My 11 year old nephew has negotiated a deal where he is on a pound a goal for his new football team.
Fortunately for me he’s no Gary Linekar but when asked what he was doing with his earnings, he said he was saving them. For what, he didn’t know, but the fact he said saving meant I didn’t care – it was just nice to hear the word.
I didn’t press him on his plans for a pension or investments but I couldn’t help wonder how long this saving mentality will last, especially in light of a study by Marks & Spencer Money which says a third of parents think their children will be less able to manage money than they are.
Another telling statistic in the study is that almost one in five said their children will be ill-equipped to understand their finances as there was too much jargon to wade through and not enough guidance in schools.
Besides delving into the argument of whose job this is, on one hand these are frightening statistics but on the other, they illustrate the benefits of imparting the right type of financial advice.
The demand for holistic advice is not falling but we all have to work that bit harder to target, educate and source the right type of product for the right client.
This isn’t easy but working together and building the right affiliations means your clients can get access to the range of financial services offerings without having to take their custom elsewhere.
And maybe if we all do a good job, they might just keep it in the family.