Jul 31 2007
Parents across the UK have been urged to invest their money wisely in order to cover the costs associated with bringing up children.
Figures compiled by Invesco Perpetual show that the typical costs of raising a child in Britain amount to over £43,000 and the financial services firm suggests that savvy investments can help parents balance their books.
Shrewd investment can be particularly important for those parents who are aiming to send their son or daughter to fee-paying schools, which can mean the cost of raising a child from birth to age 18 increases more than threefold.
"If your intention is to pay for your child's secondary education i.e., for up to seven years from age 11 to 18, then equity based investments could be worth considering," said Rick White, marketing director at Invesco Perpetual.
"The reason being, that historically, the stock market has produced greater returns over the long term, than other popular securities such as bonds, gilts and deposit accounts."
Meanwhile, personal finance experts at Bradford & Bingley recently urged British consumers to consider how they might be affected by issues relating to inheritance tax.
