Aug 21 2008
Research from investment provider Skandia has found 40 per cent of parents are worried about their children's financial situation as they get older and expect to help pay off debts well into their kids' adulthood.
Commenting on this figure, Addidi Wealth's director Anna Sofat said it is partly due to the rising costs of education and the fact that more people are going to university.
The top thirty per cent of the population now goes to university – as opposed to the former figure of five per cent – and without grants parents are having to fund tuition, she explained.
However, Ms Sofat added that the introduction of Child Trust Fund vouchers are making parents consider saving for children earlier on.
"I am finding that more and more parents are now planning ahead and beginning to save from the time their children are born," she said.
She went on to say that parents can now invest in children's pensions but this may take money away from their own retirements.
