Young Aberdeen FC fans are being given the chance to meet their heroes later this month thanks to a leading North-east wealth management firm.
Gary Walker Wealth Management is offering a tour of Pittodrie and a chance to meet the players as part of a special event focussed on financial planning for future generations.
Founded in 2004 in Aberdeen, Gary Walker Wealth Management is a Principal Partner Practice of St. James's Place.
Limited places are available for the family event, which takes place at Pittodrie on May 17th
between 4.30pm and 6.45pm. Email sara.milne@sjpp.co.uk
to register your place.
Gary Walker, the founder of Gary Walker Wealth Management, said: “We speak to a lot of clients about investing for their children, and it is a very important part of financial planning.
"Building a nest egg for your kids doesn’t need to break the bank and could make a huge difference to their future.
“Parents, grandparents and other family members are often keen to give children a headstart in life for when they reach a certain age. Buying a first home or helping them to start their own business can be made far more affordable by starting to save early.
“Introducing the concept of saving and the benefit of investing for the long term to your child at an early age is also a great way to encourage smart money habits long before they become adults.”
There are several saving options that can help a child's money potentially grow as fast as they do.
Junior ISAs
A Junior Individual Savings Account (JISA) is a very attractive option.
Anyone can pay into the JISA – parents, grandparents, godparents, friends or other family members, although only parents and legal guardians can actually set one up. Like all ISAs, you won’t pay Capital Gains Tax or Income Tax on them.
There are two types of JISA; a Junior Cash ISA and Junior Stocks and Shares ISA. You can pay up to £9,000 in the 2023/24 tax year into a JISA.
Money held in a JISA is locked in until the child reaches 18, after which it can be converted into an adult ISA and continue to enjoy the same tax advantages.
Pension fund
Starting a pension for a child, many decades away from their retirement, might sound like an odd thing to do, but can make a big difference. Even investing small amounts over decades could grow into a substantial pot over time.
Children can have a pension as soon as they are born. Setting one up can bring significant tax advantages since, as you save, the government adds a generous tax relief. giving a maximum annual investment of £3,600.
Just like JISAs, a parent or legal guardian must set one up but anyone can pay into the pension. Saving this way may help also mitigate an Inheritance Tax (IHT) liability. Payments from grandparents, for example, may be covered by the annual £3,000 IHT gifting allowance, or the exemption for payments made out of income.
A financial adviser can help you discover the smartest ways to save for your children or grandchildren. Click here if you would like to arrange a no obligation chat with Gary and his team.