Sep 25 2008
Parents need to keep saving for their children's future despite the current credit crunch, the head of personal finance at Fool.co.uk has asserted.
David Kuo stated that it is "vital" for parents to begin saving when their children are as young as possible, as then they will have "a much longer period in which to save money".
He also suggested that parents who make a regular habit of saving regardless of the recession may be setting a better example for their children.
"Children will be watching their parents very carefully in the credit crunch and they will be watching their parents to see how they handle their money," he said.
Mr Kuo added that it is important for children to "continue to have confidence" in the adults around them and that financial issues should be explained to them.
According to figures compiled by the Children's Mutual, each child in the UK could receive a sum of more than £29,300 by the age of 18 if their parents invested child benefit payments as part of a child trust fund account.
