Millions of parents are encouraging their teens to do well in school exams by incentivising good results with cash or gifts, pledging £150 per child – the equivalent of £150m across the UK.
Research amongst later life financial advisers by OneFamily has revealed that a quarter (25%) of their clients have an idea of what they want when taking advice. However, of these people, over half of them (55%) changed their minds after speaking to a financial adviser, demonstrating the value and importance of financial advice.
New research by financial services provider OneFamily has revealed an estimated £8.5 billion of inheritance wealth is now skipping a generation each year, as older relatives recognise the youngest family members are more in need of support.
Teenagers are adding £1.7 billion to the UK economy as they spend their earnings and pocket money. This is according to the Teenage Finance Report from financial services providers OneFamily, which investigates teens’ attitudes towards money. The report reveals that the average teenager spends £54 a week, ranging from £13 at age 13 to £68 at age 19 – the equivalent of 60 per cent of their income. The remaining 40 per cent is mainly saved on a short-term basis to pay for more expensive items or holiday spending money.
Three in 10 (29%) over 65s worry about spending money on themselves because they have their family’s inheritance on their mind – the equivalent of 3.5 million[i] people across the UK.[i] According to the latest ONS population data (November 2018), 18.2% of the population were recorded as being 65 years or older, which is 12,012,000 people. 29 per cent of over 65s worry about spending money on themselves’ as they have their family’s inheritance on their mind – the equivalent of 3,483,479.
One in four (24%) downsizers ended up with less money than they expected when selling their property, with legal fees, stamp duty, moving and renovation costs eating into their profit.
Millions of pounds are sitting in untouched child trust funds that were set up by the government on behalf of parents for children born as long as 17 years ago.
OneFamily is urging the government to remove the £4,000 transfer limit for customers who want to replace their Help to Buy ISA with a Lifetime ISA.
Data shows that increasingly large numbers of homeowners with a lifetime mortgage are making monthly payments on their loan. This means that the interest doesn’t roll up, as with traditional equity release plans, and the remaining capital in the property is protected.
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