In the fourth episode of this ‘Family Matters’ season, Simon and Bex discuss various financial matters that can arise from our interactions with members of our wider family.

Some key points of interest covered in this episode include the following:

1. Simon and Bex introduce the episode by explaining what they mean by ‘wider family’ [00:50] before going on to explain how their own circumstances have influenced their thoughts on the extent to which they might feel prompted, or not, to engage financially with members of their respective wider families. [02:46] and [03:34]
2. A sensible starting point, as so often with financial planning, is to know the nature and extent of your own resources. [04:05]
3. It can also be sensible and helpful to try to establish some kind of appropriate ‘hierarchy of needs’ when thinking about our wider family relationships, but a great deal of openness, honesty and thoughtfulness is likely to be necessary to achieve that outcome. [05:02] It can, however, be well worth going through that process if it leads to money being used as a tool for the benefit of others. [06:33]
4. Another approach that can be useful when trying to decide how generous we can afford to be to wider family is to establish criteria and responses that can assist with the decision-making process – these could include, for example, the option of giving time, skills or practical support rather than money. [08:08]
5. In response to a question from Bex, Simon shares some suggestions about how to communicate honestly, clearly and well in wider family contexts that can often be emotionally charged as a result of money being the subject under discussion. [12:02]
6. Simon also draws attention to third parties which can provide financial assistance, information, advice and support: the Government (national and local), charities and the local church. [16:21]
7. In his concluding remarks, Simon encourages us to be alert to the needs of those who do not have family or wider family available to support them. [19:55]
8. The next episode, which will be published after a short mid-season break, will focus on dealing with death-related financial matters that can affect families. [22:13]

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In the third episode of this ‘Family Matters’ season, Simon and Bex discuss various financial matters that can arise from the interactions that we have with our parents, especially later on in life.

Some key points of interest covered in this episode include the following:

1. Simon and Bex start off by talking about the importance of establishing an updated, shared understanding when adult children and their parents discuss money matters. Pete Scazzero’s ‘Emotionally Healthy’ resources are very helpful in this respect, and our own season on ‘Talking About Money’ may also be of interest. [02:17]
2. It can be helpful for an adult child to consider how best to broach the topic of money with a parent as it can be an emotive subject, and the motivation for raising it can sometimes be called into question. For their part, parents can often make the situation easier if they are willing to take the initiative and introduce a conversation on a money theme. [03:38]
3. The principle of honouring and respecting our parents is crucial to this whole area, with the most desirable outcome being an ability to tackle issues collaboratively rather than combatively. [06:38]
4. It can be a complete nightmare if financial affairs are not left in order, so Simon suggests ways in which the necessary conversations and subsequent action points can be implemented in a timely and appropriate manner. [08:36]
5. In response to a question from Bex, Simon talks about the importance of sharing relevant information with at least one other person if others are going to be affected practically and financially by your death. [11:03]
6. For those wishing to find out more about legal matters such as wills and power of attorney, Bex draws attention to the input given by Fiona Clarke, a private client solicitor, when she appeared on Season 3 Bonus Episode 2 of the podcast. [12:27]
7. When it comes to the question of whether we have a definite responsibility to support our parents in financial matters, Simon suggests that the starting point should be to have an honest and open conversation about the situation and then see where that leads. [12:46]
8. Similarly, timely and thoughtful conversations with other family members are often required, for example when issues arise of how best to care for and support parents when they are ill or can no longer live independently. [15:47]
9. Simon then shares some thoughts on possible care scenarios, with Age UK being mentioned as a possible source of helpful information and advice. [18:21]
10. Bex and Simon conclude the episode by reiterating the importance of taking opportunities to have financial conversations with family members, not least because the sooner...

In the second episode of this ‘Family Matters’ season, Simon and Bex discuss various financial matters that arise in connection with having children.

Some key points of interest covered in this episode include the following:

1. When asked how much money people need to have in order to be able to afford to have children, Simon suggests that couples should fully discuss the matter but should not make it a financial decision. [01:17]
2. On the topic of what do children need to know about money, Simon notes that it is a complex area and that it is hard to prepare children for what their ‘real world’ use of money is going to be like. Approaches that are likely to be helpful include talking openly about money and the reasons for the financial decisions that we make, including in connection with our giving. [03:32] Modelling certain behaviour – eg giving to the church – can also have a significant impact, as Bex observes. [05:39]
3. Simon comments that it is becoming more complex and challenging for young people to become financially knowledgeable, adept and independent, with the result that practical and emotional support from parents has become more important than ever. [06:27]
4. Some tips and tricks from Simon for educating children financially include getting them to save for items or to pay instalments to parents for special purchases, as well as briefing them on payment options such as interest free loans, buy now pay later, and credit cards. [08:18]
5. As far as specific accounts for children are concerned, the disadvantage of Junior ISAs is that they can give an 18-year-old unfettered access to a significant amount of money, which may not always be helpful or wise. Parents can, however, use their own ISAs to build up savings for a child in a more controlled manner. Current accounts for children can get them used to managing their own money while prepayment cards, in particular, can provide them with useful hands-on experience of making their own purchases. [09:41]
6. Simon talks through the pros and cons of taking on debt through loans, with a particular focus on student loans. [11:47]
7. Simon explains some of the factors that need to be taken into account when parents are considering assisting children financially with the purchase of a property. [14:58]
8. Other factors worth considering when parents are thinking about giving money to their children include tax efficiency, fairness/equality and clear communication with all relevant parties. [17:40]
9. Simon offers some thoughts for parents on the tricky issue of how to deal financially with a child who is making contrary lifestyle choices. [20:03]
10. When asked what end of life, financial preparations parents can make that will be helpful to their children, Simon emphasises the benefits of simplification and good communication. [22:08]
11. Bex draws attention to Season 4 of the podcast as a useful resource for anyone looking for tips and practical suggestions about having conversations about money....