Do you have questions on financial planning for your children’s future? £200 voucher to be won

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Created for OneFamily

Please note we are no longer taking questions on this Q&A. You can view Nici's answers here

It can be difficult knowing where to start when planning financially for your children’s future. We’ve invited Nici Audhlam-Gardiner, OneFamily Chief Commercial Officer and expert in child and family savings to answer your questions.

• Everyone who shares a question below by 1 March will be eligible for the prize draw.
• One lucky Mumsnet user will win a £200 voucher from a store of their choice
• Nici will be back online in a couple of weeks to answer a selection of your questions.

About Nici Audhlam-Gardiner

Nici is passionate about empowering families to make money work for them, from driving OneFamily’s volunteering efforts with local educational charities to improve life chances, to making sure OneFamily products are accessible and easily understood by all. As a mother of two teens, Nici has navigated (survived!) the early years of juggling work and child care, putting the right financial foundations in place for her children, and is now knee-deep in negotiating monthly allowances and post-exam incentive schemes!

Here’s what OneFamily has to say

'As a member-owned business, we are interested in helping create a better financial future for Britain’s young people. From providing accessible, easy to understand products to awarding education grants and giving extra support to customers who need it, we are focused on Inspiring Better Futures.'

So whether you’d like to know the best ways to invest for your children, how much they will need when they turn 18, or you’re after advice on how to support them to become financially savvy, post your question on the thread below.

Thanks and good luck with the prize draw!

MNHQ
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We currently save into accounts directly in the DCs names. I guess that becomes theirs at 16/18. There is always a risk that they'll blow it I guess. Wondering whether to now stop saving into those accounts and to start saving into our own account but earmarked for DC (weddings, university , house deposit etc)

Another option I'm considering is starting a pension for them. DCs are 10 years old Is that tax efficient for us parents in anyway?!

We currently save £100 per month per child into a children’s savings account. I am tempted to put into an isa in my husbands name as he doesn’t use his allowance but they have about 15k already and I’m concerned about putting it in in one go. How much should I drip feed each month?

Is there any benefit to saving in my child's own (named )account? Worry about access to large sums of money and them wasting it (I'm not controlling , honest!)

My son has a One Family account we set up when he was little and added to each year. He can access it when he's 18 (this April).

How does he transfer these savings (around 12k) to his bank when he turns 18? Would you advise doing this?

I don't like the idea of my child suddenly having access to money at 18. Is there a way to tie it up until they are 25 and hopefully have more of a grasp on what to do with a lump sum?

We have credit card debt and a personal loan - I feel we’re better to work on clearing that, rather than saving for uni etc while we still have debt (kids are 7 and 9). Would you say that is correct?

Mine were born in that window of Child Trust Funds. I pay into them monthly but the older one is vastly higher than the newer one, probably to do with 2008 crash. Should I try to balance them a bit or leave it to the gods of the market!

What guidance can you give to parents of disabled children who won't have mental capacity? I believe the govt is looking to simplify the process of accessing their CTF but what are the options post-16, post-18?

With no real benefits to bank savings these days is there any way to open some kind of savings where deposits can be made but not withdrawn, also would these savings count against them if say applying for help with uni costs- is there ever a disadvantage to savings in the child's name.

Thank you

I also would like to know about the account being in the child's name. I have a savings account in my name for my children. I'm just concerned that one of them would fritter it all away when he gets to 18. One is sensible, the other not. So far I haven't opened an account for the spendthrift child!

Is it worth opening a bank account for my 9 year old? He has some pocket money that he's been saving up - about £200 so far. It's just in his money box at the moment but maybe it's better in a bank? Though the interest rates are so low, is it worth it?

What would you recommend for those with less than £50 per month to be able to save and/or invest in low risk?

@CurtainTroubles i didnt even know you could start a pension for a child! I will look into that.

At 18 when the children get access to their savings, is it better to use some of the funds for university, or keep for house deposit and/or start a pension?

We're immigrants in this country and my child is in secondary school. Any advise for us is appreciated considering my child will live in this country and we're already late to the party.

I want to save around £100 pm for my DD (2yo) until she's 18. Which savings account would you recommend? I don't want the funds to be accessed by my daughter; I want to have full control over the money.

What’s the best way to help teenagers manage their finances and plan for their futures.

Hi my children have child trust funds, I'm concerned that they are not making much money, is there are risk of a loss on these?
Also talking about starting pensions for children, I'm seriously thinking about this for my children as my own isn't great. Is it a good idea? Thanks.

We're a low income family with 3 kids and don't have tonnes of money to put away every month. We could manage £50 if that a month for each of them. What would your advise be for people like me? Thank you.

I'm also concerned with CTF is not making any money at all or even losing it. Any reassurances? Thanks

I'm not impressed with One Family. I had Ds1 and also ds2's CTF with them.

Ds1's has just matured, and I rang them because it had devalued so much in the last final year. I had no control over what happened to it in tagged final year, after reviewing the statements for the previous 17 years that seemed fine. The man I spoke to was not helpful. Then I got a letter.

I don't know enough about CTF's to know what to do, to prevent the same happening to ds2's.

How can I avoid my child wasting their savings when they get access at 18? Of course, I will aim to teach and encourage but is there anything that can be done to prevent access until they are older?

What's the best way to invest for my child? To maximise the amount and keep up with inflation? DC has stocks and shares ISA but I wonder if this is the best option?

I save premium bonds for my child but I don't want them to access the money at 16. What would be the best place to invest them from 16-approx 20? Instant access required