kids savings - how much?

[listlessone]

Hi,

Bit of a cheeky one. Do your kids have savings and if so, how much? I am worried that we have left it too late. DS is 13 but only has £2900 saved.

DD just turned two, she has just over £600 I think
Do plan to continue adding

Surely this will vary enormously from family to family?

Mine both have substantial savings. They also no longer have any grandparents (i.e. they have received an inheritance).

What are the plans for the savings? Is he supposed to be able to do something specific with the money at a certain time? Do you have savings for him separate from his own money? Hard to say if he doesn't have enough without a bit more info.

I’ve been saving for the kids since birth and increasing the amounts over time. They have savings in their own name and some of our family savings are also earmarked for them.

It’s never too late though!

Primary age, £3500-4500

my oldest dc is 3 and has around £1200 in her name and I have a savings account in my name that we’ve ear marked for our DC with a few £k in it currently that will be for house deposits when older. Aiming to keep adding to both.

17, 15 and 8. Absolutely fuck all. Maybe 20p in loose change.

What are you hoping to cover? For us it’s a substantial contribution towards cost of university, for others it might be driving lessons/first car, contribution towards first home. Obviously it massively depends on family finances too.

It really depends on your circumstances and what's right for your family. Don't compare yourself to others.

Do you want to pay tuition fees, save a housing deposit, contribute towards a wedding?

Work out what you want to achieve and what's affordable and who whether saving for your children is better than clearing down your own debt (for example mortgage).

Grandparents and us usually pay a small amount monthly into their accounts.

However both have expensive school and Scout trips this year so its been diverted to that instead.

Yes, saving into a S&S ISA for university costs, DD is 3.5 and also has savings in premium bonds from FIL, and a JISA. About £10.5k in total across the board.

But we’re lucky to have a decent household income and she’s an only child so there’s no second set of nursery fees etc to cover - silver lining of not being able to have a second child I guess.

I pay £25 each month into my kids' accounts (S&S ISAs) but I don't want them accessing a large amount when they're 18.
I've started SIPPs for them this year, I'll be gone by the time they can access them (older mum!) but compound interest means that £10k over the next ten years is £70k at age 60 with 4% growth.
Mine also have premium bonds for birthday money.

About 14k in a junior cash isa. We transfer monthly as soon as we get paid sjnce she was born and treat it as a bill. We increase the amount annually by 5%. We only have one 8 year old.

Left it too late for what??

Some kids will never be given a penny.
Others will have a £xm trust fund before they're even born.
Many will have something in between.

We're overpaying the mortgage instead so we can give them a decent monthly allowance to support their adult education.

Be careful how much your child will be able to access on their 18th birthday. It will be their money to spend as they wish.
holidays in the sun and designer clothes are very tempting at that age, and you cannot stop them as it is their money.

keep some in your name, so you can give it to them for Uni, or a car, or for a house deposit

Ds (8yo) has approx £30k in savings and bonds. He's an only, we have a good household income, and generous grandparents.

We have about £16,000 for ours, but I do worry, because it's accessible at age 18 and all my friends who had money at that age wasted it on nonsense (cars they crashed, going out drinking, etc.).

Kids (14) have about £35k each so far.

We put £50 a month into each of ours savings accounts. Started pretty much when they were born/a few months old. So on a normal year they will have £600 each. So x18 will be about £11k. Other family members put a bit of money in too.

Small few grand inheritance into stocks into stocks and shares junior isa.. Grown by 27% so far now stocks are moving again.

Also much smaller amount into cash isa on low 4%rate for immediate spends.

Trying to drum in financial information now so it will be second nature when they get to 18. I worry more about other people than them.
It will be presented at money for x and money for z.

I'm teaching them about delayed gratification, save alot spend and enjoy x..

@Marrongrass

I know some who also went mad age 18 but that was surprise money and they had zero training for it or prospects.
Dc who are prepared and learned about money and investment and have jobs and a positive future won't trash their capital.

No real savings, kids are 7 and 2. We spend the money on them now instead so trips out, holidays etc. Will probably start saving something when they get a bit older and don't want to go to the zoo with us anymore!

I got £15k when I turned 18... fortunately my parents had prepared me so it went on support at University with some left towards a house deposit.

We are doing the same...DDs are 10 and 12 and see their statements each year so hopefully they won't waste it.

I was in a similar position: I had had my own savings from a young age - I looked after my own savings passbook from the age of 8, switched it to a current account with a debit card at the age of 12 of my own accord, and managed my savings fully from then on - I don't think my parents even got the statements.

I didn't spend my savings at all really, even the ones I had at age 8 - I used to add in pocket money and birthday money and spend that.

So by the time my grandparents came to give me some money for my 18th, they knew I would be sensible. (So sensible in fact that I asked them to split the gift over two years to make the most of my ISA allowance!)

It is worth being aware of, you obviously can't be certain that any amount of preparation and education will ensure that but I honestly couldn't imagine using the money for that when I knew if I put it away and added to it it would give me a house deposit.