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NOW CLOSED: Are you saving for your retirement or your child’s first home deposit? Discuss this topic with Barclays - £150 up for grabs

(184 Posts)
AnnMumsnet (MNHQ) Mon 26-Nov-12 16:55:10

Hello you may have seen that this week Barclays have a big campaign to get people talking about home buying and money topics.

On Monday they asked "When are you too old to ask your parents for help?" and on Tuesday discussion focussed on whether (or not) "A home is still a home if you don't own it".

Finally Barclays are asking: "Are you saving for your retirement or your child's first home deposit"?

They say "We want to know what Mumsnetters think about home buying and money dilemmas - this time we want you to think about the future with your children. Our third question relates to savings and you and your family's future and the question is - if you're lucky enough to be making any savings these days (or plan to make savings) - "Are you saving for your retirement or your child's first home deposit?""

Please share your thoughts on this thread - there are no right or wrong answers and (as we've seen) - the question will mean different things to different MNers.

Add your thoughts and you'll be entered into a prize draw where one winner will get a £150 John Lewis voucher.

Thanks for all your comments on the topics this week do continue to add your thoughts and we'll do the draw for all three threads on Tuesday.

Thanks MNHQ

PS Please note your comments along with your MN name may be used on the Barclays pages on Mumsnet and elsewhere

glitch Thu 06-Dec-12 08:11:40

Saving???? Saving??? What is that then?

BahSaidPaschaHumbug Thu 06-Dec-12 08:40:14

Damn. Glitch got there first.

Though actually we are managing to put a very tiny amount into DS's CTF and will manage the same for the next one due very soon. There's nothing spare for a pension though. Kids first house? Not a chance. I prefer to eat and clothe my kids and heat the house.

Succubi Thu 06-Dec-12 08:57:54

All savings go to paying their school fees.

Tistheseasontobedramatic Thu 06-Dec-12 09:18:18

All savings( tiny savings) go to what DD will require first. University fees or home deposit. Scary how little I'm managing to save though, some months nothing at allconfused

dontaskforthe99 Thu 06-Dec-12 09:18:27

We have no ability to save at the moment as all of our children take part in a very expensive sport. Any spare and some not spare cash goes in to supporting their hobby. We hope to be able to help them if we inherit some money in future years or if my husband takes part of his pension as a lump sum.

expatinscotland Thu 06-Dec-12 09:21:53

Yes. Anyone have any idea how much 2p/month with the rates of interest offered by banks like Barclay's will be worth in 16 years?

In the meantime, I'm educating them in the arts of pole dancing and reality television so they might be able to feed themselves one day.

Belmo Thu 06-Dec-12 09:25:43

Erm no. No extra money, and if we had any we'd be saving for our first house deposit! We're both 26, am hoping we'll have pensions by the time we're 30 but who knows!

noisytoys Thu 06-Dec-12 09:29:09

We are fortunate enough to own (have a mortgage on) our own flat. When we are in the position to, we plan to buy the adjacent flat so we will own the whole house. It will be a home for the DCs if they need it and want to live in it, an income source when we let it and a retirement fund of we come to sell it somewhere down the line

We are not in a position to save at the moment but hopefully we do own a house with mortgage. If we are able to save at a later time we would have to save for our retirement first as we have no pensions.

germyrabbit Thu 06-Dec-12 09:38:00

barclays are abusing mn alot lately for their research aren't they?

gazzalw Thu 06-Dec-12 09:39:56

Well we are saving a bit towards retirement but only if it doesn't get used on household maintenance first....

There are a couple of savings plans in place for the DCs too but I'm pretty sure they won't really amount to more than about £3,000 - £4,000 by the time they reach 18, so not even enough to cover first year of tuition fees hmm.

It's strange though, this notion of helping your children out financially. Sure for our parents generation it was not a given, as it seems to be now. Whatever happened to children finding their own way in the world rather than having this sense of entitlement which so many of them seem to have these days? My parents didn't have enough money to put any aside for themselves let alone me and my siblings. DW's family are a lot, lot better off, but aside from paying grant deficits for their children when they were at Uni, they've had the princely sum of £500 each in all their adult lives from their parents!

WiseKneeHair Thu 06-Dec-12 09:41:52

I have reasonable pension provisions in place, but DH's are not as robust as I would like. I think, on the advise of our IFA, we will set up a multifunctional investment plan that can be used for pension, university fees, or whatever we think it is most needed for.
In the meantime we put money into a cash ISA each month, but do not have as much of a buffer as I would like.
I do realise, however, that we are in a fortunate position to do any of this.

At the moment the only saving going on is for the weekly food shop! Before things went pear-shaped, savings were going towards a bigger home and a small amount into children's accounts for uni so they can get good jobs and look after us when we are old and penniless or first car, home etc. So far we have no plans or savings for our retirement but as things are going we'llprobably not be allowed to retire untill 90 so shouldn't need much.

tinselahohoho Thu 06-Dec-12 10:03:22

Why would I be saving for someone else's first home deposit?

I'm sort of hoping that by the time my kids are adults, they'll act like adults and take on their own financial responsibilities shock.

TeeElfOnTeeShelf Thu 06-Dec-12 10:05:45

I have a very small personal pension from last full time employment that I don't currently pay anything into.

I have very little money in an ISA.

That's me then.

My child's house deposit? No. I need to pay for my own first.

DorisIsWaiting Thu 06-Dec-12 10:14:38

Ha Ha Ha Ha Ha.....Whatever small savings we can scrape together are in the bank as an "oh shit" fund to fall back on. DH has a titchy pension through work. I used to pay in when I was earning but that was sometime ago now.

Saving for DC's first home.... don't make me laugh, this doesn't happen in the real world!

FestiveWench Thu 06-Dec-12 10:19:53

I have no intention of paying for my children's house.
My job is to send them out into the world with the education, skills and confidence to behave as fully functioning adults.
The rest is up to them.

Likewise I've made it perfectly clear to my parents that they should aim to have spent every last penny of their hard earned cash by the time they die. I have no right to money from them. They have sacrificed a lot over the years to allow me the education and opportinuties to build the life that I have. Their duty is done IMO.

noidles Thu 06-Dec-12 10:25:21

DP and I were (very prematurely) talking about this the other night. We're always a bit scared because everyone seems to say things like 'by the time you retire your pension will be worth nothing.' We both have a pension, but we realise we can't rely on it. So once we have a house I think our savings will go toward our retirement. We'll have a mix of investments, and we're also planning to have some sort of holiday rental that we make a bit of cash on the side from. We might buy a student house, and if our (future) children go to university then they can live in that house and we'd rent it out after. We don't have children yet, but we know we will save for their future - be that their education, or a deposit on a home. I'd like to be able to contribute towards my child's home because hopefully that means that when I retire, they'll want to look after me smile

I'm going to be working for at least the next 40 years! So I've got a long time to save for for both though, TBH.

Offred Thu 06-Dec-12 10:28:02

We can barely afford essential maintenance, savings of any kind are a luxury to us right now.

prettybird Thu 06-Dec-12 10:37:35

Nope. That's up to him. We'll support him through Uni (should he go there although according to dh he doesn't have a choice wink) and try to minimise any loans he needs then but buying a house is his choice.

Ds should ultimately get a fairly generous windfall when his Opa (my dad) dies - but as Dad is off to celebrate his mum's older sister's birthday grin with her in a few weeks, when she turns 100 smile, I fully hope expect ds to be into his 30s before he gets that inheritance.

prettybird Thu 06-Dec-12 10:39:42

FWIW - I agree with every word that FestiveWench says. The "inheritence" that ds (and my brother, his kids and I) will benefit from is bound up in the value of the house.

Which, of course, if dad needs to go into a home, would be (rightly) eaten away.

lottytheladybird Thu 06-Dec-12 10:40:49

We're not really saving much at the minute, as I'm a SAHM, but what savings have from when we were both earning are intended for the children really. So that means first house, school fees, university fees etc.

FreelanceMama Thu 06-Dec-12 10:47:37

FestiveWench absolutely agree with you! I hate the idea of expecting to inherit and using that as a basis for future plans - I plan to use any money or assets I have when I'm older to enjoy my life and hope I wouldn't feel bad about having nothing to leave when I go (other than covering funeral expenses).

The same for savings for our baby. How is he supposed to learn the value of money or delayed gratification if it's handed over to him. I'd rather do something like match his salary when he gets a part-time job so he can equate money (and spending it) with giving something else up (Saturday morning lie-ins).

To answer the question about savings - I invest every month in ethical index-linked ISAs for the long-term (when I'm unable to work any longer) and put away some money monthly in a cash ISA for short-term savings.

We're not putting savings together for our son, although his other relatives are rather than spend a lot on him at Christmas and Birthday. It's up to them if they want to do that and I'd rather it than him have lots of material things (that we have to store!).

