Dad refuses finance advise

xylophone

What is the advantage of using up your 2014-15 ISA allowance ASAP in a miserable Cash ISA, xylophone?

I only suggested NS&I as a safe home where the parent could keep all the money together and at least earn something which is better than nothing?

Alright guys, my Dad has £98k. Refuses financial advise and does nothing with his money. It's in a 0% account and has been since January

chucknorris

margaretclare wrote: »

You say *you* need to...

It's your Dad's money! Leave him alone!

Or - dare one whisper it - you have the word 'inheritance' in mind?

Of course they need to, obviously they want what is best for their father, would you sit by and let your father make a mess of their financial affairs without trying to help him?

mgarl10024

I get this with my parents.

They've worked hard for their savings, but while I've managed to get them to switch about a bit, they seem stubborn when it comes to online banking (even with offers of support) - and unfortunately many of the best deals are online.

Accepting they don't trust it, I still encourage them to switch. However, I'm then told that it is "too much hassle", and to be fair to them, once you have removed online banking and so need to make multiple branch visits and set up standing orders etc. (for funding account minimum requirements) with a real person either face-face or on the phone - it is too much hassle. I probably wouldn't do it.

So we hit an impasse. They wont do online banking, and consider shopping around too much hassle.

I feel frustrated as I want their money to grow (or at least keep its value) so that they can enjoy it. I'm not looking for inheritance here - I'd rather they spent it all enjoying themselves and left me nothing than worked hard and passed on the benefit.
However, if you mention it too much without them being willing to change, it can just cause bad feeling.

I've tended to just talk about the positives "oh, my Flex Direct account just got me another £8 this month" or "my such and such ISA got me x" and hope they one day bite.

amiehall

innovate wrote: »

Sounds like they are now losing a bit less, so that is positive. But the suggestion to put any money into a cash ISA before late March 2015 is way from the best suggestion anyone could make.

If people have the attitude that leads to stockpiling money in a 0% current account, I think that trying to make them cycle money round current accounts is just a total waste of time. It often leads to the idea that "all this is too complicated for me" and encourages them to do nothing at all.

dano17439

innovate wrote: »

Sounds like they are now losing a bit less, so that is positive. But the suggestion to put any money into a cash ISA before late March 2015 is way from the best suggestion anyone could make.

an you explain please I don't get what you are saying?

Gromitt

Doshwaster wrote: »

I've offered to find them better deals but they just aren't interested. It's either "too complicated", "too much bother" or they just don't trust anything to do with computers.

Sounds like mine - "Computers are always on the news as being hacked into, so I prefer to walk into a shop and do my business." and I think "Yes, and the first thing they do is switch on a computer...".

Saying that, he has a single Current account, savings are with the same bank, as is his credit card, house insurance and car insurance. Talk about a full relationship...

Gas provider never changed (British Gas), Electric provider never changed (EON, or as he calls them, MEB), Phone he has switched, to the post office, as it was easier to pay whilst collecting his pension (which he then drives to the bank to deposit, refuses to give anyone his bank details).

innovate

dano17439 wrote: »

an you explain please I don't get what you are saying?

I am saying they could make a lot more money if they didn't have their money in a 2014-15 ISA. If they do indeed wish to use their 2014-15 ISA allowance, they still have time to do so until April 5 2015 (or a few days prior, to be on the safe side. But now now).

innovate

Gromitt wrote: »

Saying that, he has a single Current account, savings are with the same bank, as is his credit card, house insurance and car insurance. Talk about a full relationship...

Gas provider never changed (British Gas), Electric provider never changed (EON, or as he calls them, MEB), Phone he has switched, to the post office, as it was easier to pay whilst collecting his pension (which he then drives to the bank to deposit, refuses to give anyone his bank details).

Sweet. One day, Banks and Utilities will miss these sort of devoted customers.

Unfortunately, if this forum is anything to go by, it isn't just the elderly who have the "my bank", "my gas board", "my electricity board" mentality. In fact, I would hazard a guess that the inertia is a lot higher with younger people than with the seniors, for the simple reason that seniors have a lot more time, and probably also inclination, for lurking on the Internet and reading papers and making clever financial choices.

guymo

Gromitt wrote: »

Phone he has switched, to the post office, as it was easier to pay whilst collecting his pension

Are you sure that's the reason? Was he perhaps just switching back to how it used to be in the 1970s? I just about remember when phones were red and came from the Post Office…

ANGLICANPAT

innovate wrote: »

Sweet. One day, Banks and Utilities will miss these sort of devoted customers.

Unfortunately, if this forum is anything to go by, it isn't just the elderly who have the "my bank", "my gas board", "my electricity board" mentality. In fact, I would hazard a guess that the inertia is a lot higher with younger people than with the seniors, for the simple reason that seniors have a lot more time, and probably also inclination, for lurking on the Internet and reading papers and making clever financial choices.

If my offspring are anything to go by, your thoughts are right innovate - they are always too busy, too tired, rushing out to recreational things , or attending to the needs of their children to spend any time researching their financial options.

Partly they find it troublesome because they dont keep good records, storage in a tiny flat they cant afford to upgrade from is at a premium, and they arent tidy, so they cant lay their hands on dates/info they might need, on bill ID from the last 3mths, and wouldnt have 'time' to keep tabs on when bonus's ran out etc. They're just grateful if they survive the week intact with enough money to do what they need to do.

I think its easier for pensioners -we have time to weigh finances up and down, but younger , working people with kids , looking forward to working till theyre 70 , want to live for the day and cram everything enjoyable in, that they can, and it seems between that and working/domestic demands , financial research doesnt come high on the 'to do' list as long as they are managing to stay afloat reasonably well. The future can look after itself :eek: