Parents Increasingly Worried About Their Children’s Finances

Parents Increasingly Worried About Their Children’s Finances

It comes as no surprise, with financial challenges impacting everyone’s pockets, that parents are prioritising worries regarding their children’s finances above their own, a trend highlighted in a recent survey of advisers*.

According to the survey, 55% of respondents specified that amid cost-of-living challenges adult children were being prioritised in clients’ wealth planning, with many stepping in to help with their offspring’s financial struggles.

Top requests made by parents keen to provide financial support include releasing funds (25%) for their adult children. While 55% of the surveyed advisers have clients choosing to access their pension savings to enhance their disposable income to support family members, with 18% of those clients taking an additional lump sum specifically to help their grown-up children. Over half of advisers have clients keen to adjust their finances, with 40% reportedly requesting advice on ensuring investments stay ahead of inflation.

Although people are understandably concerned about their children’s financial circumstances, it’s important to be mindful about striking the right balance and not to lose focus on your own financial objectives.

*Royal London, 2023

The value of the investment and the income they produce can go down as well as up and you may not get back as much as you put in.

You can find interesting and up-to-date financial news on the Quilter website.

Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 27.09.2023

What is the impact of UK, France, and US Elections on your investments?

We are thrilled to present the latest episode of Citrus Insights, featuring an exclusive interview with the brilliant Lindsay James, Investment...

Citrus Bites Election Special: What Does the Election Mean for Your Money?

After six weeks of campaigning we finally know the result of the election. So, how will a Labour win impact our finances. In our latest Citrus Bites...

Don’t buy a house without watching this video!

Thinking about buying a home? The housing market can be a complex beast, and navigating it as a buyer, especially for the first time, can feel...