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.

Ours are 4 and 8 years old.

We do not hold in their name. However “their” designated savings held in my name - gifted by grandparents on my side are - £15,000 in total so far. It increases by about 3600 each year.

Seperately to this - grandparents on DP side save into a JISA in their name which will be worth £15000 each when they are 18 but we do not take this into consideration as we will assume they will blow the lot despite our enormous work developing financial literacy (so, hope for best but prep for worst).

May we and they not receive inheritance for a good long while yet. We want all four GP with us hale and hearty for as long as ..

DS (2) has £1100

I’m sure this is the answer 99% of people would give if they were honest!

How long is a piece of string ?

Every family situation is different.
There is no 'right' amount. Some will have nothing. Some will have thousands. Some parents will know there is money set aside for some point in the future, that the dc don't know about, or that isn't in their name.
Some parents will do things like put 'spare' money to their mortgage or other debts, knowing that will give them more in their budget to help dc later, without specifically saving 'for the dc. Many just don't have the budget to give dc money for savings.

We're on track for each to have at least £30k towards a deposit on a flat at uni.

Ds(19) was given a chunk of money at 18 which he is feeding into a LISA each year and the rest is in premium bonds - hopefully a good start to a house deposit by the time he finishes uni but he will need to save too. Saved it over many years with £2-5k added 3 times when we got small inheritances from grandparents/parents and an endowment policy matured.

We have been fortunate we could afford to pay for driving lessons and as he is commuting to uni and working PT he hasnt incurred any uni debt yet.

So he is fortunate to have more than some but less than some others.