Create opportunities for your children
Give them the best start in life
Your children are the most important part of your life and you will want the absolute best for them. But what will their future look like when it’s difficult to predict what next year will look like these days?
Making an early start in saving for their future will help to eliminate a lot of the uncertainty around education, savings, the property ladder, and ease the burden of major expenses because they are planned for.
Planning for future career paths
Not every child will want to go to university but some career choices and industries will require education or training in order for progress to be made. Specific tools of the trade (many of which can be costly), dedicated research or hours ‘in the field’ might be required to build sufficient experience to account for knowledge, skills and reliability. Expensive tuition fees may not be needed but money for accommodation, travel and subsidiaries will come in handy.
As a parent you will want to provide as much support as possible for your child no matter what choices they make once they leave school.
Start simple with a Junior ISA
A tax-free Junior ISA is a great place to start providing for your children’s future. A financial advisor will guide you on the provider options.
They are easy to set up by choosing a cash or stocks and shares option and paying in regularly. Currently, between £1 and £9,000 (April 2021 – March 2022) can be invested every year through contributions from parents, grandparents and friends.
Once your child turns 18 years old they can either access the ISA or it converts into an adult ISA. The money can be used to pay for university fees, a deposit on a house or the wheels of their choice.
[Willow Financial Solutions] made a complicated and confusing subject really easy to understand and gave me complete peace of mind.
Look after your children even if you can’t
It’s often easier to take the ‘it won’t happen to me’ approach but life can present unfortunate circumstances at any minute of the day.
Thinking ahead to protect those you love, should you no longer be able to provide for your family, can take on various guises including life insurance or income protection.
A will and lasting power of attorney are also a way to protect your family in the future. They can be written at any age and it’s a relatively simple process to complete. A will protects your partner’s and your children’s inheritance by stipulating your wishes and a lasting power of attorney will ensure that a designated person will act on your behalf should you be unable to in the future.
Talk to Willow Financial Solutions about the best place to start when planning for your children’s future.
* Please note Tax and Estate Planning services are not regulated by the Financial Conduct Authority.
