AIBU to think people should put money away for DCs or have a 'college fund'?

[williaminajetfighter]

As it says in the title, is it unreasonable to think people should try to put money away for DCs or have some kind of 'college fund'?

Reason I'm asking is that I was on a thread yesterday where I said I thought it made sense as my parents really drilled this idea into me and I was pretty much laughed at. (My parents told me to wait to have kids until I had some disposable income then ensure I put that disposable income away into DC's savings).

I KNOW that not everyone can afford to put money away and many, many people are incredibly stretched. But am I so wrong in thinking that this is a good idea or is this another middle-class platitude that people laugh at?

I grew up in N America by the way where College costs an absolute fortune and many people start funds early on. It's the only way to be able to afford $40k p.a. tuition fees/living costs. Of course not all DC may want to go to college, but it's good if they had the option. And University aint free in this country any more ('cept Scotland).

But am I enforcing my american assumptions onto british mums? thoughts?

It is clearly desirable to think of your DCs future education when they are little, and to save or otherwise ring fence money (perhaps from a windfall like an inheritance or a bonus) to cover the cost of university. But it is not unreasonable not to do so - many families do not have this luxury.

I don't think there is a massive "kick the kids out when they hit 18" culture over here - due to the fact that large proportions of people in the UK apparently live with parents till they are 25 ot over in statistics you hear quoted frequently.

And in my experience as well as that of a vast majority if people I know that isn't the case either.

Wrt benefits/ savings- I am really certain that money saved in a Childs account can't be taken into consideration. Ds has a trust fund, opened with a government voucher, that he gets when he is 18.
I guess the downside of that is that when he wants to spend the cash on drugs and, I dunno, a virtual reality i-helmet ( they will exist by then) I can't really stop him..

'It just strikes me that in some cases the more you do for your children the less they understand the value of what they have. It's good for a person to have to budget, struggle and make ends meet, and the best time to learn life isn't easy is when you are young and robust.
I honestly believe that if a few more politicians had had to pay their way in the same way I did then they'd have more respect, empathy and understanding for the people they govern!'

Exactly. One of mine is at a university where kids get flats bought for them, and cars and everything paid for them. Are they taking the expensive degrees seriously? Many of them are not. There's little appreciation of what fals into their lap because they havent had to work or struggle. I suspect that when their parents get them a job they will still be entitled knobbers who dont try.

Conversely, a lot of the kids I was on degree course with thought they had earned their degree by paying their tuition fees iykwim.

money in the childs personal bank account is not counted when considering benefits ie in trust fund etc, however these accounts mean the child gets all the money at 18 whether financially responsible or not nothing you can do

or you can save for them in your name which means in dire circumstances you can use the money, better to keep paying mortgage to keep roof over their head now han have a college fund 10 years down the line, it also means if for some reason you do not think your child can be trusted with all the money at 18 or you want to decide how it is spent you can do so, the downside is that for tax/ benefit payments it counts as your money not theirs so the risks have to be balanced

personally I put her money ie birthday money etc and government voucher in her name but for us the rest of savings stay in our name then we can decide how to use as you do not know what future holds and something else may become a priority

I do not think people should save exclusively for their children saving for their own old age/ pension is very important too, I do not think it does children much good to be handed everything on a plate

Can't comment on Canada.

USA
1970: 47%+ of Americans age 18-24yo live with parents.
2010: almost 53%+ of Americans age 18-24yo live with parents.

UK
2012: 63% of British adults age 18-24 live with parents.

About 10% of American kids in private ed (a lot of that for religious reasons, which you can get on the state in UK easily enough). 7.5% private ed'd in Britiain, maybe.

Maybe 1/3 of US first time buyers and 20% of Uk 1st-time-B get fin help from their parents.

I dunno, looks like the British are giving about the same support as US parents.

lljk.. that's very interesting. Flies in the face of my 'personal' theory. Thank god for stats...