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
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My second query... if I want to ensure my second child has a comparable amount on turning 18 to their sibling who had a government trust fund account with the £250 voucher, what's the beat way to do this? A normal savings account? Some sort of high yield account? What are the options that allow my child to be in full control of the account, but not until they turn 18.

What's the best way to keep money away from your kids when they turn 18. I just don't want them to have access to our savings for them until they turn 25 or so.

Are premium bonds currently the safest way to invest £50 a month for a child? We’ve been recommended a JISA but I would like the opportunity to be able to withdraw money before my child turns 18 (if he wanted it to fund something at 16 years old say) and it’s my understanding with a JISA it’s a longer term investment?

Thank you

What is the best age for a parent to take out a funeral policy to prevent children being financially burdened in the future?

I'm another parent interested in how to save for a child but lock it up until I choose to hand it over or they turn 25.

I don't want to save for years to fund a year long holiday in Thailand instead of Uni or a girlfriends awesome birthday present that seems like a great idea to an 18 year old boy (have seen both done).

My MIL wants to set up an 'inheritance' for when he is 21, a significant sum, but I want to get the best return for him - is it better for one lump sum - or topping up an ISA ? Need advice .... what's the best for a child,

Should I keep my child's CTF going or transfer it to an ISA?

Are savings at 18 discounted from the amount of student loan you can borrow?

Thanks

In 2003 there was 250 pounds given to open saving accounts for the babies born that year. Is there anything available now? Where to save better ?

How can we ensure that when they access to the cash it’s not wasted?

Can you have both a savings and current account for children that is theirs alone? My 11-year old has asked for savings account you want to save part of her allowance every week and I want to encourage this.

Do you carry out any work with schools to help children understand why saving for their future is so important ? If so can you send me any handouts to help with my children 8 and 11.

What are your views on Bitcoin - is that worth investing in long term ?

My MIL has bought DS1 and 2 £10k in premium bonds each - (she is a massive fan of them and has wins £25 - £100 each month with them. We have won £200 in a year - but is this worth transferring into an ISA, or just accrue the 'winnings' which are paid into the account.
I know it's just down to luck, but they have earned more than any ISA would

What would you do with the child trust fund - what is the best LONG TERM option (DS 5 and 9)

If I get a child ISA - we we change our mind and put the money into another savings account if interest rates start to climb ?

Hi, I’m looking to send my two children to private secondary school - one would be starting in 7 years and the other in 9 years. Is there a tool I could use to calculate how much I need to save / invest each year to achieve this? Would like to have an investment that produces enough for the fees and doesn’t use capital if possible. Any advice appreciated 🙂

I want to put a small amount monthly into a pension for the children, until they are 18. What is the best way of doing this?

I think the retirement age will be so high, plus not sure if there will be any state pension provision, when DD's are older - To enable them to have a nestegg to retire at 55-60 what is your best advice - and how much would you start putting away now for them in an ISA ? (we have disposable income off around £1,500 a month)

What is the best ISA you would recommend, how much would you put away, and can they withdraw any accumulated interest ?

What are your thoughts on buying into stocks and shares for your child, picking a blue chip option, would that be a better return long term ? (thinking 30k)

What you envisage would be the state pension provisions for your children - given the retirement age is now 67 - is it an absolute necessity to save for any sort of retirement at a reasonable age

My dd has a decent chunk of money in savings, for now it's in a standard savings account for her and not doing much. When she's much older I want to transfer it into my name because I don't want a 16 yo to get her hands on £25k. What is the best way to save it now meaning I can still access it and move it at the appropriate time (7 years away).

I want to make a regular investment for my child’s future - should I consider a junior pension or an ISA?

Is it too risky to save for our child by over paying our mortgage ? It has the highest interest rate in our finances so over paying means we save more long term - but when it becomes equity is is more of a risk than a less amount in the bank?