gilly g
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Maybe the things that are important to you arent important to him.Perhaps he likes the idea of being financially stable rather than having material things.
Dont be so hard on him. It's a different generation who had to struggle to get what they wanted. My mum is the same but to a lesser degree i think. She was very poor when she was young and finds it hard to splash out. |
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Ollie
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He probably never had money & has always had to scrimp. |
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slipprynippy
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He remembers tougher times...and wants to be prepared. You can spend it for him when he is gone. I wish I could save more. |
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Scully
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He is well aware that he could live another 30 years and its good to have something in the bank for emergencies?
Also, one gets into a mindset of not spending, just as one can get with overspending. Some people dont like change. New gadgets, takes them out of their comfort zone....especially if a wife? used to do it and he doesnt want to change the rules. For example, my Dad is 69 and mum passed aover a year ago. She used to vacuum, choose new furniture/his clothes etc....even if everything falls apart its doubtful he will do anything about it because he just CANT...its like a passive/aggressive reaction to a negative life situation.....eg whats the point of anything if there is nobody to show it off to?
The older you get, the more likely you cherish how things were, the memories held within that old furniture, the clothes you wear and on those walls is priceless.
Of course there is always the chance that he's lazy/depressed OR doesnt trust himself to make a good decision therefore chooses to nothing. And also women are more likely to be concerned about how things look...hetero-men are more utilitarian and dont give a hoot?
Take your pick out of any of the above.... |
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steven e
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perhaps he is keeping it all for his family. |
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Brockley
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Maybe he wants you to have it all !! |
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Dirty Harry
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Some people are just like that. |
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PEGGY S
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He was concerned for expenses that could unexpectedly come up. Since he is on limited income, it would be hard for him to take care of any unforeseen expense without a savings on the side.
I live right outside of New Orleans, Louisiana in the US where Hurricane Katrina hit. Insurance did not come close to replacing what was lost for most people. Anyone one that had a saving was much better off than those that had saved nothing. You just never know what may happen. We certainly did not expect for anything this bad to happen. We usually had a little flooding, and that was it. Never did we imagine losing the entire home down to the concrete slab it was built on, plus every vehicle we did not take with us, due to the gas shortage!
Be glad that your father is prepared for any major problems that could occur. You will understand when you are much older. A limited income can be very scary without a savings to fall back on. |
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peter o
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thats what people are like from the old days.they remember when times were hard.and they are careful with there money.
not like most people today who live off credit.and has long he is ok with it so should you. |
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more4yourlife.co.uk
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He is like my dad, never spent money he didn't need to but this is leading to a big problem for you both.
Your dad needs to realise that he is giving the money back to the government.
He has paid tax on it once and when he goes everything over £250000 gets taxed at 40% in inheritance tax so most of his savings will go straight back to the government especially as he owns a house, I bet that is worth a lot now too.
You need him to see a good finacial adviser to avoid paying tax on this money again. You need to get him to see that he is not helping you by leaving you with this money as you wont get it.
A good advisor will show him how to invest it to avoid this but you must do it soon as he needs to live for a few years after the investments or the tax man still gets it.
I leaned this the hard way as my dads estate paid more than 3 years of my wages to the tax man and we ended up with very little as it was shared between 5 of us |
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Ralph Kenneth Tupaz
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Maybe,he will give it to you when he died.like my dad he gave me his property |
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gvih2g2
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His pension is probably fixed for the rest of his life. Imagine that his cost of living goes up by just £500 every year - if he lives for another 20 years (and that's about the average he can expect), he will need to take more than £100,000 out of those savings just to maintain his current lifestyle.
Then he's probably saving some against a "rainy day" - maybe he's worried he'll need long-term care or an operation, and wouldn't want to have to sell his house to pay for it. Or maybe he wants to pay for your wedding, give you a deposit for a house, or contribute to an education for your children (or your nieces/nephews).
And finally, he's reached the age when he realises that having newer, "better" things doesn't necessarily improve your quality of life that much. Mind you, if he doesn't have a washing machine at all, maybe you could explain to him that it would be cheaper than sending his washing out or going to a launderette! |
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Schuutz
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Its better than him being poor. It is his money and he can do whatever he likes with it.
