dd 18 expecting trust fund!

[SarahJayne]

We set up accounts for both of ours when they were born and pay £50 a month into each.

It'll be accessable to them when they are 18 but only for uni support, a car or a deposit on a house not to be frittered away on anything!

[Guest]

My experience

What I'd have given for my own room! My parents, my nan and I shared a small 2 bedroom house (about 600 sqft) during my childhood and teenage years. I had half a bedroom separated by a curtain!

So remember first going to Florida in 1995, age 15, and staying in 1100 sqft 3 bedroom villa. By Florida standards, that'd be very small for a 3 bed, but it seemed like an absolute mansion!

Can laugh about it now, but lack of space growing up certainly motivated me to want a large house! But as many of the others have said, it's up to the young adult to work hard and chase their dreams, rather than expecting it to fall into their lap.

A very different experience, very removed from mine, at the other end of the spectrum:

A son of one of the wealthiest families I know told me his parents pay him his salary on top of his salary. If he does nothing, he also gets nothing from them. But if he gets on in life, then he is very handsomely rewarded for doing so! I liked that his parents had found a way of discouraging him from having a sense of entitlement, although obviously they could afford to do that!

Originally Posted by Excitedx4

He also has a sense of entitlement and regularly complains that our house is too small and all of his mates live in massive houses! It really really bugs me. We live in a 3 bed semi bungalow and he has his own bedroom, he has all the latest gadgets, Xbox, iPad, laptop, etc.

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[Galela1986]

My son has a ctf which we pay alittle into each month but it won't be much when he's 18 probably about £4K ish

[loubieloo]

I think I need to give her a reality check, maybe we have shielded her from finances to much. We did have a brief chat about pensions this morning and she was shocked I pay a few hundred each month into mine.

We have always agreed that we wont expect rent from her until she is working full time. I might however change her phone contract into her name.

She is normally such a thoughtful, loving person. A levels seem to have changed her dramatically and not for the better! I will keep telling myself its just a phase

[fudgie]

Originally Posted by AbigailF

Much of that is to do with changing tastes and attitudes which always happens with generations. Holidays are much more available and more easily accessible now than they were years ago. And again, it's too simplistic to generalise and say that that is a 'young people' thing. It depends on the individual and their personal tastes. The same with older people.

Whereas it's a fact that a lot of important things are more expensive now than they were, and wages/salaries have not kept up with this rise, making it so much harder for young people to save for deposits on extortionately priced houses than it was for the young of the past

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Proportionately, property has always been expensive in many parts of the country. We bought our first flat when I was 20 and my DH was 18. Interest rates were 16% and we had 100% mortgage

[g1970]

Are her friends possibly talking about this?

moneyadviceservice.u...-fund-accounts

[loves2plan]

Originally Posted by g1970

Are her friends possibly talking about this?

moneyadviceservice.u...-fund-accounts

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Doubtful as 18 year olds don't get these as they were introduced later on. My dd15 doesn't have one, but ds14 does.

[Melvin Pearce]

Originally Posted by loubieloo

I think I need to give her a reality check, maybe we have shielded her from finances to much. We did have a brief chat about pensions this morning and she was shocked I pay a few hundred each month into mine.

We have always agreed that we wont expect rent from her until she is working full time. I might however change her phone contract into her name.

She is normally such a thoughtful, loving person. A levels seem to have changed her dramatically and not for the better! I will keep telling myself its just a phase

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We hope your daughter is only going through a Phase.

We didn't give our children pocket money but they soon learnt if we could spoil them we would.
They grow up in a very small home and we always had our evening meals at the table and we are a close family. They both went to Uni, part of our sons course was near so his Student loan is about half of our daughters who was in Hull a 4 hour drive from us. While she was there we paid for her accomadation and also have help with the deposit of their first homes.
Our son has paid his back but our daughter still owes hers
Their grandfather opened two accounts for them which they got at 21. We didn't open any trust funds but the kids owe a quarter of the villa each even though they don't pay anything into it.

Melvin and Lesley

[Sandieb]

I wonder if its the words "Trust Fund" that's the issue. Change the words to "Savings Account" and I think you will find lots of parents saying yes.

People tend to think of Trust Funds for the 'wealthy' or a sum left to them by a relative. But most people I know are putting a little something away for when their kid(s) leave home/need a car/help with their first deposit - that kind of thing.

We set up saving account for DS13 when he was born and we each put £10 a month into it, and increased it to £25 a month when he was about 8. When he was younger, we added birthday and christmas cheques to it, and he has been left £1500 by relatives. In a couple of years, when he decides what he wants to do, he will have some funds available. Probably about £10K. Unfortuntely nowhere near enough for a mortgage deposit though...

[Mazbar]

We started a savings plan for our daughter when she was born just £15 per month. It matures when she is 21. Its value at the moment it is worth about £5500 and she is just under 19. It is her 21st birthday present should be about £6000.