Financial advice for people whose children are growing up

Children growing up

When your children leave home for university ...

... or to start their careers you may decide to crack open that nest-egg to pay university fees or give them the deposit for their first property. With the family home strangely empty, you could find you have more disposable income: you are probably approaching the peak of your career – and your earnings.

This is the time to check that your investments and pension fund are on track to meet your objectives – if they aren’t you still have time to get back on track.

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Savings & investments

You should review your investments to make sure they are on target to achieve your goals. We can advise you whether any adjustments, diversification and rebalancing are required. If you need income, for instance to pay university fees, we can recommend income-producing funds.

You may decide to realise some gains, for instance to help your children on to the property ladder, in which case you should consider the tax implications before deciding which investments to sell.

Pensions & retirement

Now is the time to make sure your pension plan is on target to provide you with the kind of lifestyle you are expecting when you retire. If it isn’t, what can you do to plug the shortfall? With restrictions on the amount you can contribute, you may need to look at alternative ways.

If you have changed jobs and have money in a number of different pension funds, it could make sense to consolidate them into a single fund.

Insurance & protection

If you haven’t already done so, this is a good time to make sure you are adequately covered should you or a member of your family fall seriously ill.

You may also want to consider taking out private health insurance.

Mortgages & borrowings

How long to go until you have paid off your mortgage? If you have spare cash you could consider increasing your monthly repayments. Making a lump sum repayment, for instance if you have received an inheritance, can reduce your monthly payments and outstanding capital but beware of early repayment penalties.

On the other hand, you may want to buy a holiday home or a rental property, in which case we can advise you on the cheapest way of raising the money you need.

Are you paying to much for your mortgage? Our independent mortgage specialists may be able to find you a better deal.

What are your goals?

These are the most common goals customers whose children are young adults tell us they would like to achieve. What are yours?

Pay university fees.
Help our children buy their first property.
Buy a second home.
Top up my pension fund.
Retire earlier not later.

Talk to us – we can help you achieve them.