EIGHTEEN is too young, according to new research, writes Samantha Dolby, investment manager at wealth management firm, Brewin Dolphin in Newcastle.

Apparently, most British adults do not think 18 year olds have the financial maturity to handle large amounts of wealth, preferring people in their early and mid-twenties instead. Is this not just a cultural shift, as children stay young for longer, and adulthood – the life of marriage and procreation falls later now, than 50+ years ago?

If this is so, 18 year olds are too young to access junior ISAs, inherit £100k or receive a sum to help with a deposit according to the research. So why can 18 year olds become legally entitled to income and capital tied up in a Bare Trust at 18?

More than a third of adults feel parents should, however, help with contributing towards a deposit and pay university costs, and a quarter believe they should help with wedding costs.

New research by YouGov, commissioned by Brewin Dolphin, indicates that most UK adults do not trust 18-year-olds to inherit or handle significant sums of money, and feel that the early and mid-twenties is a more financially responsible age group.

Legally, once a child turns 18 he or she can access the money in their junior ISA (JISA) – if set up on their behalf by parents and grandparents - and spend it how they please. However, two in five adults believe 18 is too young for children to be given control of such savings plans, according to the survey.

Yet, from the age of 18 your opinions are considered worthy of a jury, you can be responsible for a F1 car, and from the age of 14 you can even begin training for your pilot’s license.

When asked about what age a child is responsible enough to inherit £100,000 or more, only 6 per cent of British adults felt that those aged 18-21 are old enough, with almost a fifth thinking 22-25 year olds are mature enough to take on the responsibility. A quarter felt 26-30 year olds are responsible enough, while a further 30 per cent felt that people need to be older than 30.

The majority of mass affluent respondents also felt that restrictions should be placed on children inheriting wealth – only one in 10 people felt that no restrictions are needed – with a quarter of people saying that children should be at least 25 to inherit without restriction.

The wealth manager’s survey also finds that a third of British adults think a child is not responsible enough to be given a significant sum for a home deposit until they are aged at least 26. Despite this, help towards a deposit for a new home tops the list of ways in which Britons think parents should financially support their children, with 37 per cent of the wealthy and 27 per cent of adults of all income groups citing this. This is followed by 35 per cent of wealthy and a fifth of UK adults of all incomes saying parents should help with paying their children’s university costs. Surprisingly, there is a huge divide in this area across the regions - almost half of Londoners agree that parents should help pay for university, compared with just 16 per cent and 17 per cent in the North-East and East Midlands respectively.

Paying wedding costs is another popular way Britons think parents should help their adult children, with 26 per cent agreeing they should give this financial support. Yorkshire and Humber is the region most inclined to this view, with 33 per cent of respondents, compared with only 14 per cent in Wales.

When it comes to financial education, with an overwhelming majority, 83 per cent, of adults across the UK agree that it is the job of parents to teach their children about responsible money management. Over three quarters of adults also agree that pocket money is a good way to start teaching children to appreciate money and instil a sense of financial independence.

With debt facilities being more accessible than ever, it is definitely not right to learn the hard way about financial stability. As the old saying goes, you cannot have what you cannot afford.

Samantha Dolby is an Investment Manager at wealth management firm, Brewin Dolphin in Newcastle. For more information, please visit brewin.co.uk/Newcastle or follow us on Twitter @brewindolphin

The opinions expressed in this article are not necessarily the views held throughout Brewin Dolphin Ltd. No Director, representative or employee of Brewin Dolphin Ltd accepts liability for any direct or consequential loss arising from the use of this document or its contents. Any tax allowances or thresholds mentioned are based on personal circumstances and current legislation which is subject to change.