One in three parents fail to put money into savings for their children's future, adding to the financial burden placed on the next generation, new research suggests.
National Savings and Investments (NS&I) says parents should not only start saving money for their children's future, but also consider which is the best way of saving money.
Of the parents who are saving money for their children, over half have used piggy banks at some point. A third used an instant access savings account and one in five were saving money in their regular monthly savings account.
Only 17 per cent have sought out a savings vehicle that is tax-efficient, NS&I found.
The government-backed savings and investments provider offers the Inflation-beating Savings range for investments in three-year or five-year Index-linked Savings Certificates.
It also suggests that parents use a Child Trust Fund or NS&I's Children's Bonus Bonds to start saving money for their children.
"If parents wish to give their child the best start in life, it's vital that they begin saving early," commented Karen Jones, NS&I managing director.
She added that the NS&I's inflation-beating savings are 100 per cent secure, tax-free and guaranteed to offer solid and competitive returns – "perfect for long-term savings".
Parents urged to start saving money
Parents urged to start saving money
Tue, 11 Oct 2005
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