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Saving money for my children has always been a big thing for me – and for other members of my family. Jack was very lucky when he was born to be gifted quite a bit of money from family and friends and always gets some across birthdays and Christmas. Olivia, being the second child, didn’t get gifted quite as much but still receives some each birthday and Christmas too – although she is of the age that people tend to buy her clothes and toys!
They both have their very own savings accounts where they are saving their money for whatever they want it for in the future. We chose the bank they are using specifically for the benefits they get and can’t wait to see their final figure when they reach 18. But what I wanted to ask today is are you saving enough for your child’s future?
This infographic from Shepherds Friendly reveals some data they’ve collated – what are your thoughts?
Survey results from 2,000 parents showed that only 43% of parents said they would consider opening a savings plan for a child – something I found very shocking!, 65% said they would only pay in between £10-£50 a month (not shocked by this, everyone has different budgets) and 32.8% are saving towards a housing deposit for their child.
We aren’t saving for anything specifically with our two children – we put money into their accounts, they put birthday and Christmas money in if they wish to save it and other family members put money into their accounts too – but what they do with it when they are older is completely up to them. Of course, we will encourage them to use it on something sensible such as a house deposit or a car but at the end of the day, it will be their money to do what they want with.
We are currently happy with the level of savings they have and what we are contributing however we do take a regular look at it to see if we can add more. Once we are completely debt free and our own savings accounts are looking a little more healthy, we hope to be able to contribute more but we are currently satisfied with what both the children have.
Are you saving enough for your child’s future? Do you believe in saving for your children or letting them save? I’d love to hear your thoughts!