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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

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

Yay! Thank you so much MNHQ and Barclays!

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

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

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.

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.

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.

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

* oops buy a log cabin

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.

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!

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!

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!)

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.

InMySpareTime Sat 08-Dec-12 07:05:09

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)

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

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

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.

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

Message withdrawn at poster's request.

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!

MakeTeaNotWar Fri 07-Dec-12 21:48:14

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 no savings left at all which makes me feel vulnerable and exposed to a rainy day

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.

BehindLockNumberNine Fri 07-Dec-12 21:22:48

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...

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.

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!

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

Message withdrawn at poster's request.

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

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

from in??? from us...

for 150k I'd say anything they wanted 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

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