Settle an argument 🙏🏻 child savings come of age

[ivegotthisyeah]

Good old Friday night topic!
our lovely DSS ( partners son not mine) has come to visit us and have tea. Dinner time discussion that DDS has come of age 18- where pot of savings / child trust had matured. His dad has given him £2k and he used that to go travelling pot is £6k so £4k left in pot ( bought him a car but that was a present) dad has invested constantly in a S&SI which is why pot has grown and wants to continue investing. DSS want the other £4k dad said no not until you want a house / start a business something really where you need it.
I am on the fence not getting too involved not my child and I see both points of view.
it’s got a little heated but what is everyone else’s thoughts on when children turn into adults !

Who’s name is the account in?

Is the son going to uni?? He will need it for that. Otherwise it's his money. He's an adult. My DD's had access to a lot more than that, and used it wisely. They are savers, and cautious though. They also went on holidays and bought their own cars, as well as saved.

Was in son’s dad took it out maybe after ten years ( wasn’t put in a cant touch account) and put on a S&SI in dads name - so original money plus more has been given in the £2k dad heavily into investments so he knew it was invested and doing well

Is he likely to just spend it on rubbish?

I think if his dad had it earmarked for a deposit on a house or something like that then he was silly to tell an 18 year old he has access to £4k.

Dad genuinely will give it but he says when DSS is ready and he’s turned 18 in the summer and dad doesn’t think he is ready. Undecided about uni got a job still lives with his mum and pays rent own car insurance etc

If it’s the child trust fund set up by the government - I’m assuming that’s what you’re talking about as my dc is same age and has one as will all other dc that age - then it will legally be theirs. Entirely their call what they do with it. Parents can offer a strong opinion, but nothing they can do. And why we stopped contributing to it when it got to five figures as we didn’t want it to be too big and not have a legal stake in how it was spent!!

Yep @sparepantsandtoothbrush I said why on earth did you tell him!!

If the money is in the dad’s name then it’s fair enough. If child’s name, it’s theirs. All my DC have had access to childhood savings at 18. None have wasted it.

Reading your response …the original £500 from govt can’t be in anyone’s name other than the child’s. Parents can be responsible adult but once 18 it is legally the child’s. So maybe there are two funds (tell DSs that there should be £500 maturing somewhere after 18 years! Heaps of young people are unaware of it)

When he turns 18 he will have access to it no matter what his Dad thinks, he can't control it. My son got his as he turned 18 just before Christmas, he got nearly £4K and I hadn't paid anything into it.

If it was the child trust fund invested in son's name, then it is his money, like it or not. I would also want to say "But, but, invest wisely blah blah" so I get where DP's coming from, but he just doesn't have the right to dictate. The kid is 18, it's his money, it was always intended to be his at 18.

Your DSS sounds reasonably sensible if he pays his mum rent and for his own car insurance, lots of kids dodge that sort of obligation.