It’s not Gringotts – it’s MomanPops

Little do you realise how your life is going to change from that first loving visual exchange between you, as a new parent, and your first born child.

For a start, you will be doomed to several years as a taxi-driver; my weekend was filled with many to-ings and fro-ings. At least my car is diesel so I can sound the part! The second “new career,” forced on parents by youth unemployment, student debt and the cost of housing is that of Banker. It’s now official The Bank of Mum and Dad is the bank of first and last resort for many of today’s teenagers and twenty-somethings.

Recent research into the prospects for Junior ISAs found that 27% of parents think they will never stop financially supporting their children. Only one in five thought they would stop supporting their children at age 18, although a very different 10% said it would no longer be their responsibility when a child reaches that age. Kids- make sure you have the right parents!

What’s also worth noting is the role of grandparents- 65% of parents believe grandparents will contribute to children’s ISA accounts. As I’ve said before, today’s children face a wall of tough decisions when they leave education. In spite of popular opinion, or maybe that should be just tabloid fear-mongering, I sense most of them will have the mental and emotional wherewithal to cope. The problem is will they have the money? Money doesn’t make them happy, but it will allow them to make better choices. I suspect parents, grandparents and godparents seek to do what they can to stash some money away to ease the transition into adulthood.

If not, then MomanPops will have to be permanently open for business. Perhaps the combination of taxi-driver and banker will work- anyone fancy being their offspring’s “drive-thru cash dispenser?”