Helping your child to save for a brighter future
While all parents want the best for their children, family life can become difficult as children grow older and seek financial independence.
A significant number of young adults are struggling to cope financially, according the Debt and Generations report from the Consumer Credit Counselling Service.
More than one million people aged between 18 and 39 are finding it difficult to manage their finances, with many at risk of falling into debt.
“Young adults now face unprecedented financial commitments, but parents can help them avoid the pitfalls of debt, particularly if they start saving on their child’s behalf from an early age,” claims Kate Moore, head of savings and investments at Family Investments.
Ms Moore conceded that it can be difficult to decide where to save and how much, however there are many Junior Isa’s available which can help accumulate a sizeable amount before your child leaves home.
Posted by Alice Rowe