While financial education can reap greater rewards if started earlier, it’s never too late to get on board with learning the basics about financial planning and investing.Regarding your son’s £75,000 inheritance, because it is needed in three years or so we need to acknowledge that this is quite aWhen there is a longer-term horizon, it presents the opportunity to take on more risk, which generally leads to higher returns.
After a year, you can move £20,000 within this pot to another cash ISA to bring your tax-free benefits to £40,000. Then, after year two you, can repeat this to shelter as much of the return from tax as possible. When your son is then ready to put his deposit on a property, he will have benefited from the compound interest on his inheritance pot and hopefully a sizable pot built up from his own regular savings.