DH won’t pay into children’s savings accounts

You're a family. These should be joint decisions. Your DH certainly shouldn't say he will do something and then not do it.

OP why don’t you both save for a deposit on a house? That would be far more useful to all of you. I know you live in social housing but I understand that is no cheaper than private rent, so you’re throwing money away when you could be putting it towards a serious investment (ie a house).

He's paying into your children's savings then. If you increased what you put in he'd have to give you more money so you'd be forcing him to pay even more into savings than he wants to.

He must have a good chunk of savings now if he puts away £2k a month for 13+ years. You're wanting your children to have lump sum at 18, he's probably trying to make sure you all have a stable home and can afford to live in retirement.

So he spends just over £1000 on rent and household bills and you split that 50/50 so you have absolutely no money at all from £1000 take home pay?

Where is it going?

JISAs and JSIPPS exist to encourage savings for children.
This is an interesting article

You were being unreasonable to embarrass him. I raised an eyebrow at that before even realising it was the punchline.

Have you considered he may not have anything left over to put into their savings account. £47k doesn’t go far when you’re the higher earner for a family of four.

@WiserOlderElf Yes, learning to manage their money is the important thing. And realizing that it doesn’t grow on trees!

I agree.

Mine do have their own bank accounts that their birthday money/pocket money etc goes in, so they are learning to manage their own money in that respect. They both transfer £10 a month into their own savings post (they’re 10 and 9), which is cute!

I would say a large amount do.

@WiserOlderElf You certainly don’t want overdo it savings-wise, but I have to say that DD is doing a good job learning how to manage her money with the little she’s got. She’s also got a credit card that gives cash back that she pays off religiously every month to build her credit score. 😂

We didn’t put in university money in their names, far too risky.

We’re a high income family. My kids don’t have savings accounts. We however have a lot of savings that we will be able to use for things they need when they’re older… university, first cars, help towards deposits etc. There are a lot of downsides to putting the money in their names.

Interest is usually quite low now on saved money, if your DH has his own investments or is overpaying a mortgage to pay off asap he will be able to help your child with university, buying a home or whatever else that way when they’re older. There’s no reason to put it in the child’s name now necessarily?

Also sorry £47k isn’t a huge salary nowadays and if you earn less, is all his money accounted for in bills and expenses, perhaps he doesn’t have allot left to also pay into another savings account?

Maybe he doesn’t have any leftover money after bills etc. Something in savings is better than nothing, OP. 🌺 You must have saved a bit since you have been paying into their accounts for years? You seem quite annoyed about the amount saved.

@itwasntmetho I’d always assumed that parents who could afford to saved abit for the children, but I’ve discovered that it’s not the case. One of my closest friends is from a wealthy family, but she hasn’t put anything aside for her children. I was genuinely surprised.

My DD (19) is now in charge of her own accounts (although I’m a co-owner on one of them) and she’s very frugal with her own money, loves getting interest!

But that's exactly what he is. 🙄🤔

my DC have savings accounts but their dad never pays any into it, neither do i, but at 18 they had a good few thousand from grandparents / gifts. But their dad is paying for their university and will help with a house deposit. Imagine if they had access to that money in their own name at 18. I don’t think its a good idea to save a lot in children’s names. Enough to help their social life at uni or a first run around car, no more than that. You were very out of order saying that in front of your family.

@itwasntmetho I put £5 a month in an account for them and the occasional £20 they get gifted.

Handing over a few grand to an 18 year old seems daft. You're better to have savings yourself that you could use to help them out if needed.

They might. And I might also not be around to give them money when they're older. But I think it's pretty sad how many people are putting a downer on OP saving for her kids because they're planning for their kids future drug issues or claiming universal credit as soon as they turn 18. You never know, they might want to use it to fund uni, travel or a flat deposit....

@itwasntmetho I mean,we do have savings, and if the children need money we'll obviously give them some. But it's not specifically for them. I expect them to make their own way in the world!

That's your problem.