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

I've always put a little bit away in a savings account for my children. I think they should learn how to manage money as early as possible.

essential to put money aside regularly if you can, if not for university, for first car, or deposit. Times are hard so no as easy to do for some, but a regular small amount will add up. Also a good habit to get children as they get old enough to understand to put 50% of any birthday/xmas/gift money they get given aside in their own savings, to teach them the worth of money and encourage them to save.

Our children both have savings accounts, but only with a minimal amount in them. We don't want to save loads in them only for them to blow it all as soon as they get their hands on it! Instead we are planning on gifting money/helping them out at particular moments so that it's a nice surprise, they both get the same and that they don't come to expect handouts.

It's difficult because you don't know what they are going to be like as young adults, but we hope to encourage them to budget and as teenagers they will be given an allowance which they will need to budget things out of with no top ups!

alway look into children's ISA. It will come in handy

Have put most of my daughters birthday/Christmas money into Premium bonds now she is older she wants to do the same as she gets a few wins and in time will be in a position to have a deposit in time for a home of her own. Teaching children the value of money is fine for those who's parents are money savvy but there are a lot of parents out there who would do well to take the class themselves and learn about APR and interst rates.

I think that from a young age kids should be aware of money, my kids have a tin each which they save up there money to spend on whatever they like when we go on holiday. they should be aware of budgeting and to know if they cant afford something then they should not buy it

I don't feel saving money into an account that is in my child name is wise as he might get spoilt with large sum of money. As an 18 year old having large amount of money can be too much responsibilty for an young adult. I prefer to be saving money in my own account to provide for university fee, driving test, car or first house. I will provide my four year old son with gifts for his birthdays and have party every year to celebrate his birthday.
Buy him whatever is neccessary for basic living i.e clothes or shoes or bag. So he learns to spend his money wisely as i don't want my child to go into debts as an adult.
Giving pocket money as incentive for acheiving goals or doing well in his studies or completing household chores is a good method to ensure children understand the importance of money and spend it wisely.
I will take him on day trips or holidays so he can appreciate money. Help him save money in a big jar we have at house so he learns to respect money and the value of money.
Teaching him saving money is good for future living and cost. Mostly importantly that even with little money you can be content in life :)

I just don't know if we'll be able to save anything at all on our incomes, it'll probably depend on what work I'm able to get when I return after a maternity break. No point starving a child now to save for when it's older!

I don't have much (if any) spare money most months so am unable to save for my sons future, however, as we have struggles with money and I am single parent, he is more aware of the value of things than others may be. He knows when things are considered expensive and when they are good value and always spends his pocket money that he gets from his grandparents wisely.

I definitely feel that children should be taught about finances from an early age so they are able to budget and invest sensibly in later years.

I have a nearly 17 year old whom i have saved for £5 a week from a young age, i was hoping this would go towards her learning to drive and other things, possibly uni the year after, Sadly with the cost of petrol, insurance tax and the overall running of a car it is slightly putting her off learning. I think bringing into effect money handling and finances in schools could help children understand more about what to expect

We really don't have very much to spare each month, so I'm not putting anything aside at the momet. I hope that will change in the near future when I get a job, making us a double instead of single income household :-)

We save £10 a month for each of our 4 children

They are never too young to learn about money and saving.
Parents should set a good example for their children

I opened a savings account for my son soon after he was born. A lot of friends & family gave us money when he was born & we didn't want to fritter it away. We hope to add to this year on year so when he gets older & wants to go to uni or buy his first car, or put a deposit on a house, he has a little starter fund to make those purchases easier.
Financial knowledge is SO important & I believe they should have specialist classes on this in school (explaining about credit, debit, credit ratings, tackling debt, etc) to equip them for later life. I will be educating my son on this as soon as he sits still long enough to listen :)

i have 3 kids ones 15 , ones 14 and ones 1 . Ive been saving for the older children for around 13 yrs now , I put £10 a month away for each of them . I have just started one for our youngest and im saving £15 a month for her. I think even if you dont have much saving just a little can help them when they are older x

Our daughter is 6 months and we haven't started savings yet. We need to save all our pennies for a house deposit so we can buy a house before she starts school - the instability of renting seems like a nightmare when combined with getting kids settled in school. But hopefully once that's achieved we'll be able to save something for her. However, I don't think I will be planning to be able to buy her a car or pay for university or give her a house deposit. She can work to earn money for a car - which is a luxury item, not a necessity. There are loans for tuition fees and she can work at uni to help meet living costs. Needing to save a house deposit will hopefully motivate her to work hard for a career post uni. I don't think we're bad parents for not being able (or really wanting) to give her all this on a plate.

they both have a saving account that grandparent pays into. it is to be used for education.

I have set up child pensions for both of my kids, I also put all of their Christmas/ birthdays/ Easter/ any other money into their bank accounts so hopefully when they are older they will have a decent amount. I also did a regular saver account.

a must is the piggy bank.any spare change or money she gets from gran etc can go in there and teaches even subcontiously for her to save up.and of course when little you thnk your contents of the little pot will buy you a house one day!!
we dont like to give money as treats.if she wants a present then well work with that.if gran gives her money it is a few pouind coins from her purse.nothing major.of course big birthdays will get money as me and my sibling were given this by our family.18th and 21st birthday i think it was.
family members often put some kind of notage in the birthday cards as they get older too,id like to think this could continue but everyones feel a pinch these days.
even giving spare change is different,you feel you yourself could spend it on something.change any change is important in todays climate.
id prefer for her to appreciate a little gift,a present instead of cash.

putting £10 away a week in a fund for when they older

My son has a savings account. He saves most of his pocket money so that if there is something large that he wants, he has the money there to buy it

Children should be taught how to budget from an early age. Save some and then spend some.

Ability to handle finances is essential, putting them in charge of their own money early on is probable more useful than bankrolling them later on (unless you're a millionaire). I have not been in a fortunate enough position to help my kids at all, as a result they seem to be better at managing money than most and are very aware of the value of it. I would have loved to be able to help with a house deposit though.

An understanding of money and its value begins at a very young age - by four I play shopping games with prices and toy money. By 8 my children have understood that we work for money and have to pay tax, bills etc and that there is little money to spend left over. I give them simple chores and pay them small amounts (in addition to pocket money) and charge tax and they save the rest (I save the tax) and my children, including grown up ones are all sensible with money.

My son has a savings account that he can access either online or via a debit card. He's 16 now and I think he's old enough to start managing some of his own money.
He also has a savings account which he can't access - that's where most of his savings are held.
Plus I have some savings for him and he has premium bonds which family have bought him for birthdays and Christmas since he was born. He does pretty well on those and nearly ever year he's made more in wins than he would have done in interest.
I'm divorced don't get any child support from my ex. My son and I moved closer to a good school to make sure my son could go there. Once he leaves school, we'll probably move to a cheaper area and free up some equity to pay for his university fees