The Bank of Mum and Dad

23 November 2022
Dominic Richmond, Head of Financial Services

With inflation at over 10% we are experiencing unprecedented financial pressure on our day to day lives. Our food and energy bills are rising and those of us with mortgages have seen a sharp increase in our monthly payments.

Against this backdrop how do we support our family members who are not yet financially established and enable them to achieve the goals that we had previously taken for granted.

As financial security is established it is common for parents to want to support their children and to help them through major life events. Indeed this often extends to grandchildren, potentially putting greater pressure on our own later life and retirement.

So, what questions should parents be asking?
The list below is not exhaustive but any parent looking to support their next generation should consider:

  • How best can I financially support my children’s future house purchases?
  • How do we pass our wealth down to our loved ones, and what are the barriers?
  • What can I do for my grandchildren, and is it worth it?
  • Having provided support how do I ensure that (in the event of a relationship breakdown) the family wealth is not diluted?
  • How do I know that I will have enough money for my retirement if I gift money to my children?

All of these questions and more will be addressed at our Bank of Mum & Dad Seminar on Thursday 15 December from 5:30pm.

Why not join us for this informal event where we will share how parents can best plan for and support their children and grandchildren through life’s major events.

To reserve your place simply click here and complete the form.

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