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    Home»Personal Finance»Half of parents ‘hope to influence children’s life choices when they give money’
    Personal Finance

    Half of parents ‘hope to influence children’s life choices when they give money’

    January 10, 20232 Mins Read
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    According to a survey, more than half (53%) of parents hope to influence the future and life choices of their children when they give money.

    About two-fifths (43%) of parents believe a home is the best investment they can make for a child, according to research from wealth manager Killik & Co.

    Nearly one-fifth (19%) of parents aged 55 and over said that concerns about their children’s and grandchildren’s finances will also influence their donations.

    Overall, about seven in 10 parents and grandparents (71%) surveyed plan to bequeath money to younger generations.

    But more than half (54%) of adults don’t have a will, according to the research.

    Just over a fifth (22%) of parents said they would be disappointed if their inheritance intentions were not realised.

    Around three out of 10 (29%) people over 55 surveyed do not have a will.

    Will Stevens, Financial Planning Manager at Killik & Co, said: “For those lucky enough to be able to leave a gift, we find that many have a specific goal in mind for this.

    “Whether it’s funding a private education or helping buy a home, many have a clear idea of ​​what they’d like the recipient to use for the gift. However, without a clear plan, this could be overlooked.

    “Furthermore, financial planning also allows you to potentially make a more efficient gift, with advisers able to explain key estate or capital gains tax rules and how to make the most of it. that the tax system offers you.”

    He said testamentary or inherited plans should be kept up to date as priorities change.

    Some 2,100 parents were interviewed.

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