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

[Willbeatjanuaryblues]

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....

Fuck no. 23ish maybe 25

Oh, and as someone who's DP got a massive chunk of money at 21... I can tell you it's lovely not to have to pay rent, in London, in my 20s.

Think about that

Dd at 18 is very very sensible but no way would I let her have access to that sort of money

Nope. That is deposit on a property sort of money and shouldn’t be wasted. 18 is way too young to be let loose on 50k

depends entirely on the 18 year old. all of mine have had/will have access to these sorts of sums but we have discussed investments with them from a very early age, we have involved them in financial type matters and also I have been very, very clear that if they piss this money away, they wouldn't get a penny more from me. they all understand the importance of what will be needed in the future - a car, a house deposit, funding to start a business etc. I guess it all depends on your family dynamics etc. There has to be some sort of "stick" involved either implied or actual to stop it being squandered. the worse type of thing is to suddenly give them a wodge of money at 18 with no prior discussion and no build up to it. People saying - wait until 21, 23 or whatever why do you think people are suddenly going to be more financially prudent and aware then? at least at 18 they might still be living at home or certainly still financially dependent on you so you have a bit of control that you can exercise. at 21 or 23 definitely not.

Nope. My sister got a £40k compensation payout when she was 18, she blew the lot before she was 21 and had next to nothing to show for it. She could have bought a nice 2 bed house outright with that amount of money back then.

Rik I am not surprised I probably would have done.

But like mummy says if you raise the child knowing about these funds and how to manage them and what they will buy etc... It's not q windfall then. It's just back ground wall paper to your life.

I know we can get student loans and grants but my dc would be told if they they squander this then there will be no back up from us. Its to help get them back through.

The other thing is it won't be dh and mines money. So if you they do waste it it will be a learning curve on someone else's buck.

@onceuponagiraffe

This is what I can't understand from fil! He thinks an 18 year old would worry about loosing a tax wrapper.

Depends on the child. Yes I would be ok with my 18 yr old dd having access she would be sensible. I wouldnt be ok with my 21ds (Yes 21!!) Having access as he'd blow it on holidays, cars and Chinese food

@Willbeatjanuaryblues The actual payout was made when she was 14 but was held in trust until she was 18, she was given a few thousand at 14 but the bulk was held (I think it was £44k total). She did plan to buy a house and even viewed a few but when she had that cash burning a hole in her bank account she just went crazy. Years down the line she said she regretted being given it at that age, over 21 or 25 would have been alot better as she was alot more mature.

But rockabilly did she manage the money at all, watch it grow, move it around etc. Have other funds to draw on and a job.

I'm in Scotland and you become an adult at 16. My DS will get his inheritance at 16 and there's nothing I can do about it. The Government will force me to give it to him. Crazy! I just hope our relationship is still good so he will possibly take my advice.

Windy, get him on the right track now!

I can see how a focused child who knows what they want to do might use the money Wisely. Not so one who doesn't know what they want too do.

No way!!! I was given £3K when I was 17, from a relative who passed.
Guess what I spent it on? Booze, clothes, make up, got my teeth whitened, a few nights in hotels with my bf and a weeks 2* all inclusive in Mallorca.
Absolute waste.