Traditionally family finances have often been kept secret not just from other people outside the family but even family members themselves. We argue that with ‘The Bank of Mum and Dad’ and the growing popularity of Equity Release, opportunities for generations to support each other with financial difficulties and challenges are arising more often — because of this, isn’t it time we were more open with our families about our personal money matters?
Almost a third of children in the UK revealed that they have never openly discussed their parent’s financial situation as a family, and just under a third of parents aged 55 and over report that their children know nothing about their finances as they have actively made the decision to not discuss money matters with their children.
Equity release can be an important financial tool available to many older homeowners. It can relieve financial pressures both of their own and of their family. However, it can be a difficult subject to approach for many families.
MFS Independent Financial Advisor Stourbridge
If you are thinking of helping out a family member with equity release in Stourbridge, West Midlands, our independent mortgage and protection advisor in the area is able to offer free, no-obligation financial advice, and will help you to see all the options available to you, including whether equity release is the right decision moving forward.