Setting up your children for financial success

Print Friendly

With the cost of living and education on an upward trajectory, you might find your adult children are lingering in the homestead for a little longer than you expected.

And if you’re continuing to support them beyond 18, they may lose out on the chance to learn how to manage their own finances. 

Perhaps you’ve been teaching them about money since they were very young; but there are still tips and tricks you can impart to help your adult kids reach financial success – or, at the very least, stability.

Budgeting and wise spending

The most basic financial advice you can offer your children is to teach them how to budget. If you offer them financial support whilst at university or living at home, don’t give them a lump sum that needs to last a term, or a year. Instead, send them a monthly stipend. This mimics the frequency of salary payments, so your children learn that this amount of money will last them a month. By the time they graduate or leave home, they’ll be a dab hand at making their money last. 

It’s also important to teach your kids how to spend wisely. As early as possible, try to instil the basic principle: never spend more than you earn. Take them supermarket shopping, for instance, and challenge them to buy your shopping list without spending more than a specified amount. You’ll soon see them wandering around the ‘reduced’ aisle looking for bargains.


Saving may seem easy for people who’ve been at it for years; but for young adult children, practicing restraint can be hard when there are seemingly so many good things you could be spending it on. Start encouraging your kids to set aside a particular sum every month in a savings account; open an ISA in their name as early as possible to start racking up tax free savings.

Avoiding debt 

As long as your children don’t spend more than they earn, avoiding debt will be simple. But if your child feels cash-strapped, and your financial help and a job aren’t fulfilling their projected financial needs, then the lure of credit cards and loans can be attractive.

If you’ve had a bad experience with debt, now’s the time to share it with your children and hope that they learn from your mistakes. If they’re thinking about applying for a credit card, help them look for interest-free deals. Encourage them to pay off their balance in full every month to avoid incurring charges when the interest-free period is over, or to look for balance transfer deals with another lender.

Looking for financial help

Even if your child is financially savvy and stable, with help from you and a job to support them, they still may not have enough money to cover the cost of education. In these instances, they may be able to apply for financial aid or a grant from their educational institution. Applications aren’t always successful, but when they are they can provide some much needed financial help just when your child needs it most.

How do you set your children up for financial success?

The following two tabs change content below.

Silversurfers Features Editor

Hello there! I’m Rachel and I’m the Features Editor for Silversurfers. I work behind the scenes to bring interesting, informative and entertaining subject matter to the Silversurfers community. I hope you enjoy the features we have shared with you. Please feel free to comment below and share your thoughts with us, we love to hear from you!

Latest posts by Silversurfers Features Editor (see all)

Not a member?

Join the silversurfers community today! It's free, easy to do, and is packed full of features and amazing offers!

Join the community!
Click here if you have forgotten your password

Community Terms & Conditions

Content standards

These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.

You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.

Contributions must:

be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.

Contributions must not:

contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.

Nurturing a safe environment

Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.

We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!

More Financial

Budget ahead for the festive season Pig Money Box Between Christmas Gift
Between the parties, family feast and wrapped presents under the tree, the festive period can get...
Common financial scams and how to spot them Online scamming concept with hand wearing black glove
Unfortunately scammers are becoming more sophisticated in the way they try to steal information...
Six top tips for planning your funeral Silversurfers GC article 2
Plan for the future We’ve already outlined in our previous article how the cost of dying...
Finding information on benefits and grants bigstock-family-business-savings-age-80191997
With everyone trying to cut costs these days, it’s increasingly unlikely that people will hand...
Setting up a savings account for your grandchild family, children, money, investments and people concept - close
Watching your grandchildren grow up is a rewarding and special time and it may seem like a long...
What does the budget mean to Silversurfers? osbo
Chancellor George Osborne’s Budget offered up a few surprises today and there was plenty for the...
Get funding for your business British Pound Sterling Coins Stack
Whether you are starting out in business, or attempting to enhance an existing project, everyone...
Autumn Statement: What it means for you Autumn Statement
A wholesale reform of Stamp Duty on property purchases and changes to the rules on the way...
Easy ways to make money – without a new job Money Saving
When you're in need of some extra cash it seems inevitable that you'll have to take on a new job...
Simple ways to save for Christmas Piggy bank with Santa Claus hat balancing on a Christmas ball
Now that November is here, retail shops around the country are getting ready for Christmas...
Easy ways to cut down your costs ahead of retirement saving for retirement
If retirement is just around the corner then there's much to look forward to: a break after a long...
Gas revenues increase after hikes Npower revenue increase after hikes
Npower parent company RWE has increased gas revenues from UK customers by 11% after hiking prices...