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Saving for your child's future

The first step is to decide the investment goal or goals and the timeframe. Do you want to help a child or grandchild onto the property ladder, support them through higher
education, help with a major expense, such as a wedding, or even start a pension pot for them? 


Higher Education


Higher education costs, including loans for tuition fees, living costs and maintenance, are estimated to cost in excess of £50,000, for a three-year university education.

Getting onto the property ladder


Is another major expenditure. For an average first-time buyer, a deposit of over £50,000 could be required, more than the average annual salary.


Retirement provision


May seem a very long way off, but as with all planning, the sooner you start, the better. The full State Pension is currently £175.20 a week and is certainly not enough on its own to achieve a comfortable retirement.

 

Happily, if you do want to help your child with any of these expenses, there are plenty of options to consider. However, it isn’t as simple as just setting up an account and starting
to save into it.


Two principles which apply to many aspects of financial planning are particularly relevant when planning for your child’s financial future:


— The longer the timescale, the more scope there is for your investments to grow 


— Taking expert advice will help you get the decision right first time and avoid potential pitfalls

 

Please click here to download our Investing for Children guide

 

If you would like to speak to us about saving for your children’s future, then please contact us for more information.