Baby Boomers worry Millennial financial struggles will hurt them too as care costs bite

No fuss teen-friendly tech for child trust fund holders

Friendly society OneFamily is to use teen-friendly tech to make life easier for its 1.6 million child trust fund account holders, as their accounts mature from September this year.

One third of teenagers are unaware they will receive a child trust fund windfall in September

OneFamily has revealed that around a third of teenagers are unaware that they are due to receive a windfall, and 60% may have lost track of their accounts altogether.

£1,700 a year – the cost of Pester Power

Parents spend around £1,700 a year caving in to pester power – but most manage to turn the pressure into a teachable moment.

Teddy Nyahasha to succeed Simon Markey as Chief Executive Officer of OneFamily

After seven years, OneFamily Chief Executive Simon Markey will be stepping down, to be succeeded by current Chief Finance Officer Teddy Nyahasha on the 1 January 2020.

Parents promise to pay teens £150 each for good exam results

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.

OneFamily appoints Miles Bingham as Distribution Director

OneFamily has appointed Miles Bingham as Distribution Director.
In the new role Miles will oversee the distribution of OneFamily’s Lifetime Mortgages and Over 50s Life Cover through intermediaries, in addition to managing strategic partnerships.

Sharing the wealth: Average gift to family with a lifetime mortgage is up by nearly £25,000 compared to last year

OneFamily data shows that homeowners using a lifetime mortgage to support their loved ones financially are releasing over £110,000, up a quarter (28%) compared to 2018, when it was just over £85,000. Loans taken out to gift money to family are now the largest of all.

Teenagers add £1.7 billion to UK economy each year

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.

OneFamily appoints Donna Johnson to strengthen adviser support

OneFamily has appointed Donna Johnson as a Business Development Manager in its adviser sales team.