Thursday 21st June 2007
Parents should focus more on child investments, according to an expert.
Miles Bingham, press officer for child trust fund provider Family Investments, claims that many parents do not pay sufficient attention to the issue of saving for their childs future.
He adds that for those taking time off work in order to bring up a baby, child trust funds may provide a useful vehicle for developing savings if a reduced regular income is being received.
Mr Bingham espouses asking for money from friends and family for the childs first birthday and using this to top up any child investments which have been made.
But he warns: "I dont know too many people who consciously go out of their way to financially plan for their child.
"Even if they know theyre going to have one, they tend to just carry on and spend."
The Next Generation of Homeowners report from Lloyds TSB suggests that while 75 per cent of young people aim to own their own home by the age of 30, only half hope to have children by that age.
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