Aug 14 2008
Many parents, grandparents and godparents want to start saving for children to pay for university fees, a house or to make an easier start to adult life.
However, families may also want to consider saving to ward off debt, as a new study has found people with children are more likely to struggle financially than those without.
Over 9,500 people were surveyed by debt advice service ClearDebt and the findings suggest parents owe almost a quarter more than couples without children and single people.
On average, respondents with kids have debts of £7,029, according to the report, titled the ReallyWorried About Debt Index 2008.
Furthermore, Charles Davis, economist at the Centre for Economics and Business Research, has said inflation is hitting families and "in real terms, the average family is probably getting poorer".
Mr Davis said everyday expenses such as housing, food, transport and utilities have risen in price and families' "budgets have been squeezed".
