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Are you saving for your children?

Are you saving for your children?

Earlier in the year, Teacher Assurance teamed up with research specialist Opinion Matters to conduct a survey about parent’s attitudes towards saving for their children. Now, we’re bringing the results of the research to the Teacher’s Pet blog, in a series of five sponsored posts.

The Teachers Assurance research questioned more than 2,000 UK adults to determine whether parents were putting money aside for their children’s futures, what the money was going towards and any factors which may have been preventing them from saving.

Our first post focusses on whether parents were saving for their children and how they were doing so.

So, are parents saving for their children?

Despite the fact that living costs are going up, Teachers Assurance found that many parents weren’t saving for their child. 43% of parents said they weren’t saving in the child’s name, for example in a child’s savings account and 62% said they weren’t saving on behalf of their child, in order to gift when they’re older.

Preparing for their future

Whether it’s university fees, a first car or money towards a deposit on a new home, as children grow up, their financial needs become more and more sophisticated. Savings and investment plans for children are a great way of giving a child a head start in life. What’s more, it can get them into good saving habits from an early age, as worryingly, more than half (53%) of the respondents of the Teachers Assurance survey said they weren’t teaching their children about saving.

If you’d like more information about Teachers Assurance, please visit https://www.teachersassurance.co.uk or call us on 0800 056 0563.

Are you saving for your child? If so, we’d love to hear from you on Twitter. Find us here: https://twitter.com/teachersfinance.

Author: Teachers Assurance

Understanding our customers’ financial needs is our business. When life is too busy and stressful to look beyond the here and now, Teachers Assurance helps customers to think ahead to what they could make from their money. It is our aim to help our customers think ahead, make plans and start saving regularly now for a brighter financial future.

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3 Pingbacks

  1. November 21, 2014 at 15:12:57
    pingback: How much do you think your child’s future will cost? - […] we discussed whether parents were saving for their children, if so how much they were saving and what they were saving for and if not, the reasons why […]
  2. November 14, 2014 at 13:30:25
    pingback: Why aren’t parents saving for their children? - […] on from our previous three posts about whether people are saving and if so what they’re saving for, this post looks at the reasons why parents might not be […]
  3. November 3, 2014 at 13:16:21
    pingback: How much are you saving for your child’s future? - […] first blog post for Teacher’s Pet discussed whether people were saving for their children’s futures, revealing […]