Nearly 18 year old

[Jogrighton]

Hi all,

Sorry if it's been asked before.

My son turns 18 end of March. I have saved for him over the years in a junior isa. He is unaware of the amount but will get £8000.

I would like to withdraw it and continue to keep it. I will use some of it for his 1st car.

I don't think he is currently mature enough and proved that on multiple occasions. He is very driven by clothing, Nando's, impressing his girlfriend. I love him dearly but he is in nob mode currently!!!

He is at college and doesn't work, every job I suggest he turns his nose up/makes excuses. I was paying an allowance but reduced this recently in an attempt to kick start some drive!!!

Any advice? I think I know the answer but I don't want to let it drip through his fingers 😫

@HollowTalk

So can't the money be taken out by parents before they're 18?

No, it’s their money. You can move it to another product in their name - like CTF to JISA. But you can’t just steal it.

Just seemed like the sensible thing to do. Clearly not!

I wasn't talking about stealing their money! I meant couldn't you move it into a different account so they couldn't access it until after 18?

We put inheritance money in shares via 'Investing for Children' investment funds with Aberdeen for our DC. I rang them as oldest DS approached 18 assuming he would then get access, but was told that nothing changes at 18 and we would still be the account holders on DS's behalf. We plan to leave the money there accumulating till they are 25 at earliest. DS21 would definitely fritter it away now. The relative who left the money wrote in their will they were not to have it till 25 at the earliest when she hoped it would be a deposit on a house.

I remember my Nan giving me money she had squirrelled away for me when I turned 28, it was about £2000. In the 80's that was loads of money but I managed to piss it up the wall in about 6 months! I haven't made that mistake with my saving for my 2 DC's. I've moved money via salary sacrifice into an ISA account in my name so if they turn out the be knobs at 18 I have control of the money. As we all know most 18 year olds are idiots with money, I know I was!

*18 not 28

CTF of about £10k here and I expect it to be used to top up maintenance grant. That’s been my aim all along, single parent.

If it isn’t used for uni costs DC will have to get a job to top up.

@GeneLovesJezebel

Isn’t there an Isa where you are saving for a house deposit and the government puts some in too ? Perhaps he could be persuaded to put it/some in there

The help to buy ISA is no longer but a LISA can be used for this purpose.

My DS turns 18 this summer too. He has the government trust fund which isn’t a lot but he’s got a small amount of compensation for contracting EColi from a farm (DD has more as she was affected more than her brother). But he also has a Halifax account with around 5k, so on average around 8k. He won’t waste it as he’s inherited his fathers careful (or tightness) with money!). He’s also got some of his own savings from his HSBC current account as he doesn’t spend much. He will use it towards Uni and maybe towards his first car or save for the future. One of my nieces didn’t learn to drive until mid 20’s so is jealous that her sister sensibly bought a car with her childhood savings whereas she had to get a loan. She washed hers on alcohol and a holiday!! Like many do (as did I).

DD was left some money by her Gran which DH and I invested for her. We discussed it with her at 18 and she asked us to keep it invested. We are still doing so and we have agreed that she will have it when she finds a house to buy. She is very careful with money, doesn’t fritter and we were fortunate in that we could fully support her at Uni so she didn’t need to work or take any loans. She’s now got a fairly good chunk for a deposit and as it is all documented right back to when it was given to her, there is no question that it was her money.