Parents should open a saving account for their child as soon as possible, according to one expert.
David Kuo, head of personal finance at money website Fool.co.uk, explained that by putting cash into a savings account, people will be able to give their offspring a head start in life.
"Parents do need to take on the responsibility of saving for a child from a very early age so that the child at the age of 18 or 20 will then have one less thing to worry about," he said.
Kids whose parents have opened a savings account will be able to use it to help them buy a house, or could transfer it to another product once they are old enough, Mr Kuo added.
Failing this, the savings cash could just be used for "general expenditure", he stated.
Recently, Nationwide Building Society called on more people to open savings accounts, explaining that having a nest egg during an economic downturn is vital.
Parents urged to open savings accounts for their kids
Financial Services > Savings > Savings and Investments News
Parents urged to open savings accounts for their kids
Fri, 13 Feb 2009
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