Parents could take advantage of savings accounts in order to help provide for their child when leaving home, an expert has stated.
If child trust fund savings accounts had existed 18 years ago, parents who had saved £36 a month would have the £17,677 needed to help their offspring find a mortgage, The Children's Mutual has claimed.
For parents currently putting money into savings accounts, the organisation claims that £73 a month could help a child to find a mortgage in 18 years time.
David White, chief executive of The Children's Mutual, commented: "For parents of younger children, saving regularly over the long term can help to avoid the headache of finding a larger lump sum as they head toward retirement age.
"The Child Trust Fund has been designed so anyone can contribute financially to a child's future and we are seeing many grandparents and other family members helping to top up accounts."
Mr White continues that whether helping to find a mortgage, paying education fees, or setting up a business, the savings accounts could give children a good start when reaching adulthood.
Recent research from The Children's Mutual indicated that 84 per cent of eligible children now have a child trust fund.
Savings accounts could help parents provide, expert advises
Savings accounts could help parents provide, expert advises
Thu, 10 Aug 2006
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