So I have just got word that one of my children will be receiving £30,000 in a compensation claim (something I initiated due to an injury-not long term affecting thankfully!But nonetheless he was injured) which is fabulous news for getting started when he is older. Obviously he won't receive this until he's 18 and I can only hope that if we continue with teaching good financial awareness he will not blow this and could end up with no university fees or he could use it as a house deposit etc. So I'm very happy for him and very pleased we went for the claim.
As well as this I have been saving in a little stocks and shares ISA for him since he was younger. It has been a real goal for me to get all of my children to £5k in their ISA by the time they are 18. This would be for a 1st car or top up to student loans etc. It's not millions but if I can help them I want to.
Here's where the AIBU is, my husband thinks we should be stopping putting money into my son's ISA and upping the contributions into the other children's ISAs as obviously my son will have much more than them at the same age. I think the claim is irrelevant as I want to be fair to each child from us. It is unfortunate my son had an accident so he is entitled to that money. But I do understand that him having potentially £35k plus interest when they have £5k may create resentment.
We could even this out a little by putting more in the others and stopping his. He currently is on about £2.5k in his ISA at age 11. This will go up a small amount hopefully by 18 even by not touching it. I am worried about being fair to each child as a parent, my husband thinks we need to look at the bigger picture for them, that the son with the claim won't need what we can give him as much as his siblings will.
So what is fair? We are not rich by any means so unfortunately could never just hand £30k to the others 😂