Young Britons' financial futures are being boosted by their godparents, new research shows.
British adults saving money on behalf of their godchildren are contributing to the financial security of under-18s, National Savings and Investments (NS&I) found.
One in five godparents are saving money for their godchildren, having opened a savings account or other savings product on their behalf when they were born.
The giving continues throughout the child's life it seems, as 17 per cent of godparents keep giving financial products as gifts for their godchildren.
By investing in financial products like children's bonus savings bonds, premium savings bonds or inflation-beating savings, godparents can ensure they are giving a gift that won't be outgrown, says Karen Jones of NS&I.
Financial gifts that have growth potential over time could benefit children's financial future, by helping them fund a first home or higher education, Ms Jones points out.
Last week, Family Investments research revealed that national savings could be boosted by parents' investments in child trust funds (CTFs), as it fosters a wider savings culture.
The chief executive of Family Investments, John Reeve, urged parents who are yet to invest their CTFs to act quickly.
"Time is now running out as we approach the end of the year and we would urge parents to take action before their choice is taken away and accounts are set up on their behalf," he said.
Godparents saving money could secure kids' future
Godparents saving money could secure kids' future
Tue, 22 Nov 2005
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