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 think it is great to set up an account for each child and set a direct debit of whatever you can afford each month for your child. It makes it much more manageable than adding large values every so often and soon all adds up byt the time they have grown up.

We try to put some money a way each month into their savings accounts even if it's just £10 and any Birthday & Christmas presents go into their accounts. Luckily their young at the moment so they don't want to spend it, but we try to set an example with our spending and what we buy for them, so hopefully they won't be too bad in the future. I think we would give them a budget/pocket money each week and depending on how much they get gift wise a percentage of that

We save into one cash and one shares ISA that can only be accessed by him when he's 18. Hopefully he's more responsible then than I was at that age.

We save for our children. Though I also feel money management should be taught in schools as part of the curriculum.

I started both my children a savings book when they were very small, and regularly add small amounts to their accounts.

Occasionally friends and relatives contribute small amounts, or the children will add some when they have been given money for birthdays or Christmas.

I've always instilled in both of them the need to 'save for the future' and hope they will be sensible with money and behave responsibly.

We have savings accounts for the children we put odds and ends into - birthday money from grandparents etc. Their grandparents buy them premium bonds.
I feel we should save more for them than we do.

I think it's really important for children to understand about saving and how far money goes (or doesn't) My daughter is only one at the moment, but as soon as she is old enough to understand I will give her pocket money and teach her about saving up for things she wants.

I started buying mine premium bonds when they were born and any significant money gets put into there. One has a CTF but not the other They have their own savings accounts which are dwindling fast, but they earn their own pocket money now by doing paper rounds. Wish we could save more for them, but we do tend to live for now and have nice holidays.

Put money into a bank account as much and as often as possible, but they don't know about it and they won't until they really need something eg for uni fees /car etc

We don't have spare money to put a regular amount each month for them, but they do have bank accounts which christmas and birthday money goes into. Hopefully by the time they are teens we will have paid off the mortgage etc and be in a position where we can put a much bigger chunk of money aside for them.

We have savings accounts for our boys that we plan on using to help "start them off in life" whether that will be uni fee's or a house deposit or whatever else we don't know yet but it's what my parents did.

We don't have enough income to save for my kids so we encourage them to save pocket money and any monetary gifts they receive throughout the year. It's amazing how little they want to spend it on toys when it's their own money. They both love watching the amount grow.

I have tried to teach my children that you need to save for anything you want in life. They both have bank accounts which I regularly save for there future in

My children love to save, I like to teach them the importance of money.
They save as early as 3 and I think it's healthy for them.

We tend to save as much as we can for the children as often as we can. Anything we do save we pay into premium bonds so they also have a chance to win some money to which also goes back into the bonds account. Any money gifted to them at birthdays and Christmas also is transferred into the bonds account. They have won much more than they would have earned in interest so I think this is a great option for their future.

start saving as much as you can as early as you can, it will make a big difference.

I think pcoket money and then a clothes allowance is a really good way for children to learn to budget, but then I think they should be financially independent as adults

I have money saved in an ISA for my daughter. We have encouraged her to save from an early age and she always puts some of her pocket money in her money box each week to save for big things that she would like.

I'am pleased that Martin Lewis of MoneySavingExpert has persuaded school to introduce money management learning in secondary schools. It is so easy for teenagers to get a loan or credit card at the age of 18 without knowing the full ins and outs of them. I know i fell for that trap and wish id have known more about them before i jumped in head first.

We save £10 a month in a regular saver account for our daughter. It's not much but it's all we can afford at the moment and we'll definitely be teaching her to save something, even if it's only a small amount, so when that rainy day comes along you've got something to fall back on.

We have a child trust fund and small savings account, but will support more in terms of passing an inheritance straight over skipping our generation

It's important for them to learn how to manage their money.

We try to save around £65 per month for the kids. We spend quite a lot of time talking to them about money and its relative value, and both kids have money boxes for saving pocket money.

We have 3 little ones, but they all have an ISA and we try and add to it where we can, when we can. x

WHEN my son was born we were lucky with lots of small lottery wins nothing over £100 but frequent small sins and so always used to put 1/2 in his account. Coupled with fact hes new years baby we always ask small present and rest cash so we can buy in summer. But we always use our money and leave his in his account.

Last few years been tough for us financially so his account barely grown but we dont touch and hope to be able to regularly add soon