Kids’ cash the biggest worry for mums
Britain’s mums worry more about their children’s financial futures than their own when it comes to money concerns, according to a recent report. Over half of the 3,483 mothers polled put concerns about their children in front of their own saving and investment affairs.
The Children’s Money Report, produced for Her Majesty’s Revenue & Customs (HMRC) and in tandem with ‘Baby’ magazine. It has been timed to coincide with the start of the first Child Trust Fund (CTF) week and is part of the Government scheme to encourage parents to save tax-free cash on behalf of their children.
The CTF scheme ensures that a voucher worth £250 is given to all parents of children born in the UK since September 2002. It is intended to encourage parents to ensure their children have a sizeable lump sum when they reach 18.
The report suggests that mothers in Wales are the most concerned about their children’s financial futures, with 32% saying that they are concerned. Mums in London were the least worried, with only 19% saying that they are unduly concerned.
All the mothers surveyed said they intended to give their offspring pocket money in the future, while 97% admitted that their children had money from the tooth fairy.
To date, 70.7% of all CTF vouchers have been used by parents to open a fund or UK saving account for their children.