We try to save a little bit of money every month but we are also trying to renovate our flat so that we can afford to buy a bigger home. This makes it very difficult. I'm very lucky in that my pension is still contributed to by my employers even if I don't contribute. I do plan on adding to that at some point in the future but it will have to wait until we have moved and are settled!

ouryve Thu 06-Dec-12 11:08:48

Erm, no.

Any money we're saving will be going towards our NEXT home deposit. There's a high chance that both of the boys will live with us well into adulthood, anyhow, since they both have SN. We need a bigger house in an area better served by public transport and we'll be stretched a lot by that.

We do put about half of their DLA into their CTFs but that would nowhere near cover a house deposit.

Even if they were capable of living independently, I'd expect them to live within their means with no handouts from us. DH and I have had to do the same and I don't see why it should be any different for them. Barring disasters, I'd expect them to learn to budget, prioritise and live within their means.

FireOverBethlehem Thu 06-Dec-12 11:10:54

I pay into a company pension at source, as does DH, so I guess we are saving for retirement. DS is only 3 but we put £50 a month away for him, which may be for university, a deposit on a house, a van if he becomes a plumber etc. So long as he doesn't fritter it away, he'll have a lump sum come 18 to start him off in life.

nextphase Thu 06-Dec-12 11:11:31

Yes, were lucky enough to be saving.
For what? No idea. Will see where its needed. Next house deposit? Kids uni fees? Kids house deposit? New car for me ( likely giving the noises the current one is making).

So, there is a pot there, but not earmarked for anything in particular.

AnAirOfHopeInAManger Thu 06-Dec-12 11:18:08

I have no pension, my plan is to work till i drop dead as we are poor sad

My husband has a pension with a death in service payout and the insurance to pay the mortage off if he should die.

We dont think we will get to reteier (sp?)

We have a trust fund for one child and a bank account for the other. I want to save £4k to help them learn to drive when they are 18 so they can drive to work and study part time and live at home for free.

Its the best i can do at the moment if things improve i will save for retierment and uni fees but im not counting on things getting better.

dappledawn Thu 06-Dec-12 11:20:38

We try to save but it isn't easy . Probably much of our (limited) savings will have to go on a replacement (not new) car for DH, soon. It's really a question of what the current biggest need tends to be when it arises. Ideally we'd like to be saving for both our retirement AND the kid's house deposit. We'll just see which one comes up first and is the most pressing at the time, when the issue actually comes up. We'd definitely make the personal sacrifices re: our own standard of living to help DS financially, if it came down to a hard choice like that.

pofacedalways Thu 06-Dec-12 11:21:12

I really don't like banks, who are collectively responsible for the global economic crisis, peddling their wares under the guise of 'discussions' on MN. Why MNHQ, why have you done this?

Have a company pension plan and DW has teachers plan, however, they may not give us what we want later in life! Our endowment matures very soon and we'll have money from that 'going spare', in that we have been over paying on a part repayment and part IO for a while.

So need to start some next phase of the life plans - how much to finish off this house (new kitchen re-fit), do we want a 2nd home (where?), should we emigrate (!!), give up main job for a more 'lifestyle' (less stress, less cash, more time??) think it's quite likley we'll have a reasonable sum of money to play with. Have 4 DS' all about 4 years apart, so DS 1 about to grad and looking for a job, would try to help with a deposit, but then that would need to be 'passed on' to DS 2 etc. I wish we were given better financial advice after graduating, although have not done too bad. My DM helped us with a bit of a loan for our 1st house which we re-paid (no interest I think) - although at that time rates were well over 10% (yikes)!!!

Or just blow it all on a new F Type grin and sod anyone else!!

Asinine Thu 06-Dec-12 11:21:52

We used to save a good amount so that we had a fund for things like new boiler, essential repairs, car repairs, dental work and all the other fun stuff that life predictably throws at most people. Now we struggle to save as the banking crisis and resulting debt and austerity measures have resulted in a pretax drop in our annual income of about 7k , whilst food, energy and other costs continue to rise.

Thanks for asking, though, it's nice to know the big institutions are interested in our well being.

<<naive emoticon>>

janglebells2013 Thu 06-Dec-12 11:22:38

I have no money for my deposit never mind my childs! I am putting some money in an account for her every month though I suspect itl be for driving lessons or a car or uni. Not a house! As for retirement savings....I wish!

ChippingInAWinterWonderland Thu 06-Dec-12 11:33:14

Interesting to see the different opinions on savings for the children.

preety18 Thu 06-Dec-12 11:44:34

We are trying to pay the mortgage quicker at the moment then hopefully by the times the children go to Uni we will have some savings to help them and therefore afterwards once they get a proper job they will be able to buy their own house and for us to retire happily grin

Vajazzler Thu 06-Dec-12 11:46:51

I dont have any spare cash to save. If i did then i would save it for my childrens future needs.

weenwee Thu 06-Dec-12 11:48:39

No, we're not saving for kid's house. We're looking at feeding and clothing him now, then our retirement.

icepop9000 Thu 06-Dec-12 11:49:32

Saving? That implies people actually have money left over at the end of the month-does this actually happen??? Iwish!
Sometimes we have a bit left over but on the whole the answer is no. DH and myself don't even have a pension between us let alone savings for our children. I feel sorry for our children,they will have very little from us when we pass on. We are not homeowners and is extremely unlikely we will ever be and have little savings.
Perhaps if Barclays are so interested they could increase their interest rates on their savings accounts so what little people can afford will actually mean something.

Corygal Thu 06-Dec-12 11:50:55

Life insurance for my DNs - my parents are skipping a generation and leaving me out to benefit my brothers' kids.

Lovely. I'm also giving money to my godchildren. I feel fairly strongly about it - I don't owe them anything, but no one did anything for me & I don't want to see that happen to someone else.

aimingtobeaperfectionist Thu 06-Dec-12 11:54:31

I know I need to save as I'm pretty sure there won't be any pension for me fronted government when the time comes. However, I struggle to get by as it is nevermind save any for the future. It scares me as I have no idea what to do about it an not being able to save for my children's future is a big worry too. Another thing to feel guilty about!

TigerChristmasiscostingmeaBomb Thu 06-Dec-12 11:55:59

No pension
No Savings

It's hard enough to survive each month with what we have and we are both working

girlpilot Thu 06-Dec-12 12:04:18

I suppose we're among the lucky ones. Two jobs, two pensions, 2 girls in university, and university/school fees savings for the little one. But we'll need to buy a family house in the next 2-3 years so priorities may change.
On the other hand, our pensions are worth less than we've put into them, and the savings rates are so bad it's cheaper to be paying university fees.

Boggler Thu 06-Dec-12 12:04:44

I was saving my child benefit every month for my children's higher education, however as I'm losing that in January thanks to Mr Osborne et al that's all about to stop. angry And thanks to Mr Osborne increasing the higher rate of tax I'm probably not going to be saving for anything other than annual holidays and Christmas each year angryangry. Before I get loads of aggro we are not rich dh earns just over £60k and I'm stahm.

snowtunesgirl Thu 06-Dec-12 12:10:20

Boggler, my DH and I are both working and together we earn LESS than what your DH earns! I never think it's a good idea to say: oh we're not rich because we earn X because to someone else, it IS rich. Just as I expect that many other people would say that DH and I are very well off.

We would love to be able to save some money but that is impossible right now. We can't even afford a deposit ourselves, let alone save for our DC's!

Not in a position to save, luckily my parents own their house outright and its in trust to dd.

Firawla Thu 06-Dec-12 12:31:27

saving?? no... we have to pay off our massive amount of debts first there is nothing to spend even on the stuff we need for now, let alone for the future. expect most people are in a similar position. we are not even on a very low income but still no way we can save for any of that. luckily retirement is quite a way off and i dont see it as our responsibility to save for kids housing deposits, they will be adult they can work and save for it themselves. we will help if we are able at the time but not saving for it from now, dont see why thats necessary

I think wealth is relative and depends on your out goings.

My mum was on 35k and very comfortable as little outgoings, I am self employed and 60k would be hugely rich to me and I would love to afford annual holidays and Christmas.

However if your on sixty grand and your outgoings are huge then its not rich.

sandfish Thu 06-Dec-12 12:33:05

I would ideally like to be able to help my children financially so that they are not in a worse position than I was as a young adult. By this I mean that since I didn't have to pay Uni fees I would love to be in a position to pay their fees for them so they don't have to either, and don't end up saddled with massive debts when just starting out in life which I think is wrong. We also had a little help (very little) from a relative towards the deposit for our first home so would be nice to be able to give our children a small contribution if we can. I wouldn't pay it all though - they'd have to find the majority of the deposit themselves. I wouldn't pay for their weddings either, I had to save up and pay for mine on a strict budget. No cars either - didn't own my own until I was 29.

