Will Smith's son only owns one pair of shoes.

Will and Jaden Smith

Will and Jaden Smith

The 46-year-old actor admits 16-year-old Jaden, whom he has with his wife Jada Pinkett Smith, has a limited selection of items in his wardrobe because he refuses to splash the cash.

Speaking to Esquire magazine, Will explained: "He has refused to be a slave to money. I so respect that. The younger generation is less of an ownership generation, anyway."

But he added: "I would like him to get another pair of shoes."

Jaden is keen to follow in his father's footsteps and become an actor, and Will find it interesting to compare their upbringings.

He explained: "It's such an interesting thing to watch, because I came from a middle-class background, but, you know, our lights and gas would be cut off from not paying the bill.

"I grew up in a house where you would need the kerosene heaters in the winter in case the bills didn't get paid. And he's from the complete other end of the spectrum.

"And it's so interesting to me that from growing up in that space, he could see the need for things in a way that he's rejecting. He's like, 'I'm not gonna let myself need things in that way.' "