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

Parents start saving for kids to flee the nest from age 12

0
Written by: Paloma Kubiak
23/11/2016
British parents start saving for their child leaving home when they are just 12 years old, a survey reveals.

It found that 98% of British parents worry their children may never be able to save up for a house deposit, so they start to save for them before they become teenagers.

The research, carried out by money saving site VoucherCodesPro, polled a total of 2,300 parents of at least one child aged between four and 17 years old.

It asked parents how much thought they had given to when their child will move out and the majority of parents (79%) said they had begun to plan for their child’s next steps.

The parents were also asked if they had started saving money for their child to have when they move out of the family home and 67% said they had.

When asked to reveal how old their child had been when they began saving, the average answer was 12.

In terms of how much parents are saving, a quarter said they’ve put away between £1,000 and £2,000, 22% saved less than £1,000, 11% saved between £3,000 and £4,000 and 15% said they saved £5,000 or more.

Some parents (32%) also said they had begun collecting furniture for their child, 27% had started researching nice areas for them to live, and 21% told researchers they had begun educating them on necessities such as bills and tax.

George Charles of  VoucherCodesPro, said: “Preparing your child so they are ready to move out into the big wide world is incredibly important, although some may say 12 is too young to start preparing for their independence, it’s surely better for them to understand the importance of saving and financially budgeting from a young age. I would say when it comes to money, saving for your child as early as possible is a great idea and a brilliant present for your offspring.”

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.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

Read previous post:
Homeowners missing out on £3k of savings

Just a quarter of British mortgage borrowers have ever switched lender in search of a better deal, according to research.

Close