There's a fine line to walk I think here... on the one hand its really crucial that our children learn to save and plan and budget. You want them also to have that sense of personal satisfaction that comes from having paid for something themselves, of standing on their own two feet as independent adults, and of being able to say 'my own home' or 'my car' and mean it. I wouldn't want to take that away. At the same time, if I can give them a small lump sum when that crucial first homebuying moment comes, without expectation from them or obligation from me, then that would be a joy.

How to achieve this - well my children are small but we have earmarked savings for the above goals already. These are not set in stone, because no-one knows what the future holds and if a rainy day or worse is round the corner. But I will keep on adding to these accounts over the years and I wont touch them unless I'm desperate. I'm not planning to tell my children I have these savings for them until the time comes to use them.

SuperChristmasScrimper Thu 06-Dec-12 12:39:15

Hahah we need to save for our own house first.

SandWitch Thu 06-Dec-12 12:46:37

I have a public sector pension that I have been paying into for the last 6 years - I have no idea if it will be worth anything by the time I retire. I made a conscious decision to stay working for my LA for the job security and good pension, but tbh even if I keep my job in the current round of cuts, my pension will probably be worth next to nothing in 20 years time.

Dh is self employed and has no pension - If I am really honest, I think he is relying on an inheritance, or there being enough equity in our house to buy something tiny when the dc move out.

We have CTF's for the children and pay in £20 per month - not really going to be more than a drop in the ocean if they go on to higher education, or want to use it for deposits etc.
Things are really tight for us at the moment, debts all over the place, and I have considered stopping the CTF payments, but I can't quite bring myself to do it.

scripsi Thu 06-Dec-12 12:54:45

We have some pension provision but no savings to speak of apart from a rainy day fund. We would like to save for university fees/first home but that will have to wait.

WowOoo Thu 06-Dec-12 13:01:01

Yes, we are trying to.
When we have a extra left over it goes into an account for them.
I'm glad I did when I was working full time because my hours were cut and there isn't much leftover from my salary.

I think Dh does a direct debit into an account for them. Not sure how much it is, but I know he changed it to paying in less per month.

icepop9000 Thu 06-Dec-12 13:02:45

@Boggler if you write something like DH earns 60K and you use child Benefit for higher education then you are really leaving yourself open for negative comments. For many people that seems an awful lot of money to earn earn. As for only be able to save for annual holidays and christmas many people dont have them. If you can afford to save for them then yes,I dont think you deserve child Benefit. For some people CB is spent on essentials suh as food and clothes for their children.
You probably didnt mean to sound it but you have come over as sounding very patronising.

moonbells Thu 06-Dec-12 13:12:53

Are you saving for your retirement or your child's first home deposit?

We just try and save. What we use it all for depends on what is needed. Yes we're both saving into pensions, but they have crap returns and we have no idea if the lump sum is going to be abolished before we get to take them, so can't even rely on having those to pay off the mortgage.

I'd say we're saving more to be able to help DS through uni, as it looks these days as if the only way he'll be able to go is if he doesn't have a mahoosive debt hanging over him afterwards.

If Barclays want to know what to best do for their customers, or to win some from other banks, PAY SOME DECENT INTEREST ON SAVINGS!

hellhasnofurylikeahungrywoman Thu 06-Dec-12 13:15:23

Saving for emergencies at the moment as that is all we can manage. I have a pension, DH has a pension, the kids are on their own when it comes to buying their first homes, sorry kids.

CuppaEggnogAndAMincePie Thu 06-Dec-12 13:25:45

I put a set amount of money in to my DD's trust fund each month, my parents put cash in to it reasonably regularly as well.

Adviceinscotland Thu 06-Dec-12 13:29:59

This worries me so much sad

My parents have saved a small amount per month since dc were born and now they are reaching retirement we are taking over the small monthly payments.

I'm hoping elder dd's will "pool" their money and put down a deposit on a small flat, even if they stay with me while renting it out I would be happy.

Dh and I are trying to save for our deposit to buy our own home one day but dc will prob get there before us!!

GeraldineH Thu 06-Dec-12 13:42:24

"Are you saving for your retirement or your child's first home deposit?""

We are saving money every month and make sacrifices so that we can put a little bit away every month. We have a holiday account and an account that is simply the 'future' account, we don't quite know what it will be for.
We anticipate it will either be for university fees for the children or to help them with a deposit for their first houses. If when we get older we realise we need the money because our pensions don't provide enough then we will have to keep it to live off but the intention is to give our children some help to get started.
We have chosen not to put the money into the children's names or into a trust fund for them because we want to keep control of the money. Whilst we have the intention of it being for them, if our circumstances change we would spend it now to keep us afloat, if we put it into their trust funds we wouldn't be able it access it if the family needed it.
So its basically an emergency pot of money that we will use if an emergency arises and if we get through the next 20 years with no dire emergencies then the money is can be for their education/homes.

Tyranasaurus Thu 06-Dec-12 13:46:51

too broke to be saving atm. will be saving for kids future- money for uni etc not for house deposit. when did it become standard for parents to provide deposits?

Offred Thu 06-Dec-12 13:51:01

Icepop - why is boggler leaving herself open to negative comments? People earning £60k are expected to financially support their children through uni where other people on lower wages are not so surely to a family who don't get any financial support it is pretty essential to be prepared for children who may want to go to uni. If you don't save your children may not be able to go.

gilmoregirl Thu 06-Dec-12 14:04:03

Are you saving for your retirement or your child's first home deposit?""

I am a single parent and save as much as I can each month. I am in a final salary pension through my employer so I would be foolish not to take advantage of it. I have always made the contribution so I don't really see that as "my" money - it is just taken off my pay like tax and childcare vouchers.

When DS was born I set up a savings account for him which I pay in to every month, again I treat this as not being "my" money as it comes off my account on payday by direct debit. This money I am saving is not earmarked as for a flat deposit or for university - I just want to save so that I have some money to help DS when he starts out in life, whatever he wants to do (as this was not something my parents did for me).

I do not earn a big salary am I very careful with money and live frugally, I choose to prioritise saving. Family and friends can be critical of my choices and are forever telling me I should go on holiday instead of saving and sometimes I think I am too careful with money.

DeckTheHallsWithBoughsOfJolly Thu 06-Dec-12 14:11:51

We both make pension contributions. We also put a little into a saving account for Ds every month. This is more likely for uni than for buying him a house.

We try to build up wee nest eggs every so often. The most recent small pile of extra cash is getting paid as an over payment on the mortgage.

Hopezibah Thu 06-Dec-12 14:46:47

We used to be a lot better with saving but then remortgaged for a building project last year and raided all the savings and even the kids savings to do it. I figure that they may as well benefit from having the space now while they are young rather than the money sit in savings hardly earning any interest. Would like to save a bit for their future education. Haven't thought about our own future when we are old. then again my mum died before she got old so you never know how long you've got. Need to get the balance right to save enough for a rainy day and a bit for the future but still have no regrets in life if something was to happen.

KvetnutsRoastingOnAnOpenFire Thu 06-Dec-12 15:01:55

DH is of the opinion that we are saving to pay off the mortgage first of all (can't overpay in the first few years by much), then we can save for retirement. We are unlikely to save for our children to buy a house, unless we miraculously come into some money before they leave home - but then, neither of us was given money from parents towards a house, because our parents couldn't afford it either.

Thanksfully, DH and I both have pensions, and and other savings assets.

We also have a junior ISA and Sipp for DD which she can spend as she wishes, but hopefully sensibly, when old enough.

We will assist with purchasing a home for her, as this is something both sets of our parents did for us, so only seems fair.

Thankfully!

rubyrubyruby Thu 06-Dec-12 15:38:59

DH has a good pension and we have savings.

Not sure what the savings will be used for as only time will tell.

Savings?? I really wish we were in a position to save both for retirement and for my DS (not just a deposit but for help through uni, should he wish to go). The fact we can't, and can't foresee that we ever will, scares me so much. I have sleepiness nights intact.

We go very much for the grit our teeth and hope for the best. (Not the best approach I grant you and very much not going to be our advice to our DS as he gets older hypocritical I know

OptiMumPrime Thu 06-Dec-12 15:54:02

I am putting £150 of John Lewis vouchers aside for my DC! grin

OptiMumPrime Thu 06-Dec-12 15:58:28

Hopefully a bit of both. DS is only young, so we have a bit of time before university and home-buying. I would like to help my DC with a deposit for a home, it will only be harder for them in 20 years time, and I hate rent, it's just money down the drain, so if we have the money, yes, we'll help. We haven't got much to put by at the moment, DH does have a pension, but I think we should be a bit more comfortable in a few years (currently living in a high-rent area for work, but won't be here for more than a couple of years, then moving somewhere much cheaper).

whattodoo Thu 06-Dec-12 16:12:11

I've contributed to employers' pension plans since 18, it'll probably be a piddly amount by the time I want to retire.
We save a tiny amount for DD - uni fees, house deposit, car ie whatever we feel appropriate when the time comes.
Our main priority is to overpay the mortgage at the moment.

