18yo DS2 is earning £20k pa

[LegendaryReady]

And I'm worried 😆

Maybe in other lives it's not a lot, but it seems too much for a young lad with hardly any expenses to fritter to me. He's just starting the third year of a four year apprenticeship and there's a substantial rise each year.

He does pay me some keep, enough to cover his food and make a contribution to bills. To take more would be unreasonable I think?

He's always been a spender. Amazon parcels arrive every day and I dread to think think what he's spending on gaming. I don't see his bank account, but I doubt there's any savings.

I worry that he'll get used to unlimited spending money and the real world will come as a nasty shock, but other than tell him (and what 18yo would listen) what can I do?

I am pleased for him, obviously, but also worried that by choosing this route, whilst the money is good at 18, it won't support the lifestyle he thinks it will later.

My son’s friends (19) have really got into the stock market. They meet up to discuss tactics and it seems to make them save and invest very seriously.

He can put £4000 a year into a lifetime ISA towards a house deposit (or retirement). With time in the market that will give him a lot of options, especially if he finds a partner with a similar amount of savings.

There is a really good flowchart on UKPersonalFinance on Reddit: flowchart.ukpersonal.finance/

Great that he is in such a good financial situation?
What are his plans for moving out? Near future or not something he is thinking about? Have a chat with him about what he will need for cash available for a deposit on a house or deposit for rent. Many places asks for several months rents as a deposit.
Also chat to him about what he knows about saving and investing. Lots of information on youtube, he has got a really good opportunity to do really well for himself if he considers where and how he is spending his money when he is earning a decent wage and have minimal outgoings.

I'd be advising him to put a % into a pension.

I would advising him to save, start a pension, think about what kind of life he wants in the future. Does he really want to work up to retirement? If not now is the best time for him to put that money away and not fritter it on gaming etc. Teach him it gives him choices his goal now might be to retire at 55 for example but as by 30 it might be hey I could retrain or move countries or something else but what it gives him is options and choices.

Definately lifetime isa or premium bonds or some type of investing, give him rich dad poor dad to read.