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Why aren't parents saving for their children?

Why aren’t parents saving for their children?

The fourth of our sponsored posts for the Teacher’s Pet blog continues to present the findings from our recent research into parents’ savings habits.

Following 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 saving.

What are the factors affecting children’s savings?

The main reason respondents gave for not saving for their children’s futures was that they couldn’t afford to (65%).

Of those who weren’t saving for their children, 30% said they were worried that their child would waste the money saved and 30% thought that their money wouldn’t be worth as much in the future. Interestingly, men were more likely than women to say they’d never thought about saving for their children (17% compared to 8%).

Saving for a child

16% of the parents we spoke to felt that it would be too complicated to set up a savings plan or investment on behalf of a child. But children’s savings and investments are simpler than you might think.

Just putting a small amount aside each month can add up to a substantial amount over time. So assessing your household budget and working out how much you can afford to save can really pay off in the future.

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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