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 already have some money apart for the two DCs in an ISA and all the interest goes to them and sometimes we pay some birthday money in their Child Trust Fund
For the day to day activities we save around £80 per month.
My daughter is 10 and has recently opened her account where she pays her pocket money and special gifts from grandparents to buy what she wants.

We put aside the child benefit money each month into an account that's earmarked for my daughter (but not in her name). Haven't thought about it much beyond that really (she's only 3), but we're savers rather than spenders in general so I hope that we'll have money put away to help her with anything she particularly needs in future. I hope that we'll be able to teach her how to sensibly deal with money as she grows up.

Our five year old opened a savings account with a pass book last year to put her birthday and Christmas money in. We are trying to help her learn to save the money in that account for something that she really wants when she is a little older. We also have an regular savings account set up for her that we have a direct debit go into each month. We are hoping that this one will be something that grows and grows into her teens. When she is old enough for pocket money, we will encourage her to deposit some of it into her book savings account.

I will teach my son the importance of hard work, earning a living and being sensible with money!

We don't currently save for my son. He is just 2 so we have plenty of time when we have more money to be able to set aside into a savings account for him. But also, I don't think we will pay for things like a deposit for his first house etc. (Not unless we somehow become mega rich over the course of his life?!) My husband and I had no help from parents when we became adults. Part of being an adult is about taking care of yourself and being responsible for your own life. If my son wants a car, he can save up and buy it himself! We will always support him, just not always financially!

We have two children and have set up the following for each:

• CTF which grandparents pay into monthly.
• Children's stocks and shares investment account which we pay into monthly. Set up when they were babies, we can take funds out at any time if for the children or at 18, we can either sign it over to them and keep in my name. We have decided this would stay earmarked for them though (eg for buying house, going to uni). Chosen so that it does not automatically gift to them at 18.
• Pension which we pay into monthly. Figure they won't have a state pension when they retire and if we start investing now, they have decades to grow. They probably won't appreciate this in our lifetime but it will make us feel better knowing we have provided for them as best we can. They can then start paying into this themselves when they start working.

All of the above are flexible payments so can be increased, decreased or stopped at any time.

Lastly, they get pocket money each week (£1 each) which they can save or spend as they wish. When they were younger (and didn't constantly demand things!), all birthday and Christmas money went into their investment account but now they are getting older, we are considering letting them keep at least half for saving for big items themselves.

Oh and one set of grandparents bought them some Premium Bonds when they were born so they have those set to reinvest any winnings. Neither have won anything yet!

We've been saving for ds, but also teaching him the value of money - how long we'd have to work to buy an ipad for instance, and the relative costs of things

Saving money in a child saver bank accouny for the future for our two DCs. Would never put it in one of the child IsAs that i wouldnt have access too and would turn over thousands of pounds on maturity for a teenager.

Aim to have enough to cover uni fees, help for deposit on a house, money towards a wedding for both children (or travelling/business start up etc if they dont follow the "traditional" route).
So we will need to put a fair bit away to be able to help them out but also it wont be so that they dont have to work for things themselves and appreciate the value of money.

One of our children has the child trust fund, both of our children have Premium Bonds which we have bought for them and add to when we can, any prizes they win are automatically re-invested which is a good way to build up the savings. My son has a money box which we put money in periodically like when he keeps his bed dry for a whole week (he's new to pants at night time). He saves up the money in his money box to buy new lego when we go on holiday.

Very lucky in that my DS has a trust fund set up for him by his great aunt - he will have a good amount of savings for when he is 21. On an every day basis, he has money to spend each week and is allowed to choose how to spend it as he wishes. he has learned that when he's spent it all there's no more (DS is 8)

I bought shares when the dc were young. The dividends were put in bank accounts in their name and they received the proceeds at 18 years

We save into a bank account for DD and her grandparents pay a standing order into it too. As she is still very young any money she gets for Christmas or her birthday also goes into the same account at the moment (she certainly doesn't want for possessions). By the time she is 18 she should have a reasonable sum but I'll be keen she uses it wisely - both me and my sister had similar, I used mine as a house deposit and she really regrets using hers on having fun. So either towards uni costs, a house deposit, car or travelling - all of which I'd be delighted to see her spend it on.

We have a savings account for my son, he is 2, and we ask for money for Christmas and birthdays as he doesn't really need more toys. We then top up with the equivalent of pocket money as he gets older we expect hi. To do jobs for extra money some of which will go into savings

I would like to save more for the DDs but it's difficult. They both have savings accounts and the £250 trust fund but that's it. It will cover driving lessons and we expect to support them through uni as much as possible but they will have to have part time/holiday jobs too.

I have not been in a position to have savings accounts for my Dc. I hope that I will be able to give lump sums in the future. I have a house which I will be able to sell and release funds for them.

What I do feel I have given them is money management skills. A good savings account for me would be one that offered integral software for them to log their purchase, expenditure and savings.

I don't yet have DC but planning soon

Currently saving for a property deposit but hopefully once on housing ladder I would be able to afford to put some aside for children's futures once they arrive

DS has benefitted from us being older parents when he was born: we were already paying a mortgage so no saving for a deposit. I do think that is the first thing to save for , if possible, for the long-term benefit of your kids.
We gritted our teeth and always saved £100pcm from birth. We were lucky to have that margin: not on the breadline but also lived a more frugal lifestyle as a result. But as Uni approaches I am so pleased we did. I am not that financially savvy but we look out for the good child savings deals, such as the 6% interest regular savings account. I am nervous of any ISA but cash.

DS knows we save and he is impressed with how it has built up. I show him the statements and the interest that has been added. He is good at saving his own money - we have never been 'latest gadget and upgrade' people and he isn't either. he saves it in a tin at the moment - he was really pleased when he was younger to get a proper lock up cash tin instead of his pot piggy bank, and now we are establishing a child bank account with a card.

I believe children need to be advised about management of money and the importance of spending wisely. I believe it is the parents responsibility mainly but money management in school would be very useful as well.

My daughter has a bank account for money she receives for birthdays or Christmas, and she is always a part of paying it into her account. Also when we are out buying things I let her do the cash process, what to use and checking the change. This also helps with her math ;0)

From a young age i have taught all my children the concept of money and how to save rather than impulse spend. My teachings will not be put to the test as my eldest is now working!!!

We started saving for our son very shortly after he was born. He has always been encouraged to save and was never allowed to buy something until he actually had enough money to pay for it.
The money we saved for him is now being used towards supporting him through university but unfortunately all the money he saved as a youngster he has spent! However he is now learning how to live on a budget which is a very valuable lesson.

We save what we can, the plan is to teach our daughter to fend for herself then give her the savings when she needs them most.

As a single mum to four, mine have been brought up to realise money doesn't grow on trees and they cannot always have what they want. I give them pocket money but they prefer to save it for something they really want than blow it on sweets or magazines. They each have trust funds set up for them, which relatives add to each birthday, etc, so when the time comes for them to moe on, they will have a little nest egg to start them off :)

unfortunately i didnt do well with the childrens savings, i bought them some childrens bonds but they havent really made any interest and since having my youngest who has been so ill we were pretty skint so didnt have the spare money to save in the childrens accounts an unforuntaly the family didnt give them regular money to save either.

i hope that they can make their own money and save wisely

We put £25 away each month for them and the grandparents do something similar - unsure of the amount though. I plan to lat them access it only for something worthwhile - eg education, car, house deposit....