Helping your children, financially speaking
As a parent you probably have great expectations for your child. They will have everything you had and more! You will consider their every need and make the most of every opportunity to help them get ahead, right?
Whilst every parent wants their child to be healthy, happy and financially secure, figuring out how to get them there is another thing. Working with a financial adviser can help you understand options available to financially help your children, and teach them how to take control of their financial future once it is time for you to step out of the equation, and them to step up. Introducing these discussions as a family from early on means you can get help for your children that will serve them well into their future.
It’s never too early to start a good savings system. If your child gets pocket money for helping out around the family home, birthday money and other small contributions, you can help them divert some of this into savings and some into spending.
Once your child begins work they’ll be asked what super fund they want their employer to make compulsory contributions to. Starting working life with a super fund that charges low fees and delivers high returns will make a HUGE difference over their working lifetime. If your child understands what superannuation is and the power of it to build a nest egg, they are going to be much better off in the long run.
Many parents want to contribute to a savings or investment fund for their child, if they can afford to do so. A financial adviser can help you to understand the fees, costs and returns of a number of different investment options including investment bonds, trust funds and savings accounts.