When you’re having to look after children and ageing parents, how can you make sure you give them the financial, practical and emotional support they need, while still taking care of yourself? Businessman, Mason Lee, shares his thoughts.
How can people keep their children and parents financially secure?
“When it comes to financial planning, we try to set aside enough money to secure the basic needs of our life, which includes our children and parents.”
International Director, Xiehe Education Group
When it comes to your children, where do you focus your finances?
“I think the best investment is education; both financially and spiritually. The rewards are great.”
Together we can find an answer
Plan now for the future
When you want to improve the lives of others, whether that’s your children, your parents, or both, you need to make sure your finances can take the weight, so you can still achieve your own personal goals too.
We believe that planning for your future is about more than growing your capital. It’s also about protecting what you have (and making sure it’s well managed). Our advisors can help you on the road ahead, so you can keep supporting the people who mean the most.
The value of investments can go down as well as up. Your capital and income is at risk.
When planning your whole family’s wellbeing, which is true for you?
Being the “sandwich generation”
Are you the financial filler among your children and parents?
About one-in-seven middle-aged adults (15%) provides financial support to both a parent and a child. With an ageing population and a generation of young adults struggling to achieve financial independence, this is a growing burden.
Middle-aged adults “sandwiched” between ageing parents and kids
% of adults ages 40 to 59 who...
*Source: The Sandwich Generation: Rising Financial Burderns for Middle-Aged Americans
Sandwich generation: happiness versus busyness
% of sandwich generation / all adults saying they…
And when it comes to family finances, what about succession?
You might need to prepare for inheriting the family estate or business from a parent, or passing it on to your children. Whichever it is, asking the right questions about succession will help find ways to keep your family’s finances secure for generations to come.
A snapshot of estate taxes in various key wealth hubs around the world
When you manage your money the right way, it can open up more opportunities in the future. Especially when it’s about achieving not just your own goals, but also providing for your children, your parents, and perhaps even giving back to society too.