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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

AIBU to ask how much your child has in savings and what age they are

294 replies

Hmmmmminteresting · 10/08/2020 00:58

I'm being nosey for comparison reasons I guess.
4yo has £2,300. I feel like in the grand scheme of things it's rubbish. Once we have paid bills, extra off mortgage, paid into our pensions etc he gets what's left which isn't a lot. That figure includes bday and Xmas money too but we don't have a big family.

OP posts:
BertieBotts · 10/08/2020 11:33

I have thought for a while that inheritance seems a bit pointless really now people live so long. By the time my parents die I will (hopefully!) be in my 60s or older. What will I want with inheritance then? It should skip a generation and go to grandchildren who will be in their 30s raising kids! Confused

purpleme12 · 10/08/2020 11:43

@GetUpAgain

This thread is SO far removed from my reality I am struggling to reply, but for anyone else reading who also doesn't have a ton of money saved for their kids: its fine not to save for your kids.

My aim is to raise children who become adults who are capable of making their way in life. Along the way I've kept a roof over their heads and food in the fridge. Been lucky enough to afford for them to go on school trips etc. And I think they realise how lucky and rich they are compared to most people in the world. But they definitely won't be presented with a nest egg at 18 or whatever!

Yes 👍

Think these things are just to show off and make other people feel bad. Can't see any other reason why you'd say something like this

MrsRabbitsHouse · 10/08/2020 11:49

A few grand, locked away in the best buy (most tax-efficient) manner we could find. No one can legally access it until they're 18.

They also have a small stash in bonds (a £100 or so) - I know the savings rates aren't amazing but it feels a bit like playing the lottery every month juuuuuuust in case.

We also plan to start pensions for them when they're older (16? 18? Not sure).

Compound interest / using payments over time is something I'm keen to exploit - DH and i never had a penny of helping hand from parents, I want my kids to have the really important things in life (education, security of housing) to come easier than we did.

SundayChanger · 10/08/2020 11:51

1DD - 8 years old - just shy of 40k in ISA’s and her pension

cologne4711 · 10/08/2020 11:55

DS (nearly 18) has somewhere between £25K and £30K in long term savings. Plus about £300 in premium bonds. And about £1000 in an instant access account.

AliceTheCamelHasFiveHumps · 10/08/2020 13:09

DD 7.5m. £62

Ploughingthrough · 10/08/2020 13:25

Mine have a few k each and they are 5 and 8. This is in an ISA in their own names and we plan for it to be no more than 8-9k by the time they can access it 18. Any more than that would be unwise in their own names- who knows what level of sense or responsibility they will have then. I hope they use it wisely but they may not.
We plan to help them from our own savings (not in their names) for big stuff- uni living costs, house deposit etc if and when those times come for them. They dont need it in their own names.

KateF · 10/08/2020 13:32

I saved £5k for each of them (3 dds) and they inherited another £5k from my mum. Their father, who earns 4x as much as me, saved absolutely nothing, stopped contributing the day they turned 18 and has no intention of helping with anything like weddings in the future. I have some savings which I will use to contribute to weddings or other large expenses if they choose not to get married.

I know it's not a vast amount but I've done my best and it's certainly more than I started out with.

Downinthedumps99 · 10/08/2020 14:16

My children all got 10k inheritance from gp plus we save child benifit for them.
my eldest is just buying her first home and that money made up almost all her deposit.
Hopefully the younger ones will use for similar/spend theres wisely.

notmyyacht · 10/08/2020 14:21

I have thought for a while that inheritance seems a bit pointless really now people live so long. By the time my parents die I will (hopefully!) be in my 60s or older. What will I want with inheritance then? It should skip a generation and go to grandchildren who will be in their 30s raising kids!

I think a lot of people are doing this now. My grandpa died about ten years ago and when he did and my mom and her four siblings each inherited a (small by their standards) amount of $1.5 million each, and then the rest of their estate will be split amongst the nine grandkids when my nana dies. (Which is hopefully never!)

And to answer the OP, my just turned two year old son has about $700 in his bank account and I haven't (and probably won't) be contributing anything to it, although we will be paying for college and his first car like my parents did for me. (Although I'm American, and I don't even want to think of how much college is gonna cost here 16 years from now! 😨)

AlohaMolly · 10/08/2020 14:21

DS4 currently has £411 in his but I owe him£1500 so he should have just shy of £2k.

pollylocketpickedapocket · 10/08/2020 14:22

@TeenPlusTwenties

I'm a big believer in not giving children vast sums of money. You have no idea when they are 10 how sensible they will be at 16/18. You can bring them up as well as you like but they only have to 'find love' or fall in with the 'wrong crowd' or have a mental health crisis and it's gone.

I'd rather hang on to the money and then make it available for 'sensible' things later, or hand it over at 18/21/25 if they are responsible at that time.

