Home » Misc » How much are you saving for your child’s future?
How much are you saving for your child's future?

How much are you saving for your child’s future?

Over the next few weeks, we’ll be continuing to bring a series of sponsored posts to the Teacher’s Pet blog, based on the results of the savings research we carried out earlier in the year.

Our first blog post for Teacher’s Pet discussed whether people were saving for their children’s futures, revealing that just 38% of parents said they were saving on behalf of their children.

This post focuses on the parents who were saving for their children and looks at how much they were putting aside.

How much are parents saving?

As we mentioned in last week’s post, 57% of respondents said they were saving in their children’s names and 38% were saving on behalf of their children. Parents who were saving on behalf of their children were much more likely to save larger amounts, with 44% saving between £200 and £1,000 annually.

Saving goals

From university fees to a first car to money to go travelling with, parents have very different ideas for how their children’s savings should be spent.

Just 17% of respondents saving on behalf of their children said they would let the child have complete control over their money, while most (45%) would want to have a say in how they would spend some of the money.

But whether you’re going to give your child complete control over how the money is spent or not, visualising an end goal can motivate you to save more.

Of the parents we spoke to, education and housing were two of the biggest goals for saving, with 21% planning to give their child more than £5,000 for university and 22% aiming to save more than £5,000 to go towards a deposit on a first house.

Next week’s blog post will go into more detail about what parents are saving for.

For more information about Teachers Assurance, please visit https://www.teachersassurance.co.uk or call us on 0800 056 0563.

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.

No Comments to “How much are you saving for your child’s future?”

Leave a Comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

2 Pingbacks

  1. November 21, 2014 at 15:14:02
    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 they’re not. Our final post looks at […]
  2. November 6, 2014 at 13:14:30
    pingback: What are parents saving for? - […] we revealed in last week’s post, the parents we spoke to felt that education and housing were two of the biggest children’s […]