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

[CeriMumsnet]

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
Insight T&Cs apply

My DC is nearly 18 and has a JISA. Once he gets control of this (on his next birthday I think?) would it be a good idea to move it into a LISA?

He has an investment JISA but it's not doing so well right now - as the market has gone down such a lot lately. I dripfeed a modest amount into this each month. Is there a better way than this, to save a regular amount for him?

How do I choose an ISA for my children? Is this the best low-risk investment I can choose? I am finding all the information overwhelming when it comes to balancing growth with risk.

Can I open an ISA for my child and include both parents name there but atm only one parent can contribute.

Is there a way to extend the time when my children can access their savings from their JISA's so they don't necessarily have access to all of the money when they turn 18? Hopefully they will have good habits with money by then, but I do worry about it all getting blown in excitement or frivolous things e.g if they're at uni.

Is there anything other than a stocks and shares JISA that will actually grow any savings we manage for dc?

I'm quite risk averse and am considering just a junior savings account, but the interest rate is so low

My daughter is now a teenager. Where is there a good source of information she can access so she can learn about financial planning that is aimed at her age group? I have talked to her about money and budgeting but she doesn’t always listen to her mother!

DCs' child stocks and shares isas will end when they are 18 and due to performing well will be worth about £20k each. Any advice on how to invest that as they won't be needing most of it until they are older eg deposit for house etc.

Would an adult stocks and shares ISA be better than a junior ISA and how high is the risk with a S&S ISA?

My ex took out a S&S ISA for eldest dd to match youngest’s CTF. The document states the intent that it’s for dc. How can I ensure this money goes to eldest dc?

When should you start a pension? It would be great to be able to kick off savings as young as possible!

How much per month should I put into a pension now for my DDs (10 & 12) to give them the best start for their retirement?

I have some savings already in place for my children. A combination of equities and savings accounts.

However, one of my children has SEN and potentially may not really be responsible enough at age 18 to have full control of the money. She is currently 13.

What are our options for keeping the funds safe for her but not letting her make all the financial decisions until she is able to do so sensibly?

When preparing for future costs such as university or a house deposit, is it better to save in the name of the child or the parent? I currently use Junior ISAs for my kids but am concerned that once the money becomes available for them, they will squander it rather than spend it for the planned purpose

So far our 2 year old savings are just in the bank, not even an ISA. Just my partners old bank account. It’s 1k and is rising but only slowly, what should we do knowing it’s only around £500-800 per year increase?

I've got three older teens and am wondering about when is best to give a lump sum to help our DC's out. I've been reading Die with Zero which talks about the balance between health, wealth and opportunities/activities and the author talks about why it's no use your kids inheriting when they are 60(e.g. if we die in our early 80s) as this is the time the money will be least useful to them.

We are supporting through uni and have a lump sum of £10k each in a mutual fund. We also have a monthly savings investment that matures age 21 for each teen and a CTF each at age 18. It's so hard to know when is the right time to give them money as they are all quite different and have different plans and aspirations. If they don't 'need' the money for another 5 y or more after uni I feel like we could put away a fair bit more to help them get on the housing ladder if they want to. I want them to value earning their own money as well as hopefully being in a position to help them get started.

My 10 year old has a kids Metro bank account. Can you think of another bank that offers better interest for kids?

Is like to know about starting a pension for my 16 year old and 13 year old

What's the best way to start if you can't commit to saving large amounts or adding lump sums? I can probably budget £50 each per month for my kids.

I will like to find out best ISA account for young kids, that I am unable to touch. they have an Halifax one but money is accessible yearly.

Is there any savings account where they will be access it only at 21 instead of 18?

How much is the maximum you can invest per year in a child's pension? How do you choose between all the options? It all seems so complicated!

Where is the safest place to put money for a child? ISA, bank account or a trust fund thing?
Thanks

I just still don't 'get' the child isas. I opened one back on 2007 with the government voucher available at the time. (I then had a second child and the voucher was not available and that's my second query!). I keep getting letters asking me (telling me!) to swap it to a different product but I don't know enough to know if that's the best choice. Please explain why an original child trust fund account is not the best place - why do I need to change it?