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Financial advice I would give to my kids

Updated 01 December 2022

2min read

Nick Green
Financial Journalist

As part of Financial Planning Week, Frances Kemp of Nurture Financial reveals the best financial advice parents can share with their kids. 

As a parent, I worry about my children’s financial futures and I don’t just mean whether I’ll be able to afford their school fees or support them at university. I worry that they’ll never have the financial freedoms that I had, and that dreams of owning their own property will be just that, a dream.

Will they be able to cope with the inevitable debt that will no doubt cling to them from the start of their adult lives. Will the stress of paying student debt all their life affect their happiness or will it ‘de-sensitise’ them totally until mountains of debt are simply ‘the norm’!

Perhaps it is therefore my responsibility, as a parent, to start planning my children’s financial futures now? But will this carry the danger that they will never learn financial independence?

As an IFA, it would be strange for me not to have strong feelings in this area and yet I feel that the advice I will give me children is as basic as it comes. Simply, learn to save. Even a young child can grasp the concept of saving pennies in a jar over a period of time, and then experience the joy of buying that toy they have yearned for.

Getting relatives involved can help too. It might not be an exciting gift, but cash into savings can be a real investment into their future.  With a return of just 3% per annum, and savings of £10 per month from birth, could provide over £3,000 at age 18.

Naturally ISAs offer a suitable structure for savings and investments, and National Savings should also not be overlooked.

So whether it’s Lego, driving lessons or a deposit for a house, encourage your children to put pennies away because as my granny once said, “look after the pennies and the pounds will take care of themselves”.


About the author

Frances Kemp is Financial adviser at Nurture Financial Planning. Having joined the Financial Services Industry 15 years ago, Frances is a Diploma qualified Independent Financial Adviser. Her experience includes advising both corporate and individual clients. In her spare time, Frances enjoys activities that involve her two young children and when she can sings in a local band. – See more at: https://business.unbiased.co.uk/articles/the-best-age-to-take-risks-and-reap-rewards-10-9-2014#sthash.FkfRzfqk.dpuf


About the author
Nick Green is a financial journalist writing for Unbiased.co.uk, the site that has helped over 10 million people find financial, business and legal advice. Nick has been writing professionally on money and business topics for over 15 years, and has previously written for leading accountancy firms PKF and BDO.