Generational finances

[Mummyongin]

I don’t expect I can word this right/fairly but essentially, if retired grandparents have some wealth (e.g., 5 figure savings or assets) and their adult children are bringing up young children on barely enough to pay rent/mortgage, energy bills, childcare and food - is this okay? What are your thoughts and beliefs about how to balance wealth and finances more fairly? What role should grandparents play financially?

I don’t understand grandparents or parents who do this. I’d much rather go without myself than see my children or grandchildren go without. And I would get much more happiness from giving them something rather than buying it for myself.

@Ihavedogs yes, I of course I meant when it's blindingly obvious your parents don't believe in helping you out financially when they could.

@Mummyongin when you thought about how life would work out, did you not want to go for a higher paying job to afford your family a lifestyle similar to what you had as a child. I know the costs of things have gone up a lot but I get the impression you were never well off despite having the opportunity to choose whatever career you wanted. You haven't said this anywhere in your post but I am making the assumption from what you have said about your parents and your childhood.

This is a conversation we have with our teens - to envisage their life and then pick a career path they like that would earn them the money to live the lifestyle they want

i have no idea how much my parents (or my late grandparents) have in the bank, and never discuss finances with them.

Also, are they aware that you are struggling? Maybe they assume you are ticking along nicely. Or don’t want to interfere.

I do agree that no-on ria entitled to anyone's money. And some people seem quite grabby about it.

However, I can't imagine knowing that DS is struggling and ignoring that if I could in any way help him. And while I'd not want to leave myself short in retirement, I'm sure I'd get more pleasure out of seeing how I've helped him while I'm alive rather than him getting the inheritance after I'm gone!

It also makes long term financial sense to share assets early.

10k given to a 25yo to get them on the property ladder early, 10k added as a starter fund, 10k in premium bonds... All these things will grow over time.

Whereas 10k left to a 60yo by an 80yo has a lot less time to accumulate in value. If I can, I'm giving to future generations whilst they're young.

(all figures made up using 10k because I'm shite at examples, not because I think eveveryone must give their kids 10k)