Not much saved for kids

If it’s in their name, won’t the bank / building society / investment company etc contact them directly shortly before they reach 18? I know it seems a long way away now but you’ve said you’re going to hold it for them until they reach somewhere between 18 and 25. I don’t know if you can do that without putting it in your name which would affect your benefits. And if you only transfer it into your name when they’re close to that age, it’s going to look dodgy. I might be wrong but I think if it’s in their name, then they will have access at 18.

mum of 2 DC here, 2 and 10. Neither of mine have a penny saved. Nor do me and my husband, we live month to month. I also feel shit about that so I feel you. Sadly I could afford kids when I had them, now with cost of living I can’t afford anything even working!!

You’ve got great amounts

I havnt saved , never could afford Ito, but now I help where I can’. I don’t feel bad for it .

A 5 year old is not hard done by if their parents have a little foresight and stop them wasting birthday/christmas money (that they barely register even receiving) on that day’s passing fad!!!

We had no savings for our children. We were pretty generous with University money ie £400 month and they had nice holidays. We don’t have any savings for ourselves apart from some inheritance. A big chunk of that was given to the children once adults ,but not a life changing amount.

I don't think it's that strange. People gift money to our DC and specifically say put it in their bank accounts. Why is that worse than letting very young children decide what to spend money on?

I’ve been putting a small amount away in investment accounts for each child (£10 each per month) since they were a couple of years old. Grandparents have also been contributing the same amount so they get £20 each put into their savings every month, a very small amount really but slowly it’s added up over the years. I originally saved all their Christmas and birthday money too, but as they’ve got older they understandably want to keep that money now. They have around £2k each saved. By the time they are old enough to access it I hope for them to have around £4/5k each. So not loads compared to what I’ve seen here, but hopefully enough to help through uni if they go, or pay for driving lessons & cheap car or they could piss it up the wall in which case when it’s gone it’s gone and that’s on them.

My kids pots are terribly low.... are you joking!? You have 4.5 k saved and they are both still in primary school! You are also on UC credit so I would say for someone who has there income topped up with a benefit, you should be grateful that its not zero! My 4 YO has less than both of yours and we dont get any top ups!

It only ever seems to be on here I here about kids reaching 18 with about £20k in savings. No one I know has anywhere near that in savings for their kids.

Savings for my kids at the moment is just not a priority and I don't feel the slightest guilt for it. Anything we have leftover goes into our own savings as there's always things like an unexpected bill or repair that's needed and those things have to take priority now. Birthday money usually ends up getting used on clothes, toys or days out. Once nursery fees ease up we'll be in a position to put in more but it certainly won't be an extravagant amount.

My kids are happy and they'll hopefully remember a happy childhood with loving friends and family. That's the most important part to me.

I didn’t have anything saved for me when I was an adult, we didn’t have any money to spare when I was younger and I didn’t expect it because I knew times were hard. Didn’t stop me from buying my first property at 23 and moving up the property ladder, if anything it spurred me on to be successful in my career and I take great pride in the fact that I became very financially comfortable on my own. I now have children and they’re on track to have a substantial amount saved for them as adults, which is great and I’m fortunate to be able to do it, but they’ll never experience having to work their way up by themselves which I secretly think is a bit of a shame!

Sounds good, Plenty of families have saved nothing !

We never saved anything for our daughter - We’ve never saved and couldn’t have afforded to once we had a child. We paid her rent when she went to university and have paid for other things over the years, but have never set anything aside for hwr.

I have very little saved in DCs name. You never know how your child will turn out and they could blow the whole lot on drugs, drink, holidays, gambling etc. As soon as they turn 18 there is nothing you can do to stop them. I think suddenly having 40k when you're 18 isn't necessarily helpful.

We earn ok and have chipped away at putting money away for them but don't have savings for our dcs that could fund their university education. By the time they reach 18 I imagine they would have about 5k each, and tbh I would rather that go to driving lessons, a little car, house deposit etc

Dc1 is doing her GCSES, we have been blunt that we can't afford to fully subsidize her living costs if she goes to a university. She has a free room here if she goes to the local university, otherwise I am recommending she finds a PT job or take a gap year.

UC coach told me my ds's account is classed as mine as I can access the money. A year ago I was told this.

OP you’re doing really well - as you must surely know?

Can I recommend that rather than saving the money in a cash account, invest it in a stocks and shares fund (ideally ISA or junior isa but not sure how that works with whatever trust you’ve set up). Over the very long period you’re looking at, returns will significantly exceed cash interest.

Fwiw I never received a penny from my (absent) father or (single) mother. I went to university, got the maximum loan, got a high paid job and have always paid for myself. As a result I’m in a position to save for my children and I think it’s great to be able to do so, but even if you don’t add any more to those pots your kids will still have more than very many others.

We could never save anything for them. The money for Christmas and birthdays I sold things. They are in their 20s now and doing well.
Nothing wrong with a UK holiday they loved them. Mine didn't go abroad until they could pay themselves. We wouldn't have ever had a holiday at all but my lovely mum and dad paid for us to have a UK holiday every year and came with us. We all have lovely memories of those holidays now they are no longer with us.

They sound like lucky kids. And honestly you have done so well to save what you have! If you carry on putting bits away you will have something to help them . A UK holiday is great. We are in a similar position and I try and focus on what my kids do have rather than what they don't. I really wanted to take the abroad so this year we are doing a Eurocamp in May. It is substantially less than a Haven in the UK for a week in May half-term, including travel. My kids won't ever get an all inclusive abroad but I am making sure they have as many experiences as they can through their childhood so they don't feel deprived. I have less savings than you for my kids. If they do go to university I will have to have some tough conversations about staying local or perhaps going for a degree apprenticeship.

I'd also say that things change...
Dh and I couldn't save much in the early years either.
But what can be just as important as money is "cultural capital" - going on holidays, going on walks, to museums, galleries (most are free to enter) to see theatre...these are all so important to develop your child's understanding of their world.

Much better than nothing.

Wrt university - there are always options.
E.g. Staying local to save on accommodation and bills (as long as its a course they want/need)
Working from 16 and saving up, working in uni holidays, working whilst at uni if the demands of the course allow.
If you are on a very low income, they may get the maximum maintenance loan.
Then there are degree apprenticeships - my dh did one - the company pays the fees. It's not an easy route...you are working basically ft and studying.
Then there's always the OU...lower fees snd can work whilst studying.