Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Original poster

Would you give an 18 year old access to 50 grand + via child isa?

139 replies

Willbeatjanuaryblues · 05/01/2019 23:13

Just wondering.
There maybe chance gp are willing to put full amount in which would be 50 grand plus for eldest child. They said they are happy with the the child getting access at 18.

I'm not sure it's a great idea. I have another thread about uni fees etc which this money could go on but tonight with dh... I was discussing the power aspect.

Eg dd wants to go to out, normal 18 year old may not have funds but we say stay in tonight, she says... F you I'm paying for taxi I have the means....

OP posts:
Thethingswedoforlove · 05/01/2019 23:15

No. I definitely wouldn’t

LadyElizabethThornton · 05/01/2019 23:16

No. No way. Never.

Apart from the risk of the money being used for things that aren't great, imagine the strain on your relationship with DC when you're trying to exert control over an adult and their money....

Studentnurse1981 · 05/01/2019 23:16

No way. It will be pissed away

Interested in this thread?

Then you might like threads about this subject:

18 years old
BaconPringles · 05/01/2019 23:16

Nooooooooo
18 yr old me would have thrown that at the pub

HollowTalk · 05/01/2019 23:17

No way. For one thing I wouldn't want them to be so different from their friends. People could abuse their friendship.

Also I think they're highly likely to blow it and to buy things that are harmful for them, eg fast car, drink and drugs.

Neolara · 05/01/2019 23:17

Definitely not.

CarrieBlu · 05/01/2019 23:18

God no. If I had had that sort of money at 18, I would have nothing to show for it now. I was given a similar amount at 25 though and by then was mature and sensible enough to invest it in purchasing my own home.

PandaMa · 05/01/2019 23:18

Depends on the 18 year old. I was a very frugal teen and saved my money for important things. On the other side of the scale, my brother has a collection of fancy trainers.

waterandlemonjuice · 05/01/2019 23:19

Nfw

JaiNotJay · 05/01/2019 23:19

Not a chance. I'd want them to be at least 25 before they had free access to the money.

FluffyMcCloud · 05/01/2019 23:19

No way

RLOU30 · 05/01/2019 23:20

No absolutely not. An old school friend got given £60k when she was 18 that her late father left for her. She spent it within a year on tatoos, clubbing and paying for people that only wanted her money. The bank actually told her she should stop withdrawing cash as she was taking out hundreds a day. Her mum found out when it was all gone and was heartbroken for he :(

giftsonthebrain · 05/01/2019 23:20

not before 25

FelixTitling · 05/01/2019 23:20

Nope. I was given shares at a similar age. Cashed them in and went to Ibiza. Who knows what they would have be worth now.

camelfinger · 05/01/2019 23:21

How does the child find out about the money in these situations?

wheneverythinggoestitsup · 05/01/2019 23:21

Definitely not. At least 25

Tailfeather · 05/01/2019 23:21

Can you not set up a trust account or say it must be used for a house deposit/university etc?

AdultHumanFemale · 05/01/2019 23:22

Please don't do it to her (I know it wouldn't technically be you 'doing' it to her), the regret she is likely to feel in the future if she pisses it away will be unreal.

megletthesecond · 05/01/2019 23:22

No. It'll be carnage and mostly frittered.
25 is a better idea. Or even 19 when they should at least be at university and appreciate the value of money a bit more.

Original poster
Willbeatjanuaryblues · 05/01/2019 23:22

You see.... I have a slightly different attitude to the money. If they wanted to go wild for a bit, blow some..... Some.. On crap that wouldn't bother me.

But how could we stop a wilful 18 year old form doing anything with more money and savings than thier parents at 18?

The other youngsters (now early late 20 s etc) in the family are the most boring un worldly kids I've ever met and they don't have a healthy relationship to money.
I've already shown my 11 how mummy and daddy save, how I have been desperately wanting new sofas for years (ours are second hand and grimy and springs gone) but we will wait more years until we can buy them rather than credit cards etc.. So I'd like to think they will grow up to sort of save an spend.

I want them to live go a bit wild... When they are young but if one said...
Bye I'm off to oz for 3 years.. I have the funds.... What could we do!

OP posts:
GroggyLegs · 05/01/2019 23:22

Nope. You don't know who they're going to be at 18.

They may use it wisely and set themselves up for life, or they might squander it in days on a new car, huge party, flash holiday and a hideous tattoo, or worse.

Studentnurse1981 · 05/01/2019 23:23

Are you just wanting to brag about how much supposed money you have ?

CarrieBlu · 05/01/2019 23:25

So you’re not worried that she might fritter it away, you’re just worried that it would mean that you have less control over her and where she goes and what she does?

JuniperBeer · 05/01/2019 23:26

Can you set aside £1000 or for them to blow?
Depends on the child. It’s your responsibility to prep them and teach them about money and how to manage it responsibly. They could be good with it!

Original poster
Willbeatjanuaryblues · 05/01/2019 23:26

camel

It's a child isa so at 16 goes into their name and at 18 they have full control.

The gp said a reason they like this route is because they they have access at 18.

But I can't fathom why they can't think of a different way to give them money. I think its a bit odd.

Surely there must be other tax efficient ways of doing this.

I get the impressions they are more worried about the tax protection than thinking through an 18 year old getting 50 grand plus.. (could be much more in stocks Isa) a

OP posts: