Essentially Wealth – Quarter Three 2018

With property prices remaining high, many would-be buyers can find themselves priced out of the property market. So it’s unsurprising that the Bank of Mum and Dad continues to be one of the UK’s major sources of housing funds. Financial support can range from giving a small amount of money to help with things like fees and the costs associated with setting up a home, to providing the full deposit or even more.

Many people make their first foray into investment on a DIY basis, perhaps based on advice from a friend, or after reading a report in the media. Over the years they may save in ISAs, or take out a personal pension plan, or dabble with investments without really having an overall investment strategy in mind.

With house prices in parts of the country remaining high and the UK’s housing shortage ongoing, many young people are failing to get on to the property ladder until they reach their early 30s. At the other end of the scale, more people of pension age are separating and becoming tenants rather than homeowners. This means that renting at any age has become much more mainstream.

Many women are assuming a greater role in managing their family’s money. Believe it or not, before the introduction of the Sex Discrimination Act 1975, women were unable to take out a mortgage without a male guarantor. Fast forward to 2018, and women are nearly as likely as men to take control of the family’s finances.

Pocket money can help children learn important life skills and become responsible about money and know how to manage it. You can teach your child about saving and encourage their self-discipline by helping them identify and work towards a savings goal.