MoneyOf course we all have our own money worries of sorts. Some have too much money and some have too little. The job of a financial planner is to work out which one of those you are and what to do about it, so that you can be free from the hassle of making decisions about wealth. A good financial planner should leave you free to make decisions about your personal life rather than your financial affairs.

One of those is how you can best provide for your children when they are older. From the moment your child is born you are probably overcome with a sense of responsibility and affection. This is something your child then proceeds to utilise over the course of their lifetime to make sure you do your job.

But in making sure you have looked after your children as well as you can, part of the job will be to help allay any fears they might have when they are older regarding money. For the next generation my view is that house deposits and retirement will dominate their finances in a way that these two considerations just never did for the fortunate or foresighted of the last 40 years.

Relatively lower house prices, fewer things to spend money on, final salary pensions and stock market growth all helped to assure your generation that something as simple as buying a house and one day retiring was not an impossible dream.

Today the reality is that these two ambitions can seem a very long way from being achieved to someone starting out on their working life. So the best way to get this part of your parenting obligations on track is to firstly ensure your children are at least thinking about these two objectives. Most people barely want to think about them until they really need to. But having even a vague plan in place will help.

Then, if you are in a financial position of your own that allows you to gift money to them, working out the best way to do that  to facilitate a house deposit of the start of a retirement fund would be incredibly helpful. I believe these are both excellent ways in which families can plan to use their wealth for the benefit of the next generation. Teaching them the lessons you have learned about money, as early possible in their life, will help them make best use of their money so that they go on to do the same for their children, and therein starts the legacy of a family that looks after their money.

Photo Credit

Blog by Jaskarn Pawar

Jaskarn Pawar is an experienced and award winning Chartered and Certified Financial Planner. He advises people all over the UK on financial planning and wealth management issues to help them reach solutions to fit their personal needs. You can contact Jaskarn on 01604 211234 or by e-mail on jaskarn@investorprofile.co.uk