Family Finances: Ask the experts

Bank of Mum and Dad

Post school options are increasingly expensive

What happens after school is a big moment for both students and parents.  University fees are becoming ever more expensive and graduate jobs are harder to come by. House prices continue to rise, making it harder for younger generations to get on the ladder and more are continuing to live in the family home to save money. While this makes economic sense for young adults, it can put pressure on family finances.

Family Finances

When it comes to supporting your children beyond school years, it can be tricky to know what to do for the best.

To help, Lloyds Bank invited customers and members of the public to a free “Ask the Experts” event. Hosted in Manchester, the subject of the day was “Family finances: supporting your children beyond school years.”

At the event a panel of experts looked at what parents can expect from the years ahead if your children are entering higher education or if they're looking for their first job.

Much has been said about the bank of mum and dad in relation to the cost of getting on the housing ladder, but it is clear that young adults rely on financial support from their parents for a lot more than this, including day to day items.

Greg Coughlan, Head of Savings, Lloyds Banking Group

Expert guidance

The audience was made up of parents with children aged 16-24 and was hosted by Sarah Smith from Channel 4 News.

The panel included Owen Woodley (Managing Director, Lloyds Bank Retail), Tracey Bleakley (chief executive of Personal Finance Education Group), Clare Francis (Editor in Chief at MoneySupermarket) and independent financial expert and TV personality Alvin Hall.

Topics covered at the event included supporting your children through university, their first job or apprenticeship, educating them on household finances and budgeting, and helping them save up and move out.

See clips and resources from the event here

Helping Britain prosper

Lloyds Bank plays an active part in the delivery of the Group's Helping Britain Prosper plan. Lloyds Banking Group is committed to taking a lead in financial inclusion to enable all individuals to access, and benefit from, the products and services they need to make the most of their money. Events such as this one help to demystify personal finance and support our customers to plan for their futures.

These public open sessions are an important part of how Lloyds Bank is reaching out to both customers and non-customers to help them to understand complex financial topics. It was a great privilege for me to have been asked to sit on the panel alongside some of the industry’s leading experts at this great interactive session.

Owen Woodley, Managing Director, Lloyds Bank Retail

Helping Britain prosper

University challenge

The group also provides support to students from lower income households through our unique social mobility programme, Lloyds Scholars.

Partnering with leading universities across the UK, we offer students from lower income households a complete package of financial support, paid internships, a business mentor and the opportunity to develop their employability skills.

Lloyds Scholars is a key part of our commitment to invest in the long-term economic future of the UK. We have developed a programme to give undergraduates all-round professional and vocational experience. We will also encourage our scholars to volunteer in their local communities during the academic year to support the Group’s wider commitment to support communities.

António Horta-Osório, Group Chief Executive

Footnotes
  1. living and studying costs  for 38 week year,  outside London
    http://www.nus.org.uk/en/news/press-releases/nus-figures-show-new-students-face-cost-of-living-crisis/

  2. http://www.ons.gov.uk/ons/rel/family-demography/young-adults-living-with-parents/2013/sty-young-adults.html