Our former guides, ‘The big squeeze’ and ‘Mind the generation gap’, explore in more detail the financial pressures facing the modern family. They offer more tips on clarifying your priorities and creating a financial plan that can secure your family’s financial future – whatever stage of life you are at.
Mind the generation gap
You want your family to enjoy the best that life can offer. Securing your own financial future is a high priority, but so is helping your children and grandchildren to meet the same goal. You’re in a strong financial position, but worried about unknown future costs like long-term care and inheritance tax. Your children could well be successful, but university debt and sky-high property prices are making life harder for them than it was for you.
At Brewin Dolphin our experts can work with you and your family to develop tailor-made financial plans that make the most of your pensions, savings and other investments. Over 250 years of working with families has taught us that families that do best are the ones that plan ahead – not just individually but collectively.
We will do the hard work, building a financial action plan to ensure you and your family have the security you need today and in the future. There is no way of knowing for sure what will happen, but having a plan will help put things in perspective. Understand tomorrow, and you can enjoy today.
The big squeeze
You’ve worked hard for many years, established a career and your children are growing up fast. You may be at or near your earnings peak and probably enjoying a better quality of life than ever before.
But, you still feel under financial pressure. That’s because you feel squeezed by the need to support your children and meet the financial needs of your parents.
Sound familiar? Then you have joined the sandwich generation. And that means you face some tough decisions. How can you fund your childrens’ education? How can you ensure they are not overlyburdened with university debts as they start their careers and set up home? Are your parents financially secure and should you be talking to them about long-term care? If there is an inheritance what is the most efficient way to pass it down the generations?
The value of investments can fall and you may get back less than you invested.
No investment is suitable in all cases and if you have any doubts as to an investment’s suitability then you should contact us.
Please note that this document was prepared as a general guide only and does not constitute tax or legal advice. While we believe it to be correct at the time of writing, Brewin Dolphin is not a tax adviser and tax law is subject to frequent change. Tax treatment depends on your individual circumstances; therefore you should not rely on this information without seeking professional advice from a qualified tax adviser.
The information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.