What would you tell your younger self?
14 November 2025We know that the Budget is ahead and that speculation is in overdrive as to what will need to be changed to bring in additional revenue, both immediately and in the medium term.
Gifting money to the family has been one of the topics noted, perhaps with changes to both the annual gift allowance (£3,000 in a tax year, and the allowance can go back one year if not used), and also on the total gifting that can be made in a lifetime, and when it falls outside the estate for inheritance tax purposes.
The ‘bank of mum and dad’ has in the past been busy in gifting money to children to get them onto the property ladder as an example, with help towards deposit funds. Indeed, grandparents have also helped, although in our experience, the recent gifting level has waned in the last year as fears of extra taxes elsewhere have arisen. However, there has been more activity of late in this area, and documenting any gifting continues to be important.
The topic of inheritance tax is usually emotive for many. Having an up to date Will in place (and making sure someone other than your spouse/partner knows where it is kept) is vital. Based on current legislation, you normally have your nil rate inheritance band (£325,000) that can be passed on without inheritance tax being charged, and if you are leaving your estate to direct descendants, you may also have a further residence nil rate band of £175,000 tax free. We detailed these allowances and the overall topic at length in our recent newsletter here:
Chapters_Financial_SUMMER_2025_Newsletter.pdf
Passing on money is one thing, but sometimes passing on wisdom can be just as important, if not more so. If you could reach back in time, from a financial perspective, what would you tell your younger self? Perhaps from personal experience or from seeing others’ mishaps, how would you guide yourself, and more importantly guide the next generation as they look forward?
Perhaps (and we appreciate this list could be endless):
- Listen to the Budget!
- Save more money into a pension
- Build more funds for a house deposit / starting a family / starting a business
- Make sure that the protection you hold (life or critical illness / income protection) is adequate for your and your family’s needs
- Make a Will
- Or simply check your bank statements once a month to make sure there is nothing amiss
Whatever you choose, ensure that you pass your financial learning on to the next generations. It might be the real gift that you provide to them…although I am sure they would appreciate both the money and the wisdom.
No individual advice is provided during the course of this blog.
Keith Churchouse FPFS
Director
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899
