Whether you are a proud grandparent or just wondering if family members will ever have children of their own, many of us would like to help towards raising the second generation especially as it’s clear they won’t be sharing in the golden era of pensions.
Although auto enrolment is increasing, many young people have to contend with debt from university fees and saving for ever-increasing mortgage deposits before they can start to think about their long-term financial well-being.
Where you can make a big difference
At the moment you might be pitching in by looking after the grand-children during the long school summer break or setting aside time and money for special treats and fun outings.
Of course, some would say that ‘financial education’ might be the best gift of all to bestow. You could even combine this by sharing your literary knowledge – Shakespeare’s ‘Neither a lender nor a borrower be’ quote from Hamlet, springs to mind here!
However, you might like to go even further and consider how you can cascade wealth for your family, potentially much further down the bloodline.
Financial products which are suitable for children
There are a variety of ways you can help without affecting your tax position and you could even help yourself at the same time (by saving some tax).
To find out more, see our grandparents’ guide for information which covers:
- Junior ISAs
- National Savings Children’s Bonds
- Trusts
- Pensions
- Cash gifts
If you would like to find out about any of the above mentioned solutions please contact your Cullen consultant.
