As a mum of three boys aged 11, 8 and 5, I spend a lot of my life thinking about the future.
Some days that means wondering whether we’ll ever have a peaceful school run. Other days it is the bigger questions that keep coming back to me — how do we give our children the best possible start in life, while still making sensible decisions for our own future too?
It is one of the reasons I was drawn to financial planning.
Families today are balancing more financial pressures than ever before. From rising school costs and the increasing price of university, to helping children get onto the property ladder later in life, many parents and grandparents are trying to support the next generation whilst also protecting their own financial security.
With International Day of Families taking place on 15 May, it feels like the perfect time to shine a spotlight on some of these issues.
The reality is, there is no “perfect” time to start planning. But starting early — even with smaller amounts — can make a significant difference over time.
Junior ISAs: small steps can build into something meaningful
One of the most common questions I hear from parents is whether saving small amounts for children is really worth it.
As any parent knows, children seem to outgrow clothes, hobbies and shoes almost overnight. Saving for their future can sometimes fall to the bottom of the list.
But consistency often matters more than perfection.
A Junior ISA (JISA) can be a useful way for parents, grandparents or wider family members to start building long-term savings for a child in a tax-efficient environment.
One important point families should understand is that the money legally belongs to the child, and they will gain full access to the account at age 18. For some parents, that independence is seen as a positive step into adulthood, while others may prefer to balance JISA savings alongside other types of family planning where they can retain more control over how funds are used.
For many families, the biggest advantage is simply creating structure and intention around saving. Even modest monthly contributions can build over time, particularly when started early.
Of course, every family’s situation is different. Some parents want to create a future university fund, others hope to help with a first home deposit one day, while some simply want their children to have a financial head start when they become adults.
One thing I often say to families is that saving for children should not come at the expense of your own financial wellbeing. There is little value in overstretching yourself financially now if it creates pressure later.
The key is finding a balance that works for your family.
Planning ahead for school fees
For families considering private education, the costs can feel daunting.
Many parents underestimate just how much school fees can increase over time, particularly when planning for more than one child, like me.
As my eldest prepares to start high school, I am finding myself increasingly aware of just how quickly children grow up- and how quickly the financial milestones seem to arrive alongside them.
Every family wants to give their children opportunities, but it is important to approach these conversations realistically and with a clear long-term plan.
School fee planning is not simply about whether you can afford the first year. It is about understanding the sustainability of those costs over the longer term, while still maintaining other financial priorities.
This might include:
- Reviewing cashflow and future affordability
- Using tax-efficient savings and investments
- Considering contributions from grandparents
- Planning around bonuses or business income
- Making sure retirement planning is not neglected in the process
Families are often surprised by how much difference early planning can make. Starting a strategy when children are young may provide far more flexibility later on.
University support: helping without sacrificing your own future
University costs have changed significantly over the past generation.
For many parents, the concern is no longer just tuition fees, but the wider cost of living — accommodation, travel, food and general day-to-day expenses.
As someone raising three boys, I already find myself wondering what higher education might look like by the time they are older.
Many families want to help where they can, but there is often a difficult balancing act between supporting children and protecting retirement savings.
This is where financial planning can become incredibly valuable.
Having a clear understanding of your wider financial position can help you decide:
- What level of support is realistic
- Whether savings or investments should be earmarked for future education costs
- How to support children fairly where there is more than one child
- Whether grandparents may wish to contribute tax-efficiently
Importantly, there is no “right” amount to help with. For some families, covering accommodation costs may be achievable. For others, even creating a small financial buffer for children can make a meaningful difference.
One area many families are becoming increasingly interested in is gifting wealth efficiently to the next generation.
Parents and grandparents often want to help children financially during their lifetime, rather than simply leaving money through their estate later on.
This might involve helping with:
- Education costs
- Property deposits
- Long-term investments for children
- Protecting family wealth for future generations
In some situations, trusts can form part of wider intergenerational planning.
Trust planning can be particularly useful where families want a degree of control over how assets are used, or where there are concerns around protecting wealth for younger beneficiaries.
As with all financial planning, the right approach will depend entirely on individual circumstances, objectives and tax considerations. Professional advice is important to ensure any strategy is appropriate and aligned with wider estate planning goals.
Financial planning is about more than numbers
One of the things I have learnt both as a parent and now as a financial planner is that family financial planning is rarely just about money.
It is about values.
It is about deciding what matters most to your family and putting plans in place to support those priorities in a realistic and sustainable way.
For some families, that may mean prioritising education. For others, it may mean helping children become financially independent later in life. For many, it is simply about creating more security and clarity for the future.
The important thing is starting the conversation.
International Day of Families is a timely reminder that financial planning is not just about investments or pensions in isolation. At its heart, good planning is often about giving the people we care about the best possible opportunities – while also making sure our own future remains secure too.
If you would like to discuss planning for your children or wider family, please feel free to get in touch at: WealthTeam@robson-laidler.co.uk
This article is for general information only and does not constitute financial advice. The value of investments can go down as well as up, and tax treatment depends on individual circumstances and may change in future. Please do not take or refrain from action based on its contents. Information is based on our understanding of legislation at the date of publish and may change in future.