August means it’s back to school season and what better way to get your child’s learning off to an A+ start this year than with some responsibility and financial education!
Alpha Wealth has a savings plan that is sure to teach your child financial savviness and responsibility that they’ll utilise well into their adult years.
“We offer the best type of plan, as it offers the ability to pay in a minimum of €75 per month – and or €5,000 lump sums – upwards and you can change or stop payment at any time!”
There are no exit penalties and the plan is flexible; you and your kids can encash these savings at any time. Unlike similar packages out there, 100% of your monies are put into your account.
“Tax is deferred until you take the money out, so potentially, interest rolls up tax-free each year left in.”
According to Nick Charalambous, Managing Director of Alpha Wealth, parents already have a lot to think about these days with regard to their children. Utilising their plan takes the burden of imparting financial responsibility off them, while simultaneously teaching the child to be responsible for their own money.
“As life gets in the way, many parents forget to teach their children the basic principles of money. Financial planning plays a crucial role in all our lives, especially when talking about our children’s future.
“Many people avoid discussing money with their children, as they feel they are either too young or immature to understand the nature behind it. Parents have the responsibility to educate their children on how to be financially savvy and how to save and spend wisely.”
Recent studies show it costs between €20,000 and €40,000 to put a child through third-level education. “This is a significant amount of money and for a lot of children they have to fund some of the third-level education costs by working or going into debt.
“I talk to clients on a daily basis about financially planning for the future and following a road map to what they want to achieve. Part of this is with regards to their children, whether it be helping them to get onto the property ladder or succession planning.”
Nick’s own son is 13 years old and has given him a great insight into teaching children about the responsibilities and opportunities money can bring. “It has given me a really useful insight into the mind of a teenager, talking to him about the importance of money, even in situations on buying items for the game craze, Fortnight. That way, I can get him to understand the importance of saving for something he is really interested in.
“My son just opened his first student savings account and received a bank card and whilst potentially dangerous in the hands of a teenager, it has given him more education than my 20 plus years of experience could in months of discussions.
“Trying to get someone to do something by telling them generally isn’t a long-term sustainable solution. By showing them what it can do for them, this is generally a much more powerful strategy.”
Contact Alpha Wealth today to discuss getting your child on the road to financial awareness.
9 Eastgate Village, Little Island, Cork
021 206 1780