Most have dug into their savings to help with house deposits and offer other financial support such as buying a car. Of course this all makes financial and emotional sense. Why not give them some money now so you can see them benefit and reduce any post-death tax bill?
My one concern is that this can lead to an impression that money pops out of thin air, which can lead to a rather Corbynist view of the world. Fortunately neither of my stepsons are infected by this – but I have come across plenty of youngsters who are happy to lecture their parents on the evils of capitalism while pocketing a handout for their next year’s car insurance.
Fast and loose banks
Suggestions that the levy towards the Financial Ombudsman Service (Fos) will probably increase because of plans to allow small businesses to use it have provoked predictable frustration in some quarters.
Once again the financial sector as a whole looks like carrying the can for the behaviour of the banks – in particular Royal Bank of Scotland (RBS).
It has been widely reported how the executives responsible for its deliberately pushing businesses over the edge have ended up in top jobs with other banks. So the pollution in the sector spreads.
Small businesses clearly need recourse to Fos. If this had been available then perhaps RBS might have been brought to heel more swiftly. But surely if there is to be an increased levy this should be risk-based and only apply to the sectors which handle large amounts of SME business.
That will affect some IFAs but history shows that whether it be flogging interest rate swaps or trying to send businesses to the wall it has invariably been the banks playing fast and loose with people’s financial well-being.
So by all means let the levy go up, but let the burden be placed where it belongs.
Tony Hazell writes for the Daily Mail's Money Mail section
