How much to have in savings for your child at 18?

[Pineapples198]

I was lucky enough that my parents set up a cash ISA for me as a child and this was given to me at 18 with around £3k in it, this helped with a house deposit (our deposit was £8900 for our first house).

My husband and I have 2 children and they both have a cash ISA too. Realistically what amount should I be aiming for to give them at 18?
It’s on track to be at around £10k currently if we keep paying in at current rates.
I feel like that isn’t going to go far for a house deposit or something in the current climate. It would buy them a car.
what are other people planning on having saved for their children?

Lol my parents didn't give me anything but they did let me live with them for a few years rent free to save up. The latter is all you owe them IMO.

Hi, all those posters saying you have money put away for them until they are 25 or whatever (older than 18 so not JISA), where do you have that? Is it a trust in the child’s name or in your own name and then you plan to gift it to them when they turn 25 or whatever? We are thinking of stopping paying into their JISAs but not sure where else to put it…
@NahNeedsGarlic @FrenchandSaunders etc. thanks

Ours have about £1k/year put away and won't go much higher until school is finished as school fees will take a lot from what we can afford to pay in.

I'm not for giving huge amounts to an 18 year old though.

Hopefully we'll be able to get their cars/uni etc and then the money can be for travelling/gap year/towards first home.

Like others by the point they're adults I'm hoping we will have no mortgage and so can help them with a deposit.

Both our DCs had large sums (£100K+) by the time they were 18, due to some inheritance from grandparents and the fact we'd put the money in ISAs etc from the day they they were born.

Some was in trust, some in 'complicated, not easily accessible investments' and some in cash ISAs/ premium bonds, but neither of them touched it or went on any spending sprees.
The eldest is now 24 and has a good deposit for a flat. The youngest will graduate from uni this year and wants to take a small amount to set himself up in a type of freelance business (which we support).

(And yes, I've changed my username and it IS tongue-in-cheek...)

The problem with putting money into trusts is that it's not really worth it for relatively small sums. You now have to declare all trusts to HMRC and there are various rules about managing them which you need to understand.

Ours will have £5,000 each to go towards a house deposit whatever age they require it.

Just a little something to help them out.

I think ours will have 10-15k each.
Its meant to be our "parent contribution" to living expenses at university, since they will likely only get minimum loan.

I put birthday and Christmas money into a general account for them, they're only 1 and 2. When a bit older, they'll be able to spend some of it on small things they want.

We have a money box and put all our small change in, uk and euros.

I current put £100/month into each as a regular saver on a good interest rate. But, that's only because i got inheritance from my parents. I'm setting up an ISA and will put £5k in each from my inheritance. Without the inheritance, I'd probably only put in something like £25 a month each.

My eldest has just had his child savings fund at 21. There was 8k. He also had the CTF with around 2.5k at 18 along with another smaller lump sum gifted by a godparent. We paid for his uni parental contributions and driving lessons from income, and he is named driver on my car and uses it most days. He is working Ft and has his own savings. I think he may buy a car and also invest the rest for later. He is very sensible at 21, less so at 18. I also have 20k in an isa for each kid which was part of my inheritance when I lost a parent 2 years ago. That will hopefully help with a house deposit when they are ready. My middle dc may dip into hers for travel or a masters degree.

We will likely gift them all £50k but not at 18, abit older, it's a gift so they can choose what to spend it on although I do hope they choose wisely and use it either on life experience such as travelling or a mortgage x

My parents save for all their grandchildren (12 of them!) and all my adult dc got about £3000 on turning 18.

Dd1 still has all of hers
Ds blew it all on a huge trip to Australia
Dd2 has just used hers to buy a car.

Our two got driving lessons paid for when they turned 17 we paid for these until they passed their tests.

At 18 they got £1000 each (plus whatever was in their CTF which averaged at an additional £2000 each) as sadly that's all we could afford.
Eldest used some of it for flat rental deposit and furniture when moved out.