How family can be a valuable asset

HAVING children is expensive - and never more so than when they get older and parents’ primary role seems to morph from giving love and care to being head of the bank of mum and dad.

- By LISA SALMON

While the financial outlay for younger children tends to centre around smaller expenses like entertainment, pocket money and birthday party presents, older kids tend to want money for much bigger things, such as their first car, university fees and expenses, weddings and help getting on the property ladder.“The bank of mum and dad forms a crucial means of financial support for younger generations,” points out Craig Rickman, personal finance editor at the investment platform, interactive investor.

“While any loving parent will naturally want to give their child a leg-up in life, many face a delicate balancing act, being careful not to jeopardise their own financial future.”