Parents encouraged to talk to kids about money

Parents are being encouraged to speak to their children about financial planning.

Douglas based financial services firm Provest made the comments this week as it launched a podcast called Money Matters, also due for release this week.

Director at Provest Kieran McAuliffe acknowledged that it’s a challenge to get younger people under the age of 35 interested in planning for the future.

However he added that it’s important for everyone to make a 10 year target and work towards that, no matter what their age.

He said: “When you’re young and carefree it’s difficult to think ahead. We try to encourage parents to speak to their children about financial planning and the need to start early and we find that is helpful.”

Managing Director Mark O’Sullivan said that when it comes to financial planning, it’s never too late to make an informed decision.

Provest was founded in 2017 by Mr O’Sullivan and now has more than 500 clients.

They have funds to the value of over €200 million currently under management and are aiming to double this over the next 2 years.