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

teaching them to save up for something they want, and also making them realise they cant always have whatever they want

We put all our leftover change into a jar for our son. Unfortunately we can't afford to save anything for him... yet.

you should start investing for your child's future as soon as they are born with tax free investments

We started a life assurance/savings policy when ours were babies. It matured a couple of years ago and while it's not loads, it's been helping with uni accommodation for our two eldest, and there will be enough to do the same for our youngest when he goes. They don't get the full loan, so this money has helped us to top up what they do have to spend. I did worry very much about them getting into debt, but now I understand how the new student loan system works, I don't worry about that at all - they will only ever pay back as much as they can afford to. I just hope they don't change the system before our youngest goes. (For anyone worrying about this, I suggest you read the brilliant guide to student loans here www.moneysavingexpert.com/students/student-loans-tuition-fees-changes)

I think that having to live to a budget while they are at uni is actually a good thing, as they have learned very quickly how to prioritise things, and how to spot bargains. We've always given them a small amount of pocket money, but this had to be earned by good behaviour, simple chores and working hard at school. Any misdemeanors and the amount was reduced! They have always saved this money for things they want to buy. This has worked wonders for teaching them the value of money - both how it is important to work for it and how not to spend it stupidly.

It's definitely important to teach them the value of money from very early on. Saying no, and explaining why they can't always have everything they want is important too.

Both our sons have savings accounts which we and our parents pay into each month which should build into a nice amount to give them towards something when they are older. We also give them pocket money each month and encourage them to save it up to get something they really want, hopefully this will help them understand why its good to save their money.

My children have their own saving accounts and trust accounts.We add to them as and when we can without causing financial difficulty.

I have two boys but unfortunately are not in a position to afford a savings plan for them, which does worry me about their futures but with living expenses so high we would be unable to find any more to put into funds for them

Used to save as a child but my wise - and much-missed Mum - brought four of us up on her own. Money must have been really tight but we only saw it when she said she could not afford to let us go on a school journey to Austria. She gave us a choice of that or the family summer holiday camping. We unhesitatingly chose the latter so some of that wisdom has been passed down the genes!

We have a child trust fund for the boys, we don't have a lot of money to save but they'll be enough to buy them a few household essentials when they get their own place!

Three children each with a CTF (two oldest received full £250, younger one received £50 which we made up to £250); we have paid £25 per month into each since birth, it has been a struggle at times. They also have a regular savings account where all Birthday, Christmas and gift money is paid into. The older two of late have decided (with parental persuasion to save!) how much they will save when they receive a cash gift...

The CTF funds are either for university costs, hoping our mortgage will be paid off by then though so we can assist, so that the funds could be used to contribute towards the deposit for a first home.

No significant payment for birthdays planned.

I really can't afford to save at the moment. I worry for the future.

Will support her as much as needed financially

we have until recently been absolutely awful with money - we were in loads of debt and have managed to get ourselves back on our feet and now save regularly through DH's work scheme. We've got 3 savings plans on the go at the moment targeted at the boys' "big" birthdays such as their 18ths and 21sts.

As for their own savings, the older one (14) has his own bank account into which we pay his pocket money, but he's not very good at saving, he prefers spending! The younger ones just have piggy banks at the moment but we plan on opening bank accounts for them too.

Try and put a little bit away for emergencies, then if you don't need it put by the end of the year put it towards Christmas or a day out

I would love to save for my children but sadly I just dont have any spare money to save for them. They do save their pocket money which they then use if they wish to buy something and they seem to enjoy feeling responsible and it teaches them that you have to save to afford the things you want.

My children are now older and due to personal circumstances, I have not been able to help with university fees, or a big gift on a special birthday.

I believe in teaching them to be careful, and while I can't do too much for them myself, it will stand them in good stead.

All 3 have a CTF. Will help them with uni fees then expect them to stand on their own 2 feet.

dd is 3, i have been saving for her just around 15 a month since she was born. i am hoping this will go towards driving lessons or uni or something else that she will really need in the future.

Saving is being done, primarily with a view to uni fees but I think instilling budgeting skills and financial responsibility is most important so they can take control of their own lives and not need bailing out because of reckless spending.

We put away 50.00 a month and grandparents put money into their baby bond. I wish i could put more away

Can't afford to save money for her future. I save money to pay for heating oil and cheap caravan holidays. DD 6yo has around £2500 in a savings account from money from birth, Christening, Birthdays and Christmas'. The interest goes in quarterly and I always round it up. She gets gross interest as a child with no income.

She has the government Child Trust Fund which has a few hundred in. I use Kidstart and any commission earned on shopping goes into the CTF. Before XH left we paid £20pm into the CTF but I can't afford to do that now.

I save £1pw for pocket money for her.

If she wants to go to uni she will have to work her way to pay for it. I will help her if I can afford it but who knows what the situation will be by then.

I opened a savings account for DC a month or 2 after birth. I think it's very important to save when you can. I included contribution to a savings account as one of my baby shower gifts' list for anyone who felt like getting me a baby shower present. So, when I opened the account, there was already a little bit of money ready to go into it. Though I can't afford to save what i'd like to save per month for my DC, I save the government's child benefit we receive into my DC's account.

I learnt that savings for children are tax free, so a child's savings account is not much different from a junior ISA account; this helps to go for the account that will give the most interest.

We use a fun bank that rewards children saving regularly. Indeed, the first few times we went to put money into my DC's account, I made a massive deal about it and got my DC involved as much as possible. This meant taking pictures with money in my DC's hands and saving copies of payment receipts for future financial education.

Teaching financial literacy is exciting and I look forward to the challenge in the years ahead.

We don't have the cashflow to save cash each month for our children but we do have additional properties which will secure our children's futures. We are keen to encourage them to work hard as we do, in order to gain access to these houses though so they won't just be handed over on a milestone birthday as this will not teach them about earning money (and holding onto it!)