IT’S Father’s Day and what is better to give your dad than a financial gift?

A number of people give their fathers tools, colognes, gift baskets, wines, and spa treatments, among many others, .but it’s time to look at lasting and more meaningful ways to show appreciation to those we love or seek to honour. The idea of financial gifts is not new. There are bridal registries for weddings, requesting funds instead of kind; and investment gift certificates are also offered as presents for children and to others on special occasions.

Fathers head many households but are not enamoured as much as mothers. According to the Jamaica Survey of Living Conditions 2019 report, 55.8 per cent of households are headed by males, so let’s look at a few possible gifts for fathers.

A key role of fathers is to provide financially for their children and the household. In recognition of Father’s Day, think of a life-changing financial gift, but think outside the box. I am an advocate for an emergency fund because emergencies will happen, so a gift of an emergency account is an ideal present for fathers, especially those in their senior years.

Chronic illnesses such as diabetes, cancer, and heart disease, known as noncommunicable diseases (NCDs), increase with age, are costly, and can be of long duration. Unforeseen motor vehicle expenses, medical bills, and expensive home repairs are reasons to have an emergency fund. Unplanned spending can cause families financial distress, especially if borrowing is the only option. Consider starting an emergency account for your father so he can avoid or reduce the reliance on credit card debt or high-interest loans when an emergency happens.

A health insurance plan is a good Father’s Day gift idea as well. Health insurance coverage is available for persons aged 18 to 69. Show your dad that your family cares about his health and well-being. There are individual and family coverage plans available. Provided he is a pre-retiree or a retired father in his 60s and enjoys good health, the gift of health insurance can be a lifeline for the retirement years. The father who has toiled for his family deserves a gift that allows some dignity when illness strikes and prices rise. Knowing how much money will be needed for emergencies is difficult, but building a fund early and making regular deposits ensures that funds are not depleted. Financial planning is a rallying point for today’s family, and Father’s Day provides the opportunity for families to not only enjoy fun activities but also discuss family members’ goals and dreams. Financial gifts don’t just last for the day, they are doors to better relationships and communication within families.

Another financial gift for fathers is starting a stock account for long-term goals. With good health, fathers can live longer in retirement. With their investment strategy aligned with their interests and financial goals, fathers can create wealth or financial freedom. As fathers age, their investments have the opportunity to experience exponential growth. They will one day stop working but their investment experience can be the catalyst that transforms the financial habits of the next generation. Attaining financial freedom means affording the lifestyle that was once only a dream. It’s the freedom to pursue other ambitions and interests without being burdened by cost.

Carrying heavy financial debts can harm the financial and mental health of fathers. The mental health of fathers is important and can have negative consequences on the mental health of their offspring. Curtin University led international research involving more than seven million fathers and their offspring. The study revealed that children are 42 per cent more likely to be depressed if their fathers were depressed, therefore men are encouraged to seek help for depression. A gift of debt relief can be a welcome change. Helping your father in repaying high-interest debts and providing strategies to save and invest more can safeguard his mental health.

Some fathers have been excellent investors, and have worked hard to provide for their families. Finding creative ways to express gratitude to them without breaking the bank would be gratifying. A professional and experienced financial advisor can help fathers to implement and review their financial plans.

Grace G McLean is a financial advisor and retirement specialist at BPM Financial Limited. Contact her at: gmclean@bpmfinancial or visit the website: www.bpmfinancial.com. She is also a podcaster for Living Above Self. E-mail her at livingaboveself@gmail.com