EldonAve Thu 06-Dec-12 16:22:09

I'm saving for a home for myself first

LiveItUp Thu 06-Dec-12 16:41:08

Savings? They're surely having a laugh? We're the generation that won't be able to retire aren't we? (mid-40's incase you're wondering). No matter how hard you work, the tax-man's there to take another swipe into it, and the banks don't exactly offer enough to encourage you to even try and save.

No, we muster enough to give the kids what we hope is a good education now. There'll always be a roof over their heads on offer, but we won't be buying them their own houses.

chrisrobin Thu 06-Dec-12 16:54:30

Not enough money coming in to save for anything at the moment. If we have an extra money, like tax rebates, we put it in an ISA but this then gets used on car repairs/unexpected bills so the children will never see it. We encourage them to save at least half of the money they get for birthdays and christmas and DS1 has said he wants to save up for a house (he is only 6, bless him) but he does spend bits here and there on toys.
We need to do something about it as we will have to save for University fees and would like to help them with first car/ house costs, but until I go back to work or we win the lottery its just not practical.

Wallison Thu 06-Dec-12 17:17:38

^PAY SOME DECENT INTEREST ON SAVINGS!

Absolutely. Savers are getting hammered by banks these days. It's only quite recently that my son's CTF has started to generate any kind of return - for years there was less there than I'd put into it! Even ISAs offer piddly amounts. Hardly an incentive, is it, when you've got things in the house that need sorting.

We save £75 a month for each DC, one has an allshare tracker fund (low fees, good returns), the other has a CTF. DH saves 8% of his wages into a pension, doubled by his employer, which is just as well, because I am self employed and have no pension at all (earn too little). We overpay the mortgage and savings go out straight after payday.
Saving is tough, but it's pain now for gain later.
Could do with better interest rates though, to make saving more attractive than reducing the mortgage balance.

Arcticwaffle Thu 06-Dec-12 17:42:07

I am saving for 2 things, retirement (public sector pension, though I don't really expect it to be that valuable in a few decades, + extra savings), and also saving - slowly - to contribute to university fees/costs for 3 dc.

Not saving for dcs' homes as I am more concerned that they go to university if they want to. I don't earn enough to save for house deposits on top of the rest.

Oblomov Thu 06-Dec-12 17:47:05

I have saved a small amount. We put £10 into both ds's CTF. I saved more into ds1's initially. And its now worth less, after8 years than the money I have put in it. NOT HAPPY sad
I also saved some of the ds's CB into their normal accounts and because we have big family they get quite a bit at birthdays and xmas's. So they both have a bit.
The boys have more in their bank accounts than dh and I do (none btw).

So clearly, we are not a generation of savers, then, eh ?
I'm sure we all would if we could afford to. << stupid emotion, to those at Barclays>>

mrscrimbobash Thu 06-Dec-12 18:02:25

We opened a child trust fund when our daughter was born, we try and put away what we can. (Which is not very much.) Her Grandparents will sometimes give her £100 at birthdays etc which we put into it.

It's a small pot, but hopefully something towards her first home in 20 years time! Scary thought.

I haven't even considered retirement. Scares me silly. I have no pension to speak of. We couldn't afford to put anything away at the moment, it would make things impossible. Definitely something to worry about at a later date.

elizaco Thu 06-Dec-12 18:14:49

We're lucky that we are managing so put some money away into savings. Child Benefit goes straight into a savings account which we don't touch - the plan is that this will help with any higher education costs. We try and save as much as we can each month into Cash ISA's, as we are not home-owners - we live in a tied house with my husband's job, so will one day need to buy/rent our own home, so those savings are there to help with that. In the short-term, we are saving each month for next summer's holiday :-)

Bicnod Thu 06-Dec-12 18:24:01

DH and I are both paying into pensions. Mine is private as I'm self-employed and his is an NHS pension. We aren't paying in enough really.

Can't afford to save for the DC at the moment - hopefully once they both start school full time (they are currently both in childcare when I am working which costs an arm and a leg) we will be able to start putting some money away. Will probably be for University fees rather than their first home deposit.

Viviennemary Thu 06-Dec-12 18:26:37

The interest rate on savings is so poor now they are hardly worth having. So I don't blame people for not saving in banks or building societies. Putting it into a pension scheme might be a better idea. If I am in a position to help out when my DC's decide to buy a house then I will. But I am not saving towards that particular aim.

littlemonkeychops Thu 06-Dec-12 18:30:13

DH and i have pensions via work, signed up when we first started our jobs so have never "had" the money to miss if that makes sense. No other specific retirement savings though, so don't feel that prepared but better than nothing i suppose.

DDhas a savings account, we don't get to add to it as much as we like but it's a start.

As for helping kids with house deposits, we'd like to hopefully be kn a position to in future, house prices and cost of living mean it'll be even harder for the next generation. It would be on the basis of matching what they save themselves though so they don't get away with not saving.

clubnail Thu 06-Dec-12 19:14:18

I'm working towards freeing myself up for early retirement so I can spend some time with my DS before he flies the nest smile

NowBringUsSomeFriggyPudding Thu 06-Dec-12 19:27:40

No savings being undertaken here, our outgoings far exceed the income. One day when the Dcs leave home, we hope to downsize, clear the mortgage and live life a little. There will be no help towards retirement or their first homes....although obviously that would be the ideal position to be in.

Vixjax Thu 06-Dec-12 19:41:50

I have a pension through a company scheme but don't put enough in it to fully prepare for retirement. Can't afford to do more though. Save a tiny amount for our babies future- probably Uni rather than first house

FrillyMilly Thu 06-Dec-12 19:45:34

Me and DH both pay in to a company pension every month and the company matches it. We have been paying in for 7 and 13 years respectively. DHs is a final salary pension and mine has a small final salary element. There is no way we are giving them up. I think ensuring we can support ourselves during retirement is more important than ensuring our children get on the property ladder. Whilst I hope to start making some sort of investment for my children, DH and I have worked bloody hard to get where we are with very little help financially from our parents so I'm sure my children can do the same if they have to.

stephgr Thu 06-Dec-12 19:47:55

We're currently saving for university fees and if they don't want to go to university we'll use the money for vocational training or put towards their first home.
We're putting some money away for retirement but not as much as we should or would want to. Things are just too difficult...

GetKnitted Thu 06-Dec-12 19:59:41

We're still saving for all the bits before houses and retirement :-/

Snog Thu 06-Dec-12 20:06:13

Yes, we are saving for uni costs at the moment, and plan to save after this for a house deposit for dd.
Both of us have occupational pensions but are much more focussed on saving for our child than for our retirement...

Meglet Thu 06-Dec-12 20:07:06

I'm 38 and have a couple of small pensions going (one via work and the other was set up by me), no idea how much they might pay out though. I need to investigate that don't I blush.

All the childrens birthday and Xmas money goes into their savings account, in my name so they can't touch it. I would like to have enough for driving lessons / car / insurance when they are older. Or I will keep it out of the way until they focus on Uni or need money to help set up their own homes. It won't be much cash, but I've set it up so they don't get it until I say so, even if that's mid 20's.

We only just bought our own house, so we'll be paying off our own mortgage before worrying about anyone else's! Both DH and I pay into our (allegedly) 'gold plated' occupational pension schemes. So hopefully that'll do for our retirement. We should have paid off the mortgage by then...

I'm not planning on giving any thought to how my 3 year old will buy a house any time soon.

turnipvontrapp Thu 06-Dec-12 20:24:59

Saving for a rainy day and retirement but not enough! Will hopefully be able to help with Uni fees if they want to go but probably not house deposit.

eteo Thu 06-Dec-12 20:32:11

I will not ask my family to help. If I can't afford then I dun buy.

Our house is our pension. We are saving it and hopefully we won't need to ask for money when we are old.

MrsHoarder Thu 06-Dec-12 21:08:45

What we can save is for a rainy day, future childcare fees or to pay off a lump sum of the mortgage when it comes to look for a new deal.

FamiliesShareGerms Thu 06-Dec-12 21:24:20

See, I made what I thought were sensible decisions when i started work at 22 to increase my contributions to my pension so that when I retired it would be sufficient for me and probably DH. Now, it has been steadily eroded by the government and is costing me more and more. I am beginning to wonder whether I should have bothered.

Surely any long term saving scheme like a pension should be reliable in the long term, or we may as well put notes under our mattresses and hope for the best?

