25th Sep '08 - Think Of Your Child's Future
Posted on Thursday, September 25th, 2008 at 11:11am
Children learn money habits from their parents and need to have confidence in how they spend, it is claimed.
Because they have more time, youngsters can save up a nest egg before they need to touch the money, David Kuo, head of personal finance at Fool.co.uk says.
And the credit crunch provides an opportunity for parents to pass good saving skills to their children, he adds, which may include planning for secured loans.
"This is a very good learning experience for children to realise that they cannot just expect money to just continually appear, even if times are hard. If parents have to cut back so do children."
Kids could receive more than £29,300 each at 18 from child benefit payments that were invested into their child trust account, according to the Children's Mutual.
However, 29 per cent of parents questioned said they were saving the child benefit and a secured loan could help those who cannot currently afford to pay into the trust.
Secured loans are an option mums and dads may want to consider in ensuring their offspring have financial support as they get older.
Because they have more time, youngsters can save up a nest egg before they need to touch the money, David Kuo, head of personal finance at Fool.co.uk says.
And the credit crunch provides an opportunity for parents to pass good saving skills to their children, he adds, which may include planning for secured loans.
"This is a very good learning experience for children to realise that they cannot just expect money to just continually appear, even if times are hard. If parents have to cut back so do children."
Kids could receive more than £29,300 each at 18 from child benefit payments that were invested into their child trust account, according to the Children's Mutual.
However, 29 per cent of parents questioned said they were saving the child benefit and a secured loan could help those who cannot currently afford to pay into the trust.
Secured loans are an option mums and dads may want to consider in ensuring their offspring have financial support as they get older.
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