Saving for kids' futures

[Tonkle]

We opened bank accounts for our children when they were born and have since paid in £50 per month into each, along with birthday and christmas monies etc.

This is the place we save for the futures but it dawned on me that perhaps I don't really want them having full access to thia money when they turn 18. I would like them to use the money for house deposits and towards university. We currently do not save towards these things separately.

Should be be doing something different? Can anyone advise?

I have a savings account in my name that I know is for my son and when I feel is a good time to give it to him then I will. So prob not at 18 maybe older

I save a similar amount for my DTs but have kept it in an account in my name for them. I worry about them having access to the money when they turn 18!

I did this too - I saved a reasonable amount then realised that I didn't want my child to have access to lots of money at 18 years of age, so now I save in my name instead.

I have child trust funds set up for my DC. Funds go into them monthly. There are two trustees which need to agree the funds can be released to the DC so it’s not automatic when they turn 18.

They’re with standard life

I am not sure why so many people assume that their kids will fritter away any money saved for them. My DS inherited £30,000 when he was 14. From the time he got the money we told him it was for a deposit on a property. When he was 16 the account had to go into his name rather than us on the account as Trustees. We told him he could spend £1,000 on something he really wanted (he bought a gaming computer) and the rest he had to leave in the building society.

When he was 18 and his money wasn’t earning much interest we helped him find a little one bed flat to put a decent deposit on. My DH had to go on the mortgage too but we don’t contribute anything and have no call on the flat ( all drawn up with a solicitor). DS has now just turned 20 and rents out his flat. He commutes to Uni and uses the rent on the flat for his travelling/day to day expenses so only has a tuition loan. He deals with the letting agent but asks us for advice when needed.

I honestly think if you talk to your kids about being responsible with money they may surprise you.

Talking about money with your kids will help those kids who are more inclined to be responsible. You should talk to them regardless.

However I was responsible with money and I still frittered away some savings between the ages of 18 and 20.

Some will fritter more than others so a parent would do better to protect their child from that. As once the money is gone then it is gone.

What's wrong with protecting the money?

Icequeen01 maybe your son would be responsible no matter what. Some kids will and some kids will not, hence they will need protecting from themselves.