We are managing to pay for our own house, but no chance of saving to buy another house/s. We do pay small amounts into the children's CTFs, though how much they will be worth in due course, who knows?

spoonfulofnutella Thu 06-Dec-12 21:25:29

The very little savings we have are going towards a house deposit of our own at the moment. After that I'd say pensions as both of our pension plans have had to go on hold for the last couple of years. I'll always be happy to help kids out, if they choose to go to university I'll help towards that for example, but don't see myself paying the deposit for their first house.

BlastOff Thu 06-Dec-12 21:29:31

Well I have a pension if that counts as saving for my retirement, but that's all.

I would consider saving for our dc's university fees, but their house deposit is up to them!

I'd love to be saving, but there is no way we can at the moment. Every penny counts.

CMOTDibbler Thu 06-Dec-12 21:44:51

Retirement, yes. House deposit - my parents give ds a savings bond for Christmas and Birthday, and that will be his house deposit

VainViolet Thu 06-Dec-12 21:50:27

saving a small amount every month in case they want to go to university.

Unfortunately we have no savings just a few pennies in their money banks and cannot afford to save anything, on a brighter note the in-laws have some sort of saving account for each of the boys, but I don't know anything about it.

Gatorade Thu 06-Dec-12 22:03:38

Savings - We don't specifically save for our children's future but we do fully utilise both of our ISA allowances each year and we have a number of other saving vehicles (some with instant access and others which are locking away funds for longer periods of time), however we largely focussed on over-paying the mortgage with the view to clearing this before throwing serious money at savings.

In addition our DC has a specific saving account which all birthday/christmas money is saved into, DH and I contribute additional amounts to this and match any money deposited from birthday/christmas.

Pension - Both DH and I are enrolled in employer pension schemes, we (including employers contribution) approx 10% to 15% of our salaries into these pension plans. DH also has an old defined benefit plan which will pay out a relatively small pension on retirement from an previous employer.

We don't have a plan yet as to what we will do to help out DD and future DC's when the time comes, I imagine we will heavily contribute to education (university etc) and we have investment properties that could be transferred to them if they can't get onto the property ladder and/or our pensions perform resulting in us not needing the income. However, I do think that they need to be able to stand on their own two feet and not have everything handed to them on a plate so it might just be university help plus deposit.

imdreamingofaskyebluechristmas Thu 06-Dec-12 22:13:59

I cannot afford to save anything at the moment, but if I could it would not be for my DD's first home deposit!

If I am in a position to help her when the time comes I will help her, as my parents helped me, but if I'm not, then she will just have to fend for herself as so many others do.

CanonFodder Thu 06-Dec-12 22:22:18

Haaaaaaaa, haaaaaaaaa, haaaaaaa, haaaaaaa, ahaaaaaaaa. Wipes eyes. Ahem, oh, you were serious??? I won't be able to retire. Because by the time I get that that age there will be no such thing as a state pension, or the age will be too high to be of any use to me. I have no spare cash for saving for my OWN first house deposit, let alone my kids, and I'm nearly 40. The huge debts of Uni followed by mammoth house price inflation have done for me. I'd be weeping in the corner in despair without the comforting thought that climate change will have levelled the playing field by the time I get to old age and we'll all be in the same (leaky, rotten) boat by then! grin

AlexanderS Thu 06-Dec-12 22:35:44

Saving for my DS's first home deposit?! There's no way I could do that. I might just about manage to pay for driving lessons and his first car.

University? Unless he has a vocational course in mind - like law, education, medicine, social work or accountancy - or has an absolute passion for a subject, I'll advise him not to go to university. And I've been to university myself (and done both an undergrad and a postgrad qualification). With the massive hike in fees I just don't think university is worth it anymore, unless you have a decent shot at a good job at the end of it to pay off all the debt you will accumulate. I think the days of doing what me and my friends did when picking our degrees - looking through the university prospectus and thinking 'Ooh, such-and-such-a-course sounds interesting, I'll do that' - are long gone. In spite of my degree I'm in a low-paid job and the fact is if I'd gone to college and done a vocational Level 3 course instead of going to university I'd be on a better wage than I am now.

My retirement is something I haven't been saving for (am in my early 30s) but I intend to rectify this soon by joining my (public sector) workplace pension scheme.

joanofarchitrave Thu 06-Dec-12 22:38:11

I have an employer's pension and we own a house - the latter being in a flood area so i would expect to be homeless around 2040 or so. Though we do have a lilo.

In the meantime I also have an actual, full-time, permanent job and right at this minute I haven't been told that I'm at risk of redundancy. So I save £20 a month into an account for ds, which I think of as going towards orthodontistry (prob about £2- 3K in 4 years' time). Because my sister-in-law never had orthodontistry and there aren't any pictures of her smiling until she was about 35 when she finally had them done.

I would love to think that I could save towards university for ds; after the teeth, that will be my aim. I guess I could hope to manage £3K or so towards it.

I save into a credit union. I thoroughly recommend them.

fryingpanalley Thu 06-Dec-12 22:38:25

HAHAHAHAHA
Who the hell is saving for their kids house deposit? Seriously?
My top priority is saving to afford a flat large enough to fit a single bed and a cot in the second bedroom. Then my two DDs could share a room and we could stop having to juggle baby sleeping in the living room, our room etc. Sod twenty years time, we're talking about trying to get some sleep tonight.
We're not even low paid. DH is a higher rate tax payer but we've just lost child benefit, childcare vouchers, seen a doubling of nursery fees and now the 15 hours a week from age 3 is being eyed up. I honestly think that the people that dream up these questions about savings must be living in a parallel universe to the one of those of us with kids who - critically- got on the London property ladder late or not at all.

lisad123 Thu 06-Dec-12 22:40:55

Currently we aren't saving anything confused
But we are selling our house next year and moving into rented house. With the excess from the sale we will put some into a savings account or their trust funds, for them to use for first house, travelling, wedding whatever they want.

BetsyBlingtastic Thu 06-Dec-12 22:46:18

We're hoping the pensions we're investing in will be worth something in 20 years' time, but with the economy the way it is, who knows?

I can forsee dc still living at home well into their twenties. But who knows if there will be a spectacular property crash (NOT that I would hope for that) that would make a home affordable for them.

BikeRunSki Thu 06-Dec-12 22:52:35

My 4 yo has a CTF and my 1 yo has a Junior ISA. We put £20 into each account each month and grandparents add a bit occasionally. With 2 children in childcare, that's pretty much all the spare money we have at the end of the month. They have both also inherited a bit from their great grandmother. It's up to them how to spend it once they are 18. I am slightly worried that I won't have control of it then - I'd like them to spend it on a house deposit or Uni fees . I don't expect them automatically to go to Uni (even though I have an MSc and PhD and DH has an MSc), because it is such a big financial commitment - it really needs to be a business decision. We certainly would to afford to contribute to both house deposit and uni fees. My own parenst were not in a position to contribute to our house deposit and I was fortunate enough to be the final year of undergraduates to get a full maintenance grant and fees paid (graduated 1992).

At the moment my 4 yo son wants to be a fireman - that's fine by me - training provided and structured career progression.

As for retirement - that worries me. I have an occupational pension but I am not sure if it'll be enough. Hoping that retirement expenses - no mortgage, no child care, no commuting - will be significantly lower. But right now there is nothing I can do about it.

Djembe Thu 06-Dec-12 22:58:45

<high-fives fryingpan >

The prospect of saving is such an alien one to me and DH. Having enough to afford our (key worker) mortgage in the SE is our aim, then to pay bills and eat reasonable food. Pay for a house for someone else?!?!

I am so clueless I have learned from this thread what a CTF is - or at least I have guessed that it is Child Trust Fund and it's basically giving the bank some money each month for them to gamble with. Fuck that for a laugh hmm

cryhavoc Thu 06-Dec-12 23:16:58

We put £50 a month away for DD, and have done so since she was born. £10 of that comes from my MIL, and DH and I have a £20 standing order from our accounts. That's non-negotiable, and she won't know about it until she is considering buying her own home. Neither of us were given any financial help for uni, and while we don't resent it, we would like to do things differently for our child.
We have two other savings accounts - the Five Year Plan fund, which will (hopefully) be our deposit when DH comes out of the forces (we currently live in quarters), and the fun fund, which is emptied more often than we'd like.

EllenParsons Thu 06-Dec-12 23:52:07

I'm still saving for my own home deposit let alone saving one for children to buy property! I haven't saved for retirement yet but I will soon be starting a new job and paying into their pension.

birthdaypanic Thu 06-Dec-12 23:59:18

When we first married retirement seemed so far away when it was suggested we increased our pension contributions we couldn't afford it, never seemed to be enough money to save for the future.
Retirement is now fast approaching and we still can't afford to save the age we can receive state pension goes up, government wants us to work until we drop.
So no not able to save even though we would love to.

Jux Fri 07-Dec-12 00:35:00

Huh! Chance would be a fine thing! DH and I, for the first time ever have said we'll just give each other token presents this year.

