Investing for your children
Thinking about the future…
Being young, footloose and fancy-free without a care in the world, always looks an envious position to be in, but increasingly we are seeing young people feeling pressured and anxious over their own futures and much of it is around the big financial decisions/positions in life:
- How can I afford to go to university and how much debt will I be in?
- When will I be able to buy and run my own car?
- How will I ever afford to get on the housing ladder – rents are so costly now, that I can’t save for a deposit?
- How long will it take me and should I pay off my student loan?
- I want to do a Masters degree, but feel I should be starting to pay my way…
- I need to do placement/voluntary work to build my initial CV, but can’t afford to not be earning…..
- I need a gap year to recover from my studies and travelling costs money!
Setting up a simple savings plan to solve these problems….
Parents or Grandparent (or both!) can ease this pressure by setting up a simple savings plan for your children/grandchildren. This can give both you and them the resources to go through the difficult stages of life, with financial support.
There are also some useful tax breaks to use, such as Junior ISA’s which can ensure your savings for the children are as efficient as they can be.
Plus, there can be very god reasons why parents (and grandparents) would look to save for their children’s future, as it can be tax efficient for them too.
Talk to us about your children’s or grandchildren’s future and how you can plan ahead to support them through the pretty tough situations that they will face.