Good idea. My dd is 4, she has £1000 in an isa, future savings for her, will be in my name!
AlcoholicHippo · 10/08/2020 14:23

Your 4 year old has more savings than I do and i'm 40. I feel great about myself now Grin

AlcoholicHippo · 10/08/2020 14:25

Think these things are just to show off and make other people feel bad. Can't see any other reason why you'd say something like this

Agreed. Can't believe half of the shite that is posted on here at the best of times, so I hope people don't let it get to them Cake Wine Grin

ThatsBullshirt · 10/08/2020 14:29

I could only DREAM of saving the figures some of you are saying. I have no idea how much either of my boys have in savings currently (3yo & 2yo) as it is just cash given as presents for birth, birthdays, Christmases and pocket money they get from their grandparent, great grandparents and great aunt and uncle. Probably somewhere in the region of a grand each?

I do plan to pop a wee bit away for them as and when we can but we really aren't made of money. With any luck by the time they are 18 they'll have enough to get some driving lessons and buy a car or put it towards further education or a house deposit further down the line. My parents never saved for me but DH's saved a bit for him and we've been very fortunate that they have contributed to our house deposit. They have never just given him a lump sum of cash to do with what he pleases though. Hopefully we'll be in a similar position once our boys have grown up.

frustrationcentral · 10/08/2020 14:59

DS1 (16)- about £850 in savings from previous birthdays/Christmas. He also has about 12k in a child trust fund that my parents pay into

DS2 (11) - about £650 in savings, again from birthday/Christmas. He has about 8k in his child trust fund

I'd like to save more for them, and as I'm about to start working after many years as a SAHM then hopefully I'll be able to put a little away.

frustrationcentral · 10/08/2020 15:00

@Flipswhitefudge

My 16 year old has over 2k but that is money she has saved herself from her 2 part time jobs.
Wow that's good!
00100001 · 10/08/2020 15:47

[quote JuniperFather]@00100001

Why would I make up a figure? Did you not get the point of my post?

I don't need to share my DC's personal finances on a public forum, just to satisfy the whims of an OP who wants to benchmark themselves.

I don't need to invent a figure, and to be honest many might think the figure is invented anyway - you can't win on the Internet so to speak!

So, no thanks.[/quote]
well, sorry to be all thread-policey about it, but I don't really know why you're on thread tbh, Confused Clearly lots of people are happy to share (perhaps imaginary) figures - its not like they're giving identifiying information, they're not replying with "John David Smith DOB 01.01.1965 of 1 high st, anytown, passphrase is WobblyCabbages!"

SundayChanger · 10/08/2020 15:55

It is hard not to think what if they spaff it all up a wall (as it were). However, my parents genuinely did the same with myself and my DS - not that we knew any details of it even to past 18 when they should have theoretically just ‘handed it over’ but instead looked to introduce us both to it slowly. They also made it very clear that if it was wasted that would be the end of it and everything else that could come in our direction most definitely wouldn’t. It def worked - we have both increased our net worth ourselves...

Ohsuchaperfectday · 10/08/2020 15:58

2 dc, both have around 15 k each, thanks to wealthy gp.

One half in cash isa the other in stocks and shares isa.

I've never been able to save for them, I now put about 20 or 30 a month into building society accounts for them. It's about 500 now.

I'm hoping that will accumulate enough to cushion teen stuff, socialising and also teach them money management before... They get the big bucks at 18.

I'm hoping they will use the money for uni, car, insurance, lessons etc.

I have one very sensible dc, and the other I fear may blow the lot on parties and travel.

That's life.

Op I think your dc has done extremely well for his age!

We have no bday or Xmas money given to our dc at all

You should make sure that money is invest in stocks and shares. All our funds bar 1 are doing very well, even during covid!!

Earslaps · 10/08/2020 15:59

Wow, ours are 8 and 11 and have around a £1000 each and I thought they were bloody lucky!

We took the decision not to save much into their JISAs- you don't know what they'll be like at 18, they might piss it all away on a party! We make savings in our names and we'll probably choose to give them money when they are older to help with cars, house deposits etc.

Also, you never know what's around the corner. If DH or I couldn't work, we'd rather have the savings in our names in case we need to use them.

Pumpkinnose · 10/08/2020 15:59

I think it’s irrelevant what is or isn’t in a bank account in their name. I work so I can provide for them, now and in the future. Hopefully I can help them out with significant purchases/cost of living as they get older.

strawberryplant · 10/08/2020 16:02

He's 2.5 and had £6,000

Ohsuchaperfectday · 10/08/2020 16:02

Small amounts saved early really do add up, even a fiver a month!

My dp didn't save me for us and lost that... Large house asset to the bank.
It wiped us all out, suddenly paying huge tents etc. Had they put money away life would have been so much easier.

I could even have given it back to them.
Never say never or think any asset will always be there.
I'm very grateful that should any calamity befall us between now and them being 18, or after 18... They have an amazing financial cushion.

PegasusReturns · 10/08/2020 16:02

@wintertime6

You’d be surprised. People make huge mistakes with how and when they save for their children.