Parents have saved £4,001 on average for each of their children, according to a new study
Saving money for a rainy day is challenging enough, especially with the current cost of living squeeze on household budgets and an impending 10 per cent rise in energy bills set to start on October 1. However, new research has shed light on the struggles faced by parents trying to build savings for their children alongside their own.
When it comes to managing these savings, mothers are more likely to say they established an account for their child than fathers, according to the study, reports the Daily Record. However, only one in five parents plan to seek a new children's savings provider during this tax year, with a quarter admitting confusion over the product choices currently available in the market.
Smart Money People CEO, Jacqueline Dewey, emphasises that with parents investing considerable effort into accumulating savings for their children, it is crucial to assess whether they're reaping the maximum benefits from their savings provider. "Check the specific terms of the account to understand the access conditions so it works best for you and the child."
It's crucial to consider potential tax implications. Typically, children's accounts don't attract tax.
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