1.Make it clear it's not mandatory
The most important thing to tell your children is that you don't automatically expect them to give you money. This is especially true if you know your children are struggling at the moment.
Any agreement you come to should be a partnership between you and your children, based on love, respect and a desire to see each other comfortable and happy.
2.Return the favour
You may not be able to pay your children back, but you can do other things to make their lives easier. For example, if you spend part of your free time looking after your grandchildren, your children will save on childcare and find it easier to support you or realise other wealth management goals.
As you're receiving financial support from your children, you may not want to use that money to buy extravagant presents. Instead, think about what you can give your children from your own possessions – a vintage car you don't drive anymore, a holiday home you don't visit or maybe a precious heirloom.
The eldest child is often the one who supports their parents financially. But this can be a heavy responsibility for them and one that would be better shared among their siblings.
If you have more than one child and they are all in a strong financial position, consider an arrangement where all contribute as much as they can afford.
More products and information
Global experts' advice to help you capture global investment opportunities and mitigate investment risks to meet your diversified investment and wealth management needs. Our investment products include:
Structured products, Dual Currency Investment and Enhanced Yield Investment, Overseas Investment Plan, and Local Unit Trust and Hong Kong Mutual Recognition of Funds.
We take into account your protection needs at various life stages to help you find out suitable insurance plans, leveraging on our ability to offer a one-stop platform for your insurance needs.
In today’s fast-paced financial world, the only way to stay ahead is to be on top of current market events. Tap into our unique market insights and investment analysis to stay informed about the latest trends and regional news with just a few clicks.
Frequently asked questions
What are the basic rules to making investments?
When should I start financial planning for my future? How should I approach financial planning?
Where can I get more information about investment products?
Although the above information is carefully written, the Bank does not warrant, state or guarantee the accuracy or completeness of the above information. The above information is not and should not be regarded as an offer or purchase invitation for any financial product, nor should it be viewed as an investment proposal.