Suggestions

bozzy18

Hey!  My 2 kids (ages 16 and 17) have received £500 each from their aging great grandmother (handed to me).  They already have a CTF which they are looking forward to accessing and spending!  Rather than give them that £500 each which they will no doubt spend and waste - is there somewhere I can pay this amount into that would be tied up for a few years and increase in value?  I'm thinking maybe set up a pension fund but I'm overwhelmed with information that is out there on the internet!  Some suggestions would help me narrow down the search - please!  Thank you so much.

la531983

Depends on your definition of a "few years", if you are talking about pension funds that would be 40+ years, and not sure if that could even be an option here anyway.

Isthisforreal99

A pension would be tied up for more than a 'few years', it wouldn't be accessible till they at least 57.

My own view is that their great-grandmother gave them the money to enjoy now and as they are almost adults should be able to di what they want with their generous gift.

la531983

Agree with the above. £500 would make a good dent in a course of driving lessons, if you want to do something practical with it.

Albermarle

Rather than give them that £500 each which they will no doubt spend and waste 

Spending money until it runs out at that age is a right of passage. Hopefully they will learn from it- that once its gone its gone.

In any case the money is legally theirs.

Middle_of_the_Road

Albermarle said:

Spending money until it runs out at that age is a right of passage. Hopefully they will learn from it- that once its gone its gone.

In any case the money is legally theirs.

Then they can have at the aforementioned child trust fund also, perhaps.

No doubt they're not working yet at their current ages, or maybe they have part time or Saturday jobs?

Soon enough they should be required to pay their way, and contribute towards their upkeep. Maybe a proportion of that money should be earmarked for this purpose.

la531983

Middle_of_the_Road said:

Albermarle said:

Spending money until it runs out at that age is a right of passage. Hopefully they will learn from it- that once its gone its gone.

In any case the money is legally theirs.

Then they can have at the aforementioned child trust fund also, perhaps.

No doubt they're not working yet at their current ages, or maybe they have part time or Saturday jobs?

Soon enough they should be required to pay their way, and contribute towards their upkeep. Maybe a proportion of that money should be earmarked for this purpose.

I dont think the great granny has given the money out so the kids can pay for their keep!

kazwookie

Why not open an account in their names and start to teach them the value of money? how to budget and such like, get them to start saving for driving lessons etc as an example.

Do junior ISA's apply to that age group?

Middle_of_the_Road

la531983 said:

Middle_of_the_Road said:

Albermarle said:

Spending money until it runs out at that age is a right of passage. Hopefully they will learn from it- that once its gone its gone.

In any case the money is legally theirs.

Then they can have at the aforementioned child trust fund also, perhaps.

No doubt they're not working yet at their current ages, or maybe they have part time or Saturday jobs?

Soon enough they should be required to pay their way, and contribute towards their upkeep. Maybe a proportion of that money should be earmarked for this purpose.

I dont think the great granny has given the money out so the kids can pay for their keep!

Most probably not, but the OP was intimating to the likely fate of this money, the idea of which, they didn't seem too keen on.

eskbanker

bozzy18 said:

My 2 kids (ages 16 and 17) have received £500 each from their aging great grandmother (handed to me).

If your role was simply to hand their gifted money over to them, then you have no legal right to try to deny them access to it once they reach 18 anyway.

Mark_d

bozzy18 said:

Hey!  My 2 kids (ages 16 and 17) have received £500 each from their aging great grandmother (handed to me).  They already have a CTF which they are looking forward to accessing and spending!  Rather than give them that £500 each which they will no doubt spend and waste - is there somewhere I can pay this amount into that would be tied up for a few years and increase in value?  I'm thinking maybe set up a pension fund but I'm overwhelmed with information that is out there on the internet!  Some suggestions would help me narrow down the search - please!  Thank you so much.

I would be looking at a Lifetime ISA - such as the one offered by AJ Bell