The term financial control generally evokes a weaker party being controlled by a stronger one. This might be in a relationship where one partner controls the finances and all financial decisions despite the other one wanting to be involved. There’s also the instance of control where it overlaps with elder abuse. Here a stronger party, be it physically or mentally, exerts control over an elderly person because they have designs on the elderly person’s financial resources.
While these are the most common and obvious instances of financial control, with the bank of mum and dad wielding more and more power in society and the economy, there’s another type of control starting to creep in.
With property prices losing touch with reality in many markets, some children have been leaning on their parents for a deposit, simply just to get access to the market they wouldn’t otherwise be able to crack. It’s something that might be termed a living inheritance. The parents believe they don’t need the money, with a house owned outright, and substantial assets to carry them through retirement.
Read the full “Financial Control” post.
This represents general information only. Before making any financial or investment decisions, I suggest you consult a financial adviser to take into account your personal investment objectives, financial situation and individual needs. Anyone looking to build a portfolio should seek financial advice to find out which strategy is right for them, if you are looking for a fiduciary in Tasmania, then you should consider one of Tasmania’s fiduciary financial advisers who are certified by CEFEX to ensure your needs are put first.
