Share with Teachers Assurance your thoughts on children and finance: you could win a £100 voucher! NOW CLOSED

[AnnMumsnet]

Teachers Assurance, a friendly society and provider of savings and investments for children, has asked us to find out from Mumsnetters the attitudes or plans that you have for continuing to financially support your children, even when they’re all grown up.

They say “we know that, at the moment, you’ve probably got your hands full with a young child and understand that it may feel like you’ve got plenty of time until they’re old enough to need financial help for the things they want to buy or do. But children grow up fast and soon enough, they’ll be experiencing the later costs of life such as university fees, a first car, or finding a deposit for their first home”.

So, have you made provisions for your child’s future? Maybe you encourage your child to start saving from a young age instead? Or perhaps you’re planning to gift them some money on a milestone birthday? Please share your thoughts on this topic on this thread and you will be entered into a prize draw where one MNer will win a £100 Love2Shop voucher (additional Teachers Assurance T&Cs* apply).

Please note that any comments posted on this thread may be used by Teachers Assurance in further marketing material.

Thanks and good luck!

MNHQ

*NB Standard MN terms and conditions apply – see here.

**Prize draw closing date: 20 November

We've got Child Trust Funds and separate savings accounts for our children. Their grandparents are saving for their future too. We want to be able to give them as good a start as possible.

Children always learn by example. If the parents/carers display wise money decisions and explain these to the children when it concerns them, it will rub off. Undoubtedly.

We have set up a savings account, into which we put in money as and when we have some spare - any money given for birthdays etc goes into this savings account.

We do not blow out on birthdays and Christmas - we get a few presents that they really want and prefer to buy things though the year as and when they need them and when we are able to find better deals. Just because a child has turned one, two, three, etc does not necessarily mean they are ready for everything that is recommended for that age or that they ever will be - some children move onto the next age appropriate toy or just have no interest what so ever.

We also look for 2nd hand toys and clothing - especially when they are young as children outgrow clothes so quickly you can pick up some stuff that has hardly been worn. By minimising on spending we can put back for the future.

My children get a lot of money for birthdays and Christmases as we have a huge family. I have often saved it and then when they want something they have money. I don't think too much about the future I just want them to be happy.

Saving on a regular basis was not an option, but we did open an account for each child & deposited any monetary gifts or spending money given by friends & family. The children were encouraged to save and have followed it through into adulthood.

I have got a bit of a problem as some of my children have a child trust fund and others don't and it is going to get very unfair for some of them as they get older. I have recently converted the eldest 3 children's savings accounts to ones with a card that they have access to and they are learning that if they spend it all, then they won't have it again and then they will have to do some jobs around the home to earn some more cash. When the children come to leave home then I will be helping them out to set things up and I will help out a lot more financially for the ones who haven't had the advantage of the CTF to try to make it up to them.

we don't save anything for our kids at the moment. Hopefully this situation will change over time.

My parents have saved for me to put towards a house deposit, so I'll be doing the same for my kids. I'm also going to give them pocket money when they're a bit older to help them budget and understand income and expenses.

I try to teach them the value of money but making my DS do some chores. It not a great deal but they know for each chore they complete they will be rewarded monetarily. This way they save to what they want rather them keep nagging me to buy it

We would love to be in a position to save regularly for our little boy, but we are struggling to make ends meet with bills and debt! Doing a grocery shop can even be a struggle! We are trying to teach our boy the importance of money and any pocket money he gets he is keen to put it in his piggy bank. I long for the day to come that we are not in such a struggle and that we can start actively saving for ours and our sons future xo

Birthday/Christmas etc money is put into an account but other than that nothing else is done is we don't have the spare money at the end of the month to do so, food, clothes etc is needed now so more important. I'm hoping things will change so that I can contribute to some savings some day but will have to wait and see.

Wish I was in a position to save more, unfortunately it's just not the case at present. We do however reinforce the importance of saving and valuing their pocket money etc.

We encourage them to save, and also if they want extra, can do chores round the house, we've also shown them how to pay bills at the Post Office and when they get a little older, show them how to pay for things online, write cheques, etc

We've been trying to put some aside each month - I had to set it up as a regular payment or somehow there was never anything left.
At 2 he's excited by piggybanks so that's his introduction to saving :-)

My dilemma is whether to put it in a childrens ISA in his name, or keep it in my name so that if he's going through a mad spell at 18 I can keep it until he calms down a bit. Looking at both families there is a distinct risk that if he gets his money at 18 it'll be wasted :-/

Think it's very important to teach finance and the concept of money from an early age, that money does not just come from their parents or that they are entitled to it... hopefully this will teach them to grow up unspoilt and to value privilege

I have 2 children and although I have always discussed the importance of savings, and how to get the best bargains / deals whilst shopping, my children couldn't be more different with their money. My daughter aged 12 is a good saver, and sticks to budgets ie gifts, school dinner money etc My youngest age 9 gets a £1 and wants to go to the shop immedietley to spend it!

I save £7.50 each per week for them transferred to their savings by direct debit.

I haven't saved anything for the kids because I can't afford it. She does have a PT job as well as school to pay for her own luxuries.

Mine are grown now but I couldn`t really afford to save for them as money was short. I did teach them the value of having a little aside though.

We tried to put a little money aside each month when our first daughter was born, but then when I went back to work on reduced hours it became impossible. Feel quite guilty especially when second child came along but we do spend a lot on our kids' social activities and treats. We try and encourage them to save birthday money and took them to the local building society to open their own savings accounts. Am hoping that by the time they reach university age our mortgage will be significantly low enough to release some equity from the house to give them a helping hand with fees, house deposit etc. So no nest egg for them as such but hopefully some provision has been made for their future!

From when both of our girls were born we took out insurance policies which pay a dividend when they reach 18. At times it has been really hard to find the money to pay this (even though it was a small amount) but the thought of having something to give them as they reach adulthood kept us going. We found an insurance policy was good for us as we couldn't 'forget' to pay if we were short one month or withdraw from the savings when money got particularly tight.

I am always encouraging my boys to take their own financial responsibility, to earn, to save and to plan for the things that you want.

I started a £20 a month insurance policy when my son was born to mature just before his 18th birthday to pay for a gap year and a little left over towards steps towards independenc

Thanks for all the comments.
Am pleased to say marymanc wins the £100 Love2Shop voucher. Well done