorded in the New Testament and associated with Jesus, people think he first said it. But if you dig deeper, the style is inconsistent with his other teachings, and the context indicates that it’s actually a quoted piece of ancient wisdom.

The earliest source I’ve found is the 4th century BCE Greek playwright Menander, who wrote: “No man is esteemed by those who knew him from the cradle”. I’m still looking.

But enough of the history lesson.

What does it have to do with intergenerational wealth?

Everything.

In families more than anywhere else, context is everything.

When business families sit around a board table ostensibly to make business decisions, it’s very easy for them to switch back to ‘kitchen table’ dynamics.

Relationship issues that have been there for decades – between parents & children, between siblings – can be the elephant in the room.

A human resource discussion regarding the suitability of a family member for a certain position in the family business may actually be a proxy for who is Mum’s favourite child.

And while a family member may be accomplished and knowledgeable, they may be viewed as that youngest spoilt brat whose opinion never counted for anything.

I lived this.

And I see it all the time in the families I work with.

One can’t be a prophet in their own city.

There is too much baggage.

Someone will always remember your humble beginnings (and remind you of them).

This is why:

  • It’s a useful policy for family members to get outside experience and accreditation before joining the family business
  • Outsiders are often needed to facilitate family discussions

 

Getting outside experience can help mitigate the “own city” bias. It demonstrates that the family member can make it somewhere else on their merits.

That can be as important for the family member themselves as for the family.

While I grew up around a family business and worked there as a student, I needed to get a job elsewhere. It was about proving to myself that I could get a job using what I knew, rather than whom I knew.

When it comes to family meetings, external facilitators help in many ways:

  • Family members are on better behaviour in the presence of outsiders
  • Mediating the power dynamics in the room
  • Ensuring everyone follows an agreed code of conduct and has a voice
  • Helping the family have focused discussions that lead to good decisions

It’s hard to do this as a family member.

For my immediate family, we engaged someone else, despite knowing exactly what we needed to do and how to do it.

I tried with my wider family and sadly, was unable to help.

That’s what drives me to help other families.

To be their prophet from another city.

 

Conversation Starters:

How do you take a comment about family business from a family member differently from an outsider?

Who are the ‘prophets’ in your family whose opinions have been rejected?

How have external advisors helped your family?

Further Reading

Even The Ultra-Rich Stink At Talking About Money With Their Heirs
How intergenerational advisory teams are managing the great wealth transfer
The dynasty dilemma: Secrets to balancing family and external leadership in family businesses
The loneliness of the next-gen family member: The challenge of finding purpose
Tips for engaging siblings not in the family business
The art of ‘heavy’ conversations as an advisor
Finding a purpose for family wealth during uncertainty
Sun Tzu’s The Art of War: Two Teachings for Family Advisory
The family office next-gen sandwich: Keeping generations together
When Your Family Business Has a Conflict Over Governance
Why Governance — Not Growth — Will Define the Next Era of Family Offices
More family offices adopt constitutions — but don’t always use them

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source https://davidwerdiger.com/family-governance/a-prophet-in-your-own-city/

Should the kids fly business class?

People ask me this regularly, and it’s a tough one.

The family is travelling together, and the parents usually travel business class. The kids are old enough to look after themselves on a plane, but where should they sit?

Some years ago, my parents, my wife and I, and a few of our children (then aged 10-15) happened to be booked on the same 15-hour flight home. The three generations of our family mapped to the three classes of travel on that plane.

Some families ask: “what’s the right thing to do here?” to which I respond that there is no right or wrong; there are only consequences. Start by accepting this and therefore seek a policy that is right for your family, and one where you consider the consequences – intended and otherwise – of the policy.

Let’s also assume for these purposes that it’s not a financial decision – “can we afford this?” Rather the decision is “should we spend money on this?”

That gives the decision a strong moral or ethical lens, which suggest that it should be driven by the family’s values.

The other factor to consider is communication: how any policy will be explained to the stakeholders (who may not be the decision-makers).

Here’s a good question to prompt the family discussion: what family values would underpin the decision to have the kids fly business class? Or not to?

The ‘yes’ case: Pleasure, Prosperity, Fairness, Success, Enjoyment, Belonging

The ‘no’ case: Self-control, Moderation, Responsibility, Prudence, Discretion

These values examples are ones that I think might support an argument either way. This is not something to be taken as prescriptive and is very subjective.

The choice of values to support each case is two-fold: the values that the family chooses to live by, and the values they would like to model for future generations (and we’d like to think they are the same).

This is where the communication piece comes in. Whatever the family decides, it needs to have a fair and justifiable answer to: “why can’t we fly in the front of the plane with you?”

It’s essential not to lie when answering questions like these. Both you and the kids know that “we can’t afford it” is not true. While other phrasings like “it’s not a responsible use of money” might be more correct, they may not be sufficient to close the debate. It can be helpful to workshop the potential family discussions within the decision-making group, so you are ready for the tough questions.

Families often express concern about “spoiling” children, and that concern is genuine. Some families choose to limit financial support for kids between certain age ranges (e.g. 18-30) so they can learn the values of hard work and fiscal prudence. Once those lessons are learned, access to family capital is far more generous.

