Do you save for your children's future?
We often hear about the cost of living today and the continuing rise in costs of raising children today, so are we really expected to be able to save for our children's future as well? Apparently we are.
New research by Teachers Assurance, in conjunction with specialist Opinion Matters, involved over 2,000 adult respondents from across the UK and questioned each about their attitudes and behaviours when it came to saving for their children. Here's some of the findings, which stat sounds most like your household?
* 53% of parents were not teaching their children about savings habits.
* 38% of parents were saving on behalf of their children with the intention of gifting this to their child at a set age.
* 57% of parents were saving for their children in their name, with the average contribution amounting to less that £2,000 by the child's 18th birthday.
* 21% of parents planned to provide £5,000 or more towards their child's university education.
* 38% weren't planning to contribute anything towards the cost of their child's first home.
* 55% wouldn't contribute any money if their child wanted to travel the world.
Of those who weren't saving, 65% couldn't afford to while 30% felt that money saved now wouldn't be worth a relative amount in the future.