Yes, I would love to save for 'retirement' or for anything, dd's (almost) inevitable Uni fees, her first home deposit, something to live on and buy food with when I'm 80, lots of things. No money lying around atm and unlikely to be any in the future.

Luckily, we do own our home outright, so we'll sell it, downsize, and have to live on the interest of whatever's left over, which will probably be £1 a month or something ghastly. Not looking forward to it.

prettybird Fri 07-Dec-12 01:04:11

Didn't notice the other bit of the topic: have always contributions to my pension, ever since I graduated. Non-negotiable. It never occurred to me NOT to. But perhaps I've been fortunate enough to always have had jobs where I was well enough paid to be able to afford the contributions and not notice the deductions.

ElfBabies Fri 07-Dec-12 01:31:56

are we going to turn into america with high fees and scholarships

ComradeJing Fri 07-Dec-12 01:35:13

I think it's more important to save for retirement than a deposit for children's property.

At this stage we need to get rid of our credit card debt before we do anything else and then build up a savings buffer. We do already pay into pensions so that's being dealt with.

suzydelarosa Fri 07-Dec-12 09:02:04

We have paid off the mortgage so are now trying to get credit card debt down and then start saving. I have put 10% of my salary into a public sector pension but have no doubt that the terms of that will slowly be adjusted as the baby boomers use up all the pension money and it won't nearly be what I expected when I retire. I only have one child and have put £100/month into her CTF since she was born - she's now 6. When she's 18 and wants to use it for University it will probably cover one term, maybe a year at most!

I find the OP's (Barclay's) actual question a bit misguided and out of touch. Given that we are living in an 'age of austerity' and that so many of the posts on MN talk about financial struggles, it seems a bit rich that they're asking questions about whether we are saving money for our children's house deposits.... when many can't even afford homes themselves!! They might as well have asked if we were saving up for our new family yacht or new cars for all our DCs! Kind of beggars belief since only a very very small minority of the population have the luxury to be able to save for their children's future homes and Barclays should know that. Market research by myopic marketing t**ts working in The City.

ifso Fri 07-Dec-12 10:53:03

Not sure I'm entirely happy with Barclays using MN for its 'research'.

Frankly it's none of Barclays' business where our money is going!

Sorry, rant over

ifso Fri 07-Dec-12 11:01:16

Possibly we'll leave the country again in 2 years, giving our kids a taste of how things run in more efficent countries, with more efficient banking systems. Maybe we'll be in a better frame of mind to think of the happy future they may have in another country...

If we don't leave this country, I will actively encourage independent thought in our children, a sense of adventure, a spirit of enterprise of not relying on their parents, the state, grandparents for handouts. They will get jobs, like most adults do, and I will teach them the benefits of planning what to do with their money

Reminding them there is a big world out there, rather than encouraging them to shackle down to a mortgage or pension with a questionable lender is not high on my list of priorities for our children. I hope that answers Barclays question for them sufficiently. Eugh. Why does this thread make me so angry!?!!!

HECTheHallsWithRowsAndFolly Fri 07-Dec-12 11:03:14

Neither.

My children both have autism and will need care for life so we are doing what we can to ensure they are financially secure, but this will not involve a deposit for a home, as they'll need supported accommodation.

ksld Fri 07-Dec-12 11:21:57

If I were saving I would be saving for my retirement as I don't want to be reliant on anyone (my children) for hand outs to keep me going when I retire. I want to be able to help them not the other way round. However as I don't have a job and can't find one at the moment I am entirely reliant on DH's earnings. DH saves £10-20 a month after all outgoings. This is 'saved up' until the next thing breaks - this year has been boiler, car and freezer so the 'savings' are actually non existent.

Thanks Barclays it hadn't actually occurred to me that people were ever in a position to help their children with first deposit on a house, that will be something else my children miss out on then.

B3nnyB0y Fri 07-Dec-12 11:23:33

Why save? With the base rate at .25% what's the point?

We've got some put away in ISAs for emergency but apart from that there's just no good rates around. When we did have some cash (before DS came along) it went into Premium bonds and got a much better return Vs banks

ChippingInAWinterWonderland Fri 07-Dec-12 11:29:51

IfSo - You don't have to be happy about it. It is MN's business, not yours.

If you aren't happy about it, why post on their thread?

Barclays are at least doing it 'up front' with MN - a proper business deal. Do you seriously think that some threads aren't started by companies wanting information but doing it in a sneaky way and that many, many other companies aren't reading the threads daily and posting??

ifso Fri 07-Dec-12 12:03:57

no I think you may have missed my point Chipping

in such times when clearly so many posters don't have savings etc, Barclays seem to be rubbing salt into wounds, all in the name of research, winning a competition and giving profile to their banking brand

it would be different if it was, say Debenhams or John Lewis actually asking, rather than a bank which hasn't exactly helped millions of people to get out of debt etc etc

IceNoSlice Fri 07-Dec-12 12:28:12

Both DH and I are part if company pension schemes, but our more immediate financial aim is to renovate our home (and pay off the mortgage).

DS has a junior ISA with money from his DGPs. Hopefully that will increase over the years, and will be used towards uni fees, wedding, first house etc. Although we are not planning to tell him about that money until that time comes. I agree with the other posters who have mentioned the importance of kids learning financial self reliance, budgeting and the value of money. If he's gone off the rails a bit at 18 (please God this won't be the case) then he won't get the money until he's older.

willyoulistentome Fri 07-Dec-12 12:55:08

Savings? Retirement? Sorry what??

Barclays, are you interested in LENDING me some money to replace my car that died this week???

MegBusset Fri 07-Dec-12 13:31:33

We have savings but they are for lean times in the future (both self-employed so cashflow can go down as well as up!). We don't save into a pension, I don't see the point when a) you can lose everything on the stock market and b) we still have mortgage debt to pay off. We don't save regularly as such, we have an offset mortgage so any spare cash sits in the bank and reduces the interest we have to pay. If DH gets a big payment then we might stick a few hundred into the 'savings' account.

As far as the DCs go, the first job I guess will be to get them through university, if they want to go. After that it will really depend how things go financially for us and them, they might get high-paying jobs and be better off than us, they might go abroad or not want to buy a house, we might be broke by then.

We didn't get any money from our parents for our first deposit, we both worked multiple jobs and scrimped and saved for years.

Well, doesn't the discussion show quite how out of touch Barclays are and, because of that, the real need for them to do research about it. Maybe the threads will help them to understand quite how far away their idea of how things are is from the actual reality for most people.

That said, some people are still in a position to save. There are people on this thread who save money every month both for themselves and (separately) for their children. People's circumstances can be very different.

I'm sure MN are very glad that Barclays want to pay them to ask quite stupid questions on the site. Everyone at MN towers has bills to pay too.

pofacedalways Fri 07-Dec-12 13:42:24

They don't care Arbitrary Usnername. Banks put profit over people and any 'caring' image is just advertising. I am pretty appalled at this fake attempt to encourage discussion for advertising purposes.

Well they might not care (and I'm not daft enough to think they do), but it does expose them to have no grasp of reality. That's probably not what they were hoping to get out of this.

It's a bit of a marketing fail really. Barclays: we have no idea about your petty little lives, so we'll ask really, really stupid questions.

I didn't read the first thread. But the outcomes of the two I have seem to be:
1. Renting is shit. Buying a house is also shit and only seems like a good idea because private renting in the UK is so unbelievably shit that people would rather have to deal with (and pay for) their own property maintenance.
2. Barclays are so out of touch that they don't realise that pretty much everyone is worried about affording their own house/affording to live in the present day that questions about saving for retirement or buying your kids a house are just silly.

I have only minimal savings for DD. She is very fortunate in that she is the only grandchild so she has all the property in the family going to her. However, she won't be told this, and she will have to work just like all her family have done. It would be nice to give her a bit of something as a deposit for her first house - which she will have to buy herself, though I'm sure we'll figure something out when the time comes.

We come from a family that has a strong work ethic and I'm hoping that will rub off on her. We started making her work for her "pennies" as soon as she was walking.

ifso Fri 07-Dec-12 13:52:24

It is so fake Pofaced, exactly that. Eugh. Sickening.

pofacedalways Fri 07-Dec-12 13:59:29

And people are commenting for the chance of a voucher at Christmas time for 150 quid, and when you think of the profits banks make at the expense of so many, I just find it sickening

MrsHoarder Fri 07-Dec-12 14:06:37

Sickening? Really? Its quite clear what Barclays want from the thread and posters can decide for themselves if they want to participate.

Are you also sickened by my giving a nice soundbite to a tyre company in exchange for a £50 draw (which I won, otherwise I would have forgotten)? It is not as though Barclays are trying to trick anyone, it says in black and white at the top that your post might be circulated wider.