This is why shared values articulation is such a foundational piece in any work I do with families. It makes for better quality decision-making, as well as decisions that are readily explained and justified to the wider family group.

Conversation Starters:

What does your family wealth do to improve your lives?

What policies do you have for how family wealth is deployed for the benefit of family members?

Which family members decide on those policies and how?

Further Reading

What It’s Like to Grow Up With More Money Than You’ll Ever Spend
Intergenerational wealth transfer is a family affair
Wait a Minute. How Can They Afford That When I Can’t?
Is it time for inheritance to end in favour of spending it yourself?
Are UHNW families too discreet for their own good?
What Should You Do After You’ve Won Powerball Or Mega Millions?

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source https://davidwerdiger.com/ultra-high-net-worth/should-the-kids-fly-business-class/

The Daniel Karim Podcast: The Commandments of Wealth

In this episode, David joins Daniel Karim for an inspiring and deeply personal conversation about wealth, legacy, and the human purpose behind it all. From his beginnings in a family business to becoming a family enterprise advisor, tech entrepreneur, and best-selling author — David shares the lessons, challenges, and values that shaped his philosophy on family, business, and life itself.

It’s an insightful discussion that goes beyond money — diving into what it really means to build something meaningful and lasting across generations.

Watch the full episode here

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source https://davidwerdiger.com/events-news-media/interviews/the-commandments-of-wealth/

Horizons: Equal vs Fair

By David Werdiger
Published in Horizons: Family Office and Investor Magazine | Issue 11 | October 2025

The article challenges the common belief that treating everyone equally is the same as being fair. David Werdiger highlights that in family wealth and succession planning, strict equality can unintentionally create resentment or imbalance. Instead, he emphasizes fairness through process—understanding each family member’s unique needs, involving them in transparent discussions, and building shared trust.

Ultimately, the piece reframes fairness as a relational concept rather than a mathematical one. It’s not about dividing wealth evenly, but about maintaining harmony and respect across generations through empathy, communication, and inclusion.

How does your family define fairness?

Read the full article:
Equal vs Fair — Full Article

More Horizons issues & newsletter:
Opalesque Horizons Archive
Subscribe to Horizons Newsletter

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source https://davidwerdiger.com/events-news-media/press-releases/horizons-equal-vs-fair/

Wealth Is As Wealth Does

Q1. “What would you like to do?”
A1. “I’ve worked hard to build this wealth; I want it to stay in the family for generations.”

Q2. “What good will it provide the family?”
A2. “Hmmm … not sure.”

 

This kind of exchange between client and advisor happens all too often. The first instinct of the G1 is that the wealth should be “preserved”. And this preservation needs to be long term – for generations.

That in turn leads to discussions about structuring and asset protection, and about investment strategies and asset allocation.

But something really important is missing.

My late father would tell me from time to time: “I don’t need to work anymore. I’m building assets for the future.” What he said was 100% correct. But there was never any discussion about what the future looked like or when it would happen.

 

Discussion like these have things backward.

 

To paraphrase Forrest Gump’s mother: “wealth is as wealth does”.

It’s not about having or preserving the wealth for generations, it’s about how that wealth will make a material impact on the lives of your family and the world around you. What are you actually going to do with it? And how will that achieve the goals you have for your family?

 

What does this mean in practice?

Working with a family heading towards a wealth transition, I developed “the 40 year plan”. The premise was simple: the G2 will receive X; what to do with it?

Rather than a plan of how to invest it, we started “below the line” – with expenses. What would it be used for? Helping the kids with education & housing, lifestyle & wellbeing support, family holidays, philanthropy.

That’s the important stuff. That’s what it’s for. So that’s where to start.

We modelled the family’s expenses over 40 years, and then worked backwards: in order to support those outflows, what target return (after inflation) would be required?

That was one key input into the investment strategy.

 

This is essentially a tactical business plan that answers the question: “what is it for?”

That question can be answered by doing a values articulation exercise with the family, then agreeing on a set of shared values and purpose that drives decisions. This is my preferred way to work with families. But whether or not they choose to work with a values foundation, the tactical execution is essential.

 

In one case, this approach helped answer an important question: do we keep it together or split it up? The family came up with an innovative solution. Only a small core remained together – enough to fund education and regular family holidays. The rest was split between the G2s to give them the autonomy to invest and use as they wanted, rather than be bound together.

 

Thinking in practical terms like this can help families strike a health balance between the present and the future.

 

Conversation Starters:

What does your family wealth do to improve your lives?

What policies do you have for how family wealth is made available for the benefit of family members?

 

Further Reading

Is Your Financial Success Leading to Your Family’s Failure? 5 Signs It Could Be
Why You Should Manage Your Wealth Like A Business
4 Wealth Planning Considerations For Clients With Illnesses Or Disabilities
5 Huge Lies About Generational Wealth
7 Proven Strategies to ‘Winning’ the Great Wealth Transfer
How can I talk with my teenager about wealth and purpose?
Intergenerational Wealth Shifts and the Power of Ikigai

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source https://davidwerdiger.com/wealth-transition/wealth-is-as-wealth-does/