Parents urged to discuss financial planning with kids

The message comes from Douglas company Provest which offers financial services to private and corporate clients.
Parents urged to discuss financial planning with kids

The Provest team including Kieran McAuliffe, Mark O’Sullivan, Una Jennings and John Kearney, have encouraged parents to speak to their children about financial planning.

PARENTS are being encouraged to speak to their children about the importance of financial planning in a bid to encourage saving from an early age.

The message comes from Douglas company Provest which offers financial services to private and corporate clients.

Speaking during the company’s launch podcast ‘Money Matters’, which is due for release this week, Director at Provest, Kieran McAuliffe stressed the importance of creating a 10-year target regardless of age.

“When you’re young and carefree it’s difficult to think ahead," Mr McAuliffe said. "We try to encourage parents to speak to their children about financial planning and the need to start early and we find that is helpful.” 

Managing Director of the company, Mark O’Sullivan spoke of how financial planning can remain a significant concern into old age. He referred to two of his clients by way of example.

“We have a couple in their early 60s whose children are reared, they’re reasonably well-off but they want to know if they’ll have enough money to see them out and cover the cost of nursing homes and things like that,” he said. 

“Despite the fact they both come from two professional backgrounds their numeracy is poor and they want to look at all their options available to them and all the possible outcomes. This is where we can help out and we find that clients who engage with us are left with huge peace of mind.” 

Mr McAuliffe added that a key consideration for the majority of their clients is whether or not they will have enough money to last their lifetime. He said that many people are accumulating defined contribution pots while they are working. However, these are often subject to market movements and fluctuations making retirement planning even more essential.

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