To b honest, I'm not commenting for the £150. I'm commenting because the questions are worth commenting on (although not for the reasons Barclays imagine they are).

Does anyone think better of Barclays after these threads? Really?

Anyone thinking: 'hmm, actually, I'd love to pay Barclays a small fortune in interest. And I think that would be so much fun that I'll do the same when my kids are old enough to want a house'?

CarlingBlackMabel Fri 07-Dec-12 14:40:24

It has never occurred to me to save for a home deposit for DC.

Our pension is a priority, really, because we are in low paid jobs with no company or employers pension contributions at all. My aim is to have enough to live on and not be a burden on DC in old age.

Next, our priority is to try and make DC as financially independent and self sufficient as possible, so we do manage to save a small amount which we hope to be able to use to support University.

We will have a house with the mortgage paid off, so if (IF!!??) we never manage to save for a house deposit, they will at least inherit a modest house in zone 2. If we haven't had to use it to fund a care home.

I do prioritise DC future over a luxurious old age, the deck of a round the world cruise ship is unlikely to be my main residence.

TrillsCarolsOutOfTune Fri 07-Dec-12 14:52:32

I'm saving for my house deposit actually.

48Hours Fri 07-Dec-12 15:08:04

Dh has a pension which he pays into direct from his salary.
We have no savings and struggle to get through each month in the black.
My parents still help us out financially when needed fgs
I don't know what will happen in the future, it's all a bit shit really especially for dd who will in all likelyhood have to self fund everything herself with little help from us.

We are saving for our retirement (no pension, just ISA) as we need to something to live on when we are old. Not that it is a great deal at the moment and there is a lot that needs to be done to the house to stop it being a worthless money pit so it won't be a great deal for some time to come.

The children can pay for their own houses just as DH and I did when we became adults and therefore needed to be financially independent.

The other way I look at it is that if we are saving for ourselves and our old age, we won't be a burden on them in our dotage and they can't have it both ways - both a deposit and parents who have enough to live on! I would hope that I have brought them up properly and they won't want to ask us for money just as I wouldn't dream of asking my parents for money.

And no, I'm not commenting on this thread because of a £150 voucher is being waggled at us. I won't win it will I?! I am answering it because Barclays are doing market research and it is an interesting topic of conversation. I am sure they are very aware that they won't get any marketing benefit out of this (how would that work then? It isn't like we are all going to start banking with them because they asked a couple of questions is it?!confused) but that doesn't mean that they don't want to find out more about the demographic that is covered by Mumsnet. I suspect they will be quite surprised that so many people aren't saving at all, let alone thinking that far into the future but how else would they find out if they don't ask?!

pofacedalways Fri 07-Dec-12 16:53:55

Mrs Hoarder yes I do find it sickening because

a] the banks and their greed were responsible for the financial crisis

b] in the current economic climate lots of people would find 150 quid a godsend at Christmas, including me, and I find it distasteful that MN are doing business with a bank under the guise of discussion.

pofacedalways Fri 07-Dec-12 16:54:54

I don't believe it is market research - IMO it is advertising under the guise of discussion and I think that is a fairly reasonable opinion.

MrsHoarder Fri 07-Dec-12 17:11:19

I agree that it is advertising, but that's fairly clear. But the thing to remember is that participation in a thread is voluntary and not policed for truth.

So anyone who wants to can pass comment without revealing the whole truth of their situation or making themselves vulnerable. I'd object if there was an invitation to discuss actual figures with proof, but that isn't the case here. There is no compulsion or intrusion beyond posters' personal boundaries.

Who should MN get advertising from if not big corporations (who are all much the same morally, whichever field they're in)

Also ok amazed mnhq are letting these comments stand they can't look great to advertisers.

Well you'd have to be very guillable to fall for advertising like this. I think most people are a bit more astute than that.

Offred Fri 07-Dec-12 17:18:51

I'm not sure even Barclays are stupid enough to think this mumsnet campaign makes people think "oh Barclays are not like other banks they care about what I think about important issues that concern me" are they? grin

In fact the more I think about it the more laughable I find it that anybody would believe this advertising. Advertising what?! For advertising to be effective you have to be pushing a product. We all know Barclays name but without a product you can't call it advertising.

Sam100 Fri 07-Dec-12 17:27:17

I work part time and pay into the company pension scheme - i put in 5% and the company matches. I have done this since going back to work but have no idea what kind of a pension that might actually give me when I retire or how many years I will need to pay in for!

We have tried to put some savings aside for the kids in the CTFs and save £10 a month for each of them. But this was intended as a contribution towards possible university education rather than towards a house. We rented until we could afford a deposit on a place and assume they will do the same. We have not had any financial assistance from our families.

I am replying for a chance to win the £150 - it would come in very handy for christmas smile. I might have been more forthcoming about details if it was in the form of an anonymous survey. Was quite surprised to see it as a thread.

pofacedalways Fri 07-Dec-12 17:55:06

Banks are different to other companies, you must see that. They are collectively responsible for a global catastrophe. Now everyone is saying they are commenting because they want to not for the chance to win 150 quid. I find that odd. Even if it is true, Barclays dangling the voucher as a way to get lots of comments and cash in on the MN brand is I think distasteful.

If MN deleted comments that were unfavourable, I would be GOBSMACKED. Have been on MN for 7 years and it is against its very spirit of rigorous debate.

pofacedalways Fri 07-Dec-12 17:57:19

BigBoobie are you serious? Because they are not pushing a particular product it isn't advertising? Ummm...of course it is! They are advertising their brand, their image, cashing in on the MN brand - which at the moment is very on trend.

Do you really, really think Barclays haven't done this for the advertising? Er, Ok then...

I'm quite happy to believe it was an attempt at advertising (you can advertise without pushing a particular product - it's all about the brand and other such nonsense). I just don't think it's worked in their favour.

Does anyone actually think better of Barclays because they asked some stupid questions?

rubyrubyruby Fri 07-Dec-12 18:38:52

Isn't it just a survey?

Why the cynicism?

Badvocsanta Fri 07-Dec-12 18:46:14

Agree with others...why would I save for my children's house deposit?
Who are all these parents shelling out ££££?
I hope that by the time we get to retirement age dh and I can spend a it of key in ourselves!
Same wrt to inheritance...I hope that they aren't assuming there will be ££££ for them when I kick the bucket.
We would always try to help them if they were in financial trouble, but give them ££££ for a house? No.

TrillsCarolsOutOfTune Fri 07-Dec-12 18:46:22

This isn't advertising - later they are going to use the "real quotes" in some advertising. The ones that back up whatever message they want to get across.

I'm no more cynical about this than I am about any other sponsored stuff.

Remember the Walkers Sunbites? I thought they were very bland and boring and I said so, but it seemed that either I was alone in that thought or everyone else was overwhelmed by the feeling of "free crisps" and so was very complimentary.

SoggySummer Fri 07-Dec-12 18:48:29

We are in our 40's and saving for our own home. I have no idea how or if we will fund our DC through Uni (should they decide to go). Infact we have already discussed to very real possibility that our DC will HAVE to do a Gap year if they want to go to Uni to help fund it. By Gap year I sadly dont mean building orphanages in Africa, probably more like full time in a call centre.

Pensions - DH has one, I have a very small frozen one from yonks ago.

We have little capacity for any savings at the moment. The past 3 years have seen a real tightening on how far our income will go. Any little we manage to save usually gets eaten up by emergency needs like getting the car through the MOT or a new washing machine.

pofacedalways Fri 07-Dec-12 18:49:46

Yes trills but crisps haven't exactly brought the global economy to its knees

ChippingInAWinterWonderland Fri 07-Dec-12 19:01:59

Ifso

You posted Not sure I'm entirely happy with Barclays using MN for its 'research'. Frankly it's none of Barclays' business where our money is going! Sorry, rant over

I said You don't have to be happy about it. It is MN's business, not yours. If you aren't happy about it, why post on their thread? Barclays are at least doing it 'up front' with MN - a proper business deal. Do you seriously think that some threads aren't started by companies wanting information but doing it in a sneaky way and that many, many other companies aren't reading the threads daily and posting??

I'm not sure how that is 'missing your point' confused

You have now made an entirely different point in such times when clearly so many posters don't have savings etc, Barclays seem to be rubbing salt into wounds, all in the name of research, winning a competition and giving profile to their banking brand

How on earth was I supposed to extrapolate that from what you originally said confused

I agree it's probably a bit insensitive to the many who are struggling, but as you can see from this thread - some people are still managing to save and it's a legitimate question... since when was any bank sensitive?

In other news... of course I'm not commenting for the £150k, for that you'd have to say something Barclays actually wants to hear!! Not the fact that I'm saving to replace my bathroom grin Seriously though, I reply to these threads the same as I do any other MN thread, to talk to MNers. It makes no odds to me that Ann/Barclays started the thread <no offence Ann smile> because any thread could be started by some corporation pretending to me a 'regular' poster.

