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What are parents saving for?

What are parents saving for?

In the third of five sponsored blog posts for Teacher’s Pet, we continue to explore the findings from our recent research into parents’ savings habits.

Conducted in conjunction with research specialist Opinion Matters, the Teachers Assurance survey questioned 2,043 UK adults to find out whether they’re saving, how they’re saving and what they’re saving for.

Following on from our previous two blog posts for Teacher’s Pet, which discussed whether parents are saving and how much, this post looks at the things parents are saving for.

How the money will be spent?

Whether it’s money for university fees, a deposit for a first house or contributing towards the cost of a wedding, saving for a child can help to give them the best start in life.

Of the parents we spoke to, university costs, a deposit for a house and buying a first car were the most common saving goals. Parents were most likely to contribute towards university fees (67%), help with a deposit for a first home (62%) or pay for a first car (66%) but less likely to give their child money to travel the world (45%).

To gain additional insight into the things parents are saving for, we invited some mums and their children to speak to us about their savings habits. Watch the video below to hear what they said.

What are you saving for?

As we revealed in last week’s post, the parents we spoke to felt that education and housing were two of the biggest children’s savings goals. However everyone is different and we don’t all have the same expectations. You might not anticipate your child going to university, preferring instead to save for a first car or the cost of your child’s wedding. Or you might want them to explore the culture and excitement the world has to offer by contributing towards their travelling fund.

Whatever you’re saving for, there are many different ways in which you can do so, from putting aside a regular amount each month to investing a one off lump sum.

If you’d like 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.

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