Of late, there has been a large rise in parents which are providing for their children far past them being “young” children, and using things such as equity release in order to do so. If you’re a parent which is concerned about the chances your children have in today’s society, it can be tempting to use these services – but there is another way. The services of an accountant in North Wales can be worth their weight in gold when it comes to propping up your children enough for them to enjoy their lives.

Why do parents assist adult children with things such as first home deposits? It’s a mixture of factors. Everyone wants the best for their children, regardless of how old they are. There’s no doubt about it, the younger generation (so-called “Generation Rent”) have it much harder than any previous generation when it comes to basic human rights such as their own place to live.

For Generation Rent, supporting themselves and getting on the property ladder is something which is impossible without help, and it is an extremely common fact that they rely on “The Bank of Mum and Dad” for help when it quite simply isn’t coming from anywhere else. Government “Help to Buy” loans are indeed used, but they feel very much like lip service considering that the amount of houses for sale in the UK has been on a steady decline for at least 40 years. New build homes are few and far between, and precious few of them are actually priced for the affordable market.

This is old news, of course, and many mums and dads are thinking with their hearts and not with their heads when it comes to the future of their children. It’s a sad fact that supporting children can often hasten the financial ruin of the parent. Generation Rent may indeed have the shortest end of the stick, but that doesn’t mean that everyone else is plain sailing. 10 years of austerity have left their mark, and we’ve been tightening our collective belts for a very long time.

With this considered, a lot of parents are lending, or gifting, money to their children because they have to. This is not helping their financial situations at all. The market is saturated with all manner of services such as equity release, which is a drastic option – involving selling your home – to allow you to free funds which normally would be allocated at death to your children. It’s a drastic way of providing, but one which isn’t exactly the best usage of the funds you have spent the entirety of your life amassing.

There is a way to be able to provide for your children and to keep your own head afloat, though. The services of an accountant in North Wales can help you free the funds needed to make a meaningful contribution to allow your children to start their own lives. In times past, it was considered that an accountant is a service which is simply intended for businesses and businesses only – but nothing could be further from the truth. An accountant works for you by examining your finances, how much tax you pay, and calculating where savings can be made.

Most people, especially if they’ve never ran their own business, are woefully ignorant of the ways of which they can get relief on the taxes they have always paid. A good accountant will examine your affairs from the inside out and make suggestions where needed, to ensure that your own financial situation is covered before you reach out to assist your children.