Tuesday, 20 September 2016

Are You Saving Enough for Your Child's Future?

What kind of future do you envision for your child?  Do you hope they will travel the world, go to university, get a great job, get married, buy their own home or car?  Many of us put a little bit of money aside each month, in the hope that we can help your children with these life goals in the future, but are you saving enough for your child?

With many parents of young children struggling to pay their own rent or mortgage, the ever-mounting bills, and constant worries about financial and job security, finding the estimated £259,000 (according to money.co.uk) to help our offspring with these expenses is a daunting prospect.  Recent research by money.co.uk found that 28% of parents said that saving just wasn't an option for them.  However, Shepherds Friendly Society found that 65% of parents said that if they had a savings plan in place, they would pay just £10-£50 a month into it.

A long way to £259,000 you might think, but every little really does help and friendly societies, such as Shepherds Friendly, can offer different savings options that could help all of us save towards assisting our children in the future.  For example, a Junior ISA is flexible, tax-efficient (any capital growth is tax free) and can be started from just £10 a month.  Friends and family can also contribute on behalf of the child, meaning that a nest egg can be built up from very small beginnings.

Have a look at their infographic below which will help you consider whether you are saving enough to reach a savings goal for your child's future.

are you saving enough infographic final

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