Februar y 2020
RICHARD HARVEY
DON’T LOOK BACK IN ANGER It’s only natural, says Richard Harvey, that parents want to support their offspring no matter what age they are. But, he warns, ignoring the pitfalls can be a recipe for disaster
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f you have kids yourself, you will probably be very familiar with the request: “Dad (and/or Mum), can you lend me some money?”
Thereafter tends to come a specified a sum, either so modest you would be churlish to refuse, or so ambitious it will lead you to believe your offspring is purchasing industrial amounts of illegal substances. However, note the slippery word “lend”. Because there are not many parents of my acquaintance who ever
expects to see their money returned. It’s about as likely as Boris Johnson sending a ‘Good Luck On Your Retirement’ card to Jeremy Corbyn. THE BANK OF MUM AND DAD However, as advisers, I’m pretty sure that you will have had experience of one transaction which legions of parents willingly enter into which has potentially disastrous consequences of which they are entirely unaware. In a report to financial advisers, Alistair Nimmo, the marketing director at The Family Building Society, says that last year parents
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I FAmagazine.com