Quite frankly, it is none of your business. |
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chad s
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he might realize how stupid money makes people. he might have realized that peoples possessions dont make them who they are. |
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Humza
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maybe he wants to leave it for you and any other family |
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fireguy
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he's cheap like most old people are... they saved all their lives and don't spend what they have |
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DJ_Hixxy
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Thats probably how is has come to have so much money in the bank and now he is stuck in a loop - still thinking he has to be carefull all the time even tho he's loaded!
At least theres more to leave the children i.e. you! |
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Chrissie F
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Maybe he's happy! Maybe he doesn't think a washing machine will enhance his life... |
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frenziedmonkey
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He was born during WW11 and therefore has been brought up entirely differently to you - there were huge shortages (rationing etc.) following the war. It probably simply doesn't make sense for him to spend money he doesn't need to.
Also, £150K may sound like a lot but it isn't really - a pension doesn't stretch far and he could live for another 30 plus years. |
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cobra
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Maybe he is worried about the future - what will happen to him if he has to into a care home in the future? Those places cost a fortune, and a possible decade of care will easily eat up all his assets. It's just one possibility. Have you talked to him about his thoughts on his future? |
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Gary
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It looks like you Dad was born in 1941. America at that time was just coming out of the Great Depression which happened during the 1930s. I am sure that you father while he was growing up had witnessed and heard stories from his parents about the struggles that they had during the depression years. I bet you father doesn't like to pay on credit either? |
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Nexus6
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He's probably used to just saving his money. The fact that he's not a big spender is bourne out by his bank balance. If he's happy as he is, that's the main thing.
There could also be the possibility that he was brought up with relatively few possessions and that he may be saving his loot to pass on to you. |
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Doctor Sizzle
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He grew up a long time ago when a pound was a weeks wages and having a telephone was a luxury. He probably hasn't moved on much and remembers when times were much harder. Spending money doesn't come easy to him and a nest egg offers him some security.
66 isn't that old. He has got a lot of life ahead of him and financial prudence now, can give him security in the years ahead. Don't be too hard on him but do encourage him to live a little. Its responsible to live within your means but sometimes saving and going without becomes a habit and a way of life for people. Try to show him how much more enjoyable his life could be if he parted with some of his money. Sort out a budget based on his income and investments to show how much he could afford to spend each week without jeopardising his financial security.
Remember how lucky you are to have a solid responsible father and not one up to his eyes in debt to suit himself. You will be glad of it if you are ever in trouble and need his help. |
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Ryan
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I think it may be because he cares for you and wants you to be wealthy enough to make it through part of your life when you grow up or for when he is gone. |
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body bullied
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maybe he needs the money as a sense of security. He doesn't know how long he will live for, maybe he feels comfortable in his home and does not feel he needs to decorate it. I would urge him to buy a washing machine - get the other family members to help convince him how good it will be. |
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Misguided One
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I guess the fuzz would be too big to go buy something. He belongs to the older generation, and has got no more power to discover all the new sorts of things that were developped. It's the same with my grandma. She's avoiding to buy any kind of new stuff. She's turning 70, in the next few days.
He is probably used to his house, and doesn't want any changes. Even if he would wash his clothes by hand, which he probably does not, it would be nothing bothersome for him, cuz he is used to it.
What to do?? - Just convince him that he really needs that washing machine, because washing will get much much easier by that, and he will eventually buy it. Or go buy it together with him! :) |
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Scarlett
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The chances are he'll have had to scrimp and save all of his working life and feels the need to ferret away his money so it doesn't happen again. |
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Max Power
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At the age of 66 ,he remembers the 70s ,when work was hard to come by and life was hard. Probably wished he had saved in the 60s.Once bitten twice shy. |
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mrrosema
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he is happy with what he has and does not want to be in an emergency situation without the cash. Financial security and peace of mind are worth a lot. Older people (he is not that old though) get attached to belongings they have had for a long time... he held you as a baby in that chair, watched you jump up and down on that couch...
he would likely ask about 20 and 30 year olds:
Why when they have so little money do they think they need to spend it all on things that won't give tham any lasting happiness.
( I would just buy him the washing machine as a present if your mom is stuck washing in a tub or going to the laundrymat, am guessing he doesn't do the laundry so considers it not his problem) |
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lennydiane
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he must be saving for a rainy day |
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James Mack
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Older people tend to be very careful with money as they were raised when funds were tight. |
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