We’d excited to introduce you to My Baba’s new resident expert, Miss Lolly. Miss Lolly is a financial adviser at a wealth management firm in the City of London. A Chartered Independent Financial Adviser and Fellow of the Personal Finance Society (PFS), Miss Lolly is one very smart cookie – this being the highest qualification a financial adviser can hold. Miss Lolly is also a member of MENSA – the high IQ Society with an IQ of 148, so we think you’ll soon agree, when it comes to finance – she really knows her stuff.

Miss Lolly lives in south west London with her husband and their two children. This is the first in Miss Lolly’s new monthly series of blogs for My Baba. 

My job immerses me in the world of the wealthiest individuals in society and I am conscious of this when I start to think about my finances. It would be very easy to get stressed about my lack of millions in the bank.

Only this week have I talked to clients about funding six figure house deposits for their children and many often gift their offspring a property outright when they feel that the time is right.

As a mother of two, I do worry about my children’s ability to get on the property ladder and it seems that I am not alone. The ONS published some thought provoking figures showing that house prices are seven times earnings. Given that lenders are likely to lend 4 or 5 times your salary; this means you need a HUGE deposit to fill the gap.

Halifax recently found that 25% of 18-34 year olds are relying on an inheritance to get on the property ladder. With increasing care costs, I feel there could be a lot of disappointed 18-34 year olds out there.

So what should you be thinking about as a parent?

  • You can only do what you can! The amount that you can put by will be determined by your disposable income. Make sure you have built in your personal saving and retirement planning when working out your true disposable income. Its important to put your own finances first.
  • Family mortgages are the response of the banking industry to parent’s concern. They help parents to help their children get on the ladder often by securing a loan on the parents’ home.
  • I prefer to put money aside in my name (especially whilst the sums aren’t huge). This allows me to have control of when and how my children would get access to anything that is earmarked for them.
  • Consider investing the money rather than keeping it in cash if you are investing for 5/10 years or more. Currently cash savings rates are not beating inflation.

Good luck with your saving!!

Lots of Love

Miss Lolly xx
Smart Financial Advice for Women

Whether you need help with mortgages, investing, saving for a rainy day, or just tackling your financial fears, Miss Lolly will give you unbiased advice based on the very latest financial wisdom. No jargon, no lectures – just the vital stuff you need to know, in user-friendly language. Get in touch via her website.

About The Author

Financial Adviser

After 8 years in her profession, the financial adviser behind Miss Lolly realised that most households, no matter what their income, face very similar dilemmas when it comes to money. Everyone wants the “good night’s sleep” that comes with knowing that everything is on track but very few actually take action and put a plan in place and seek good, regular advice. The main barrier is fear! Fear of not understanding, fear of not having enough money and most importantly fear of opening your eyes to the current financial situation. “The motivation to set up Miss Lolly came when I fell pregnant and started to think more seriously about my own financial future. I realised how lucky I am to have the knowledge and tools to put in place everything I need to ensure that my new family will be financially secure. I also noticed that a few hints and tips are all most clients need to restore their confidence to tackle their day to day finances by themselves. When helping clients with their financial foundations, I was being asked very similar questions, so thought it would be useful to share some of the advice that I give them.” By day Miss Lolly is a financial adviser at a wealth management firm in the City of London. She is a Chartered Independent Financial Adviser and also a Fellow of the Personal Finance Society (PFS). This is the highest qualification a financial adviser can hold and less than 2% of PFS members have reached this. Miss Lolly is also a member of MENSA – the high IQ Society with an IQ of 148. In her spare time, Miss Lolly enjoys socialising with her friends, trying out new restaurants, keeping fit and playing Sudoku. She lives in South West London with her husband and is the proud mum of two children.

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