Spencer Matthews admits he WON’T be passing on his fortune to his children as he expresses his fears on having ‘trust fund kids’

Spencer Matthews has admitted he doesn’t want his children to become ‘trust fund kids’ as he spoke candidly about them inheriting his fortune. 

The former Made In Chelsea star, 36, is the son of multimillionaire Eden Rock hotelier David Matthews, and was educated at Eton College where fees are currently £63,000 a year.

However, the star is determined to make sure his children know they will need to earn their own money as he admitted he won’t be giving all his wealth to his children. 

Spencer shares Theodore, six, Gigi, four, and Otto, two, with his wife Vogue Williams, and chatting to The Mirror he said: ‘There’s no point in doing well in life and then giving it all to your kids. It’s doing them a huge disservice.’ 

The star explained he has taken inspiration from comedian Jimmy Carr, who has spoken candidly about the idea of ‘trust fund kids.’ 

He said: ‘Jimmy quite eloquently talks about trust fund kids who are given everything, and he sees them as just being really unfortunate, actually. And I would completely agree.’

Spencer Matthews has admitted he WON’T be passing on his fortune to his children as he expressed his fears on having ‘trust fund kids’

Spencer shares Theodore, six, Gigi, four, and Otto, two, with his wife Vogue Williams, and is determined to make sure his children know they will need to earn their own money 

Spencer added: ‘If you’re a young man who’s just given everything, or a young woman, who’s just given everything, you may not ever understand the need to work because you have what you think you want, and then, therefore, you won’t ever feel proud of yourself. You won’t ever have a sense of achievement.’ 

In recent years Spencer has turned his life around after previously admitted he ‘could have died’ at the height of his drinking when he would consume up to 10 pints of beer a day while working as a city trader.

Spencer’s issues were exacerbated by his role on the hit E4 reality show where he was notorious for his booze-fuelled partying and relationship drama.

Yet now dedicated to fitness, the star stunned fans and doubters alike by running 30 sand marathons in 30 days last year, breaking a Guinness World Record in the process.

Spencer achieved the extraordinary feat in Jordan last August and already has plans to do seven Ironman-style triathlons across seven continents.

Vogue previously revealed she would have left her husband if he had failed to ditch alcohol as she opened up on the How To Fail With Elizabeth Day podcast.

She revealed: ‘I think the way he was drinking yeah definitely. Because with my dad and stuff like although he was a heavy drinker, he wasn’t a drinker.

‘He wouldn’t wake up in the morning and drink, but I’d know where he was at five o’clock at night, he’d always be in the pub every single day without fail.’ 

He said: ‘Jimmy [Carr] quite eloquently talks about trust fund kids who are given everything, and he sees them as just being really unfortunate, actually. And I would completely agree’

She also discussed Spencer’s unhealthy relationship with alcohol previously and admitted that he ‘achieved so much more’ once he quit the booze. 

She confessed: ‘He was watching me working and I was kind of getting really cool jobs and doing better things and he was just kind of not being very productive.’

‘Then he decided himself to give up drinking and as soon as he did that he just achieved so much more and his career has completely changed since he did that.’

‘His life has completely changed, and he’s gotten himself to a point now where he can have the odd drink sometimes and I think it’s quite helpful that I don’t want to drink all the time we never have drink in the house.’

‘That’s not because we’re scared we will drink it, we just never want it.’ 

‘So he did that for himself and I think that was quite an amazing thing to do.’