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Loan charges: Grandparents 'helping youngsters with finances'

Brits are helping their grandchildren avoid loan claims and deal with bank charges.

Yvonne Goodwin Wealth Management managing director Yvonne Goodwin pointed out that when people die, their family members can lose as much as 40 per cent of their inheritance through taxation.

As a result, people would prefer to see the benefit of their money being delivered to their grandchildren immediately, she explained.

Youngsters are finding it increasingly difficult to find the cash to pay for the deposit on a mortgage and are struggling to attain a decent interest rate on these loan claims, the specialist suggested.

She said: "Financial planning is all about moving the money from the family - from where it is, to where it is needed most."

Previously, Ms Goodwin recommended that people set up an emergency fund so they can cope with any unexpected changes to their circumstances without having to incur bank charges or fall into debt.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801470491-ADNFCR

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