trying to convince mum (79) to open ISA

jem16

BallandChain wrote: »

'I'd rather the money was with my mum than the taxman or the bank.'

It isn't advisable for anyone to keep their savings in the house, and I'd be concerned if an elderly relative of mine was doing that.

Sorry I didn't word that very well.

I meant that I would rather my mum had her money in a tax-free environment such as an ISA than pay tax on the interest to the taxman or receive a paltry amount of interest in low interest paying bank account.

That way my mum keeps more of her own money.

I didn't mean stuff it under the mattress.

Mikeyorks

martinman3 wrote: »

Yes, what is it about the Halifax Liquid Gold account ? I have a elderly relative who still has one and I haven't been able to convince them to put it in a Cash ISA yet

I really don't know. Had a major run in with Halifax last year whilst sorting out my father's estate. But eventually found an adviser who actually knew what she was talking about. And in the course of some peripheral stuff she was saying how difficult she found it to get some of the older customers to part with their 'Gold' accounts. And some where there were at least 5 figure sums on deposit. Her view was that it is simply the 'passbook' mentality. As offers / promises of 10 fold interest elsewhere ... simply fell on deaf ears.

I took great delight in closing Mum's for her (despite having to work out how to divert 'War Stock' payments elsewhere!) .... but she still retains the passbook as a memento!

Primrose

Kent Reliance will take transfers in (any sums). You can either have a Direct Variable Rate ISA (which doesn't have a passbook) which pays slightly higher tax free interest, or an ISA with a passbook which pays a slightly lower rate. I've also found them a very prompt and efficient organisation to do business with. If you opt not to have a passbook, they still send you a paper statement every year stating how much is in your account.
Details available on their website.

Purple_Peril

BallandChain wrote: »

Why would a 79 year old be concerned with ISAs? It's her money and she should spend it as she likes. I mean there comes a cut off point when you stop saving and start to enjoy your money.

I remember the reaction in my family when my grandad said that he was thinking about planning for his old age - he was 90 at the time!

BallandChain

lol PP. Bless him.

hostertlady

[[Finally, as others have said, perhaps your Mum should enjoy her money now at her age - is she a frail 79 or is she like an ox who is going to live to a 100? Have you discussed with your Mum what will happen to her money when she dies and, possibly worse, if she needs care}}

She is not bothered one bit about money and she is not saving so to speak, this is money that was left to her by a relative that she has shoved in a low interest account in the BS..not touched one penny, not interested full stop( i think she feels guilty that the money was left to her when she didnt see that person for a very long time) she doesnt own her own property either so no maintenance to worry about..

Anyway, because I am always looking for ways to make my money work for me and get the best from it so to speak, i just thought that i would tell her to think about it and she actually has given me her book to look after, i would never ever do anything that she didnt want and neither me or my siblings would ever try and swindle her out of anything- yes i work as a carer and I too have heard horror stories of children taking their parents to the cleaners which is damn disgusting quite frankly..

I just think that some elderly people are 'old school' and dont want to talk about money, death, preparing for death etc etc, but as respnsible children surely we should know exactly what their wishes are for when they pass away, and what they want doing with their money.. it is a difficult subject to bring up isnt it??
imagine the conversation- "hi mum, when you die what sort of funeral do you want??" she would walk away and not talk to me again!

Primrose

Raising difficult topics like Wills, death, fineral wishes, etc. is incredibly difficult with elderly parents who are only too aware that time could be running out for them. The the last thing one wants to do is increase their anxiety by bringing it to the top of the agenda for them, when it may already be one of the things that they're secretly worrying about themselves in the long dark hours. Maybe the only way to approach it is to say something on the lines of "Mym/Dad, it's worrying me that when the time comes, I don't know what your wishes are regarding x/y/z/ Could we have a brief chat about it so I can do the right thing for you, and then we'll never need to talk about it again". If they don't want to discuss it, fair enough but at least you've given them the opening they need to talk about something which is secretly worrying them but they've never had the courage to raise. A lot of older people were bought up with the "stiff upper lip" ethos. they might welcome some help in letting them break this down at bit.

hostertlady

primrose that's a perfect way of putting it, thank you.xx

BallandChain

That's pretty sad that she won't spend the money left to her. One old lady I know was hoarding money until she passed away. She hardly spent any of it and the only ones to benefit were her children.