You are here: Home - Saving & Banking - News -

Fewer parents saving for their children

Written by:

A recent survey commissioned by Baillie Gifford & Co shows that the number of parents saving for their children’s futures has decreased by more than 10% since 2002.

However, the number of children who believe their parents are saving on their behalf has actually increased. In 2007, 40% of children believe that their parents are saving on their behalf, whereas in reality the figure is 51%.

This compares to five years ago when 39% of children believed their parents were saving on their behalf, while the true figure was 60%. Of those parents who are not saving for their children in 2007, 53% cite “not being able it afford it”, as the main reason.

Another statistic shows that perhaps children’s expectations are getting a bit more realistic with the march of time; in 2002, 46% of children would have liked their parents to have been saving for large items such as cars and bikes, whereas in 2007, the number had fallen to 40%. In reality, the most popular reason for saving was for a university education.

Ian Bruce, Baillie Gifford’s Children’s Savings Plan campaign manager, said: “Comparing the two surveys was fascinating, and the first notion which sprang to mind was of a nation of parents who are tightening their belts, and pinning their hopes on educating their children rather than helping them take the first step on the property ladder. Perhaps parents feel that property in the current market is an unrealistic goal.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Alternative investments popular

Overall allocation to alternative investment has remained stable at around 13 per cent, according to new research conducted by JPMorgan...