Rich kids beware: More parents think you're spoiled

NEW YORK (CNNMoney.com) -- A growing number of wealthy Americans are beginning to think their children are too spoiled as the recent recession prompts many wealthy Americans to reconsider their financial priorities, according to a poll published Monday.

PNC Wealth Management said its survey of well-off individuals found that 35% are concerned that their children may be "too spoiled by money and have too many material possessions." That's up from 29% in 2008, and 22% in 2007.

As a result, nearly half of those surveyed said the recession prompted them to discuss money matters with their children. Just over half said the downturn has already changed the way their children will manage their finances.

The poll, based on a survey of more than 1,000 adults with annual incomes of at least $150,000 and assets of more than $500,000, also showed that the recession has prompted the nation's well-off to do some financial soul searching.

A full 90% of those surveyed said they believe it is "more important than ever to live within my means."

Two-thirds indicated that they have "developed a greater appreciation for the non-material wealth in my life" and half said they "feel more centered because the recession has given me an opportunity to re-evaluate my priorities."

This new focus on the things that money can't buy comes after a difficult 2009 for many of the nation's richest individuals. Nearly two-thirds of those surveyed said the recession diminished their financial investments, and four out of 10 felt a negative impact on their family budget.

One-third of those polled experienced a negative effect on their overall lifestyle last year, with one-quarter feeling a change with family activities and 21% saying their social life has been negatively impacted.

Meanwhile, affluent Americans have also scaled back on conspicuous consumption and have become more generous, according to the poll.

Four in 10 have cut their spending on non-essential goods, while nearly 30% have provided financial assistance for friends or family who need it.

Among the ultra-wealthy, those with $5 million or more in assets, nearly 40% are more likely to have provided financial assistance to friends or family, compared to 26% of those with assets of $500,000 to $1 million.

The survey was conducted online within the United States by Harris Interactive in September and October 2009 and has a margin of error of +/- 3%.