ChippingInAWinterWonderland Fri 07-Dec-12 19:02:51

PMSL - £150k??? £150 voucher!! If it was £150k I would say what Barclays want to hear grin

pofacedalways Fri 07-Dec-12 19:10:53

You are assuming they want information Chipping. I don't think they give a toss about the information. If they did they would employ some market research company. They are doing this for advertising, and by partnering with MN they give themselves an 'intelligent parenting' kind of personality, which is endorsed by their using quotes from in forthcoming advertising

pofacedalways Fri 07-Dec-12 19:13:06

from in??? from us...

for 150k I'd say anything they wanted grin

DeckTheHallsWithBoughsOfJolly Fri 07-Dec-12 19:21:10

Actually I thought that the fact it says Add your thoughts and you'll be entered into a prize draw where one winner will get a £150 John Lewis voucher. meant that all the folk who commented on what they were saving for (or that they aren't saving) would be entered.

Maybe I should read the t&cs rather than make assumptions though grin

rubyrubyruby Fri 07-Dec-12 19:29:00

I have thousands in savings sitting under my mattress and just wondering where to put it wink

VivaLeBeaver Fri 07-Dec-12 20:38:29

I'm saving for my retirement. I pay 9% of my wages into a pension, not that I'm expecting it to amount to a lot as its not a final salary scheme. I wish I could do more.

Dh is saving money for dd's house deposit. Which is all well and good but he's 50 and doesn't have a pension. He's managed to put about 10k in dd's account. She has more money than me!

So I can see dd being ok and me and Dh having a miserable old age!

RufousBartleby Fri 07-Dec-12 20:48:08

We're not saving for retirement yet - although this is something we might have to think about in later life (I'm still holding out hope that my predicted to be tiny pension might magically increase itself!)

We are trying to save the child benefit though. We had so much help from parents; for wedding, moving fees, university etc etc. I feel the only way I can pay them back for this is try and pay it forward.

We are not saving for our children's future, we simply don't have any spare money whatsoever at the end of each month. Our savings account has a grand total of £1.35 in it. We have no isa's, no stocks and shares, nothing. Dh does not have a pension. I do, but only went back to work three years ago after a 10 year gap and am in a low paid job (teaching assistant) so it won't amount to much.

We are totally and utterly depending on our house returning a bit of a profit when we come to sell. But that is not guaranteed. So we are stuck, and scared.

And our children will have to make their own way in life as we cannot, right now, see how we can have any money spare for a half decent retirement...

SirBoobAlot Fri 07-Dec-12 21:47:46

I have to save for Christmas, there is no way I can save enough to have anything towards a deposit!

I had to empty my savings for my deposit on this place when I moved out of my parents. Don't think I am alone in having no back up money now.

I have a pension plan through my employer so I never see or miss the money. We contribute a paltry £10 a month for our first child and nothing at all for our second. Rather than have a savings account, we invest in prize bonds in the hope of striking big but have recently emptied all accounts in order to do some house renovations....so no savings left at all which makes me feel vulnerable and exposed to a rainy day

wonderstuff Fri 07-Dec-12 22:15:30

I have a work pension which should ensure I don't starve in retirement, I contribute 7.5% of my salary atm, it will go up (teachers pension scheme) DH has a very small amount of pension fund, but isn't saving for pension atm, I imagine his fund will get him hundreds rather than thousands at retirement. We rent our home, so actually I'm not convinced that we will be able to retire fully, hopefully we'll be able to wind down a bit. We are concentrating on paying off debt at the moment, we aim to start saving for a house deposit before the end of next year. We are very much live in the now people we tend to live to our means (which is an improvement on living beyond them as we did in our early 20s). So we are not in a position to save for our children.

We have a CTF for both children and our parents are saving for their future. We can't afford to, we are really proud to have a total of a grand in our rainy day fund. Actually they (our parents) weren't in position to give us much when we were younger - they helped a little with living costs at university, but I still had to work and came out in debt - I guess as baby boomers they were able to go through education and buy their homes without parental help. Life isn't like that now is it, but hopefully our children will be in a reasonable position with their help. If we are able to help our children in later life then we will. Actually one child won quite a lot on premium bonds that dgf has for her, hopefully it will go a long way to meeting university costs. We need our other child to be as lucky now!

Welovecouscous Fri 07-Dec-12 22:21:27

Saving for DS and in a pension for us

madwomanintheattic Sat 08-Dec-12 01:05:09

We had to stop paying into our pension fund last year. Tomorrow I am going to go and sign the paperwork to withdraw the only savings we have accrued (in tiny amounts every month over the last 10y 11mos) which were supposed to pay for the dc's university fees.

House deposit? Retirement?

Currently, my main concern is Christmas. Fortunately, we've now got that covered.

My children's house deposit and my retirement are going to have to wait. I had hoped I would be able to help pay for University so that they could afford their own deposits, but hey ho.

Birthhippy9 Sat 08-Dec-12 01:56:30

Are you kidding we can hardly eat and heat the house times have changed

Maytreearch don't eat the house! (Unless it's a gingerbread house, which might explain the heating costs - confectionery is a poor insulator, you need cavity wall candy floss)

toddlerama Sat 08-Dec-12 07:28:21

No I'm not saving for retirement or my children's houses. We don't even own our own house. I do however need a rug to stop baby ds banging his face on wood whilst he's learning to crawl so I would like £150 to spend in John Lewis.

sleepyhead Sat 08-Dec-12 11:16:15

I pay into the nhs pension, and all being well will have around 38 yrs contributions on retirement. Its our family pension though as dh doesn't have a pension.

Dc2 is due in april which ds is delighted about despite this considerably damaging his meagre expectations in terms of our savings for his future. I put a small amount each month into ds's ctf and a small amount into a savings account for him. It's going to be very small indeed when divided by two.

The first year of dc2's life is going to be tougher financially for us than with ds. I'll be on mat pay on a part time wage rather than fulltime so will take half as much leave and dh will take the other half as he's the lower earner. No extra tax credits for having a baby under 1yr (that was a godsend with ds), in fact no tax credits at all. Plus hugely increased childcare costs.

Future university savings and house deposits won't be featuring in our lives for the forseeable, if ever. Still, I think on balance ds will prefer the sibling to savings (I hope!)

fallingandlaughing Sat 08-Dec-12 16:43:14

We can't afford to save anything atm, although I don have a pension.

DD is just a toddler so we will get saving when then is something to save!

aftereight Sat 08-Dec-12 17:35:35

No savings at the moment, any left over money is going towards the huge mortgage.
If I did have spare, I would probably be saving for university for my children, I have no intention of handing them money for a house deposit!

BabysPointlessPocket Sat 08-Dec-12 18:09:45

We aren't saving for either at the moment. Haven't even got pensions! But we have got plans. We are buying our house, have got 20 years term on mortgage, but when dc2 goes to school. I will start ft work, instead of pt at the moment. Then we will increase our mortgage payments and reduce term so hopefully we can pay it off by the time we are 40-45. We will then both work ft, and save as much as we can for retirement, then, 60-65, sell our house, by a log cabin, split the left overs with dc1 and dc2. And retire using our savings.

BabysPointlessPocket Sat 08-Dec-12 18:12:44

* oops buy a log cabin

whatagreatname Sun 09-Dec-12 23:17:11

Neither really at the moment, have plans to save for college/uni for both of them when we can afford to.

ClothNappyQuestion Mon 10-Dec-12 17:50:24

We are saving for our own first house deposit! We are putting a little money away for the kids and they can spend that on university or a house deposit when they are older. That's the plan anyway. I pay into a pension plan for my retirement and if we are able to buy a home then that will have to count as savings for our retirement.

racingheart Mon 10-Dec-12 19:17:23

Truly? No. I wish I were but there seems to be so much we need and want to spend the cash on from day to day. I want our children to have a good life now, and not be constantly scrimping for some future date. But we are thinking ahead, and know that we can downsize to fund deposits on their first homes.

We are extremely fortunate in having generous relatives who have set up university funds for our children, so they won't be in debt. If those weren't in place, I suspect we'd still live without saving but sell up and downsize the moment the children needed money for university.

I keep intending to start a savings plan - just short term, for five years, to pay for an almighty once in a lifetime holiday. But somehow the constant outflow of money makes me nervous. I am never in debt and would always prefer to have cash in the current account at the end of the month than savings and an accidental overdraft.

AnnMumsnet (MNHQ) Tue 11-Dec-12 16:51:28

Thanks for all the comments ComradeJing wins the £150 John Lewis voucher for this one.

ComradeJing Tue 11-Dec-12 22:29:19

Yay! Thank you so much MNHQ and Barclays!

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