S12 Ep4 Family Matters: Wider Family

In the fourth episode of this ‘Family Matters’ season, Simon and Bex discuss various financial matters that can arise from our interactions with members of our wider family.

Some key points of interest covered in this episode include the following:

1. Simon and Bex introduce the episode by explaining what they mean by ‘wider family’ [00:50] before going on to explain how their own circumstances have influenced their thoughts on the extent to which they might feel prompted, or not, to engage financially with members of their respective wider families. [02:46] and [03:34]
2. A sensible starting point, as so often with financial planning, is to know the nature and extent of your own resources. [04:05]
3. It can also be sensible and helpful to try to establish some kind of appropriate ‘hierarchy of needs’ when thinking about our wider family relationships, but a great deal of openness, honesty and thoughtfulness is likely to be necessary to achieve that outcome. [05:02] It can, however, be well worth going through that process if it leads to money being used as a tool for the benefit of others. [06:33]
4. Another approach that can be useful when trying to decide how generous we can afford to be to wider family is to establish criteria and responses that can assist with the decision-making process – these could include, for example, the option of giving time, skills or practical support rather than money. [08:08]
5. In response to a question from Bex, Simon shares some suggestions about how to communicate honestly, clearly and well in wider family contexts that can often be emotionally charged as a result of money being the subject under discussion. [12:02]
6. Simon also draws attention to third parties which can provide financial assistance, information, advice and support: the Government (national and local), charities and the local church. [16:21]
7. In his concluding remarks, Simon encourages us to be alert to the needs of those who do not have family or wider family available to support them. [19:55]
8. The next episode, which will be published after a short mid-season break, will focus on dealing with death-related financial matters that can affect families. [22:13]

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