Five Father’s Day financial tips

Start planning early 

As older parents know all too well, time flies. In the blink of an eye, your baby is a teenager and then a grown up, so it’s important to save early and not leave it too late.   Ensure you have a proper investment structure in place early on to target events in the future, such as your child’s education, or a deposit for their future house. 

Chris Brooks says: “Every stage of parenthood can be expensive. Nappies and baby formula are soon replaced with school fees and extra-curricular activities.”

Giles Henman agrees: “Start with the end in mind. It’s easy to focus on nappies and nursery fees, but the real cost comes later — education, experiences, and giving them a good start in life. A small monthly investment early on could be the difference between choices and compromises when they turn 18.”

Jamie Burgmann adds: “Even if it’s a small amount, start saving for future goals such as kids’ education, holidays, and helping them with a deposit for their first home… If you start early and let compounding do its thing, you will thank your future self.”

Seek advice 

Having an independent voice of reason to talk to and provide financial advice is a valuable resource for any new parent. An adviser can help you see the bigger picture and match your investments with your family’s long-term goals.

Matthew Baer says the best piece of advice he received from his father was to take financial advice.

“My father has used SJP himself for around 30 years, because when working as an ENT surgeon, he didn’t have time or expertise to look into his finances in much detail. It has allowed him to retire at a good age.”

He adds: “My dad was always relieved when his adviser uttered his trademark phrase, ‘happy days’ at the end of each meeting. He enjoyed the comfort that came from having a professional adviser work alongside him.”

Protect your family

Saving and investing is vital to ensure your family meets its long term goals, but protection is an often overlooked aspect of a holistic financial plan. 

Tom Thompson says fathers often forget to protect their loved ones.

“Fathers tend to feel the responsibility of providing for their families and creating financial stability, but can be guilty of burying our heads in the sand when it comes to protecting what is most important. 

Giles Henman adds: “Too many fathers build a house on shaky foundations. Life insurance, critical illness cover, wills and powers of attorney are boring until they’re essential — and then it’s too late. Financial planning isn’t just about growth — it’s about resilience.”

David Reynolds adds: “We insure many things against financial loss, such as cars and travel, but all too often the biggest factor, the income producers and carers, are uninsured. They are the hardest to replace.”

Jamie Burgmann agrees: “It’s a morbid topic, but you have to think about what might happen to your family financially if you are not around. It’s only after thinking about this that people realise how important they are and how important their financial contribution is.”

Take a long-term view

The fathers at SJP all agree that taking a long-term approach is the key to achieving financial and life goals as a family and securing the brightest possible future. 

David Reynolds says: "Prioritise later. Visualise the future; you, your family and how you want it to look. Think about it every day and prioritise it. Not just wealth, but health and activity.  Make it a habit. Motivation gets you started, habit keeps you going.”

Daniel George says fathers often overlook saving for the long-term and diversifying their assets.

“Pensions and property help saving for the long-term, emergency cash reserves and ensuring monthly regular cash is put to one side is important for the short-term,” he adds.

Bradley Adams also says fathers should balance saving for today with investing for tomorrow.

“Split into buckets; short term immediate needs, such as school fees, holidays, housing and two other pots for medium and long term. Make sure you enjoy today, but don’t forget that you need to invest in future you.”

“Ensure you have investment accounts earmarked for long-term goals,” says Matthew Baer. “Too many people delay this and lose out on years of growth.”

Giles Henman adds: “You need short-term savings for life’s surprises — but if you never plan for the long term, you’re not protecting your family’s future. The key is a simple structure: emergency fund, regular savings, and long-term investments — reviewed annually.”

Pass on financial literacy 

A huge part of ensuring your children’s financial future is arming them with the tools and knowledge to make informed decisions. Sharing knowledge and encouraging financial literacy from an early age can ensure your children are financially savvy in their early years and in the best position to build a solid financial foundation of their own. 

“I will do what I can to teach my children the importance of saving regularly from an early age,” says Will Kruis. “The staggering impact this simple and forgettable habit has over a long-term can literally bring your retirement forward by a good number of years.”

Matthew Baer says: “The natural habit we want to instil is one of consistent saving. Practising what you preach is the best way to demonstrate this to kids.”

Chris Brooks has opened share accounts and bank accounts for his children to teach them about saving and investments in their younger years. 

“My aim is to make them interested in money and the stock market, and not to see it as a scary thing,” he says. “It’s important to understand how things like markets and compound interest work.”

“I want to pass on to my children the habit of investing early, regularly, and staying invested,” says David Reynolds. “10% of every you earn, pay yourself first, a principle from the classic book The Richest Man in Babylon.”

Jamie Burgmann adds: “I’m a big believer in financial education and learning the value of money from a young age. It’s important to teach children that money not spent today can help you in the future. Over time, I’ll teach my children about the beauty of compounding, and can’t wait until they understand passive income.”

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