Jan 24 2008
Parents who regularly add funds to a saving accounts opened on behalf of their children are giving them a healthy nest-egg that will be useful in their later life, it has been suggested.
According to the Norwich and Peterborough Building Society, parents who contribute to a child savings account on a monthly basis are giving their son or daughter's future an average boost of around £1,300 per year.
In addition, the building society reports that August is the most popular month for parents, family members and even children themselves to make contributions to an account opened on their behalf.
"While these figures are encouraging, more still needs to be done to highlight the benefits of saving to those who either don't save at all, or who do so rarely," said Gary Lacey, group product manager at Norwich and Peterborough.
"Actively putting aside regular amounts instills a positive savings habit in children and adults alike, and can really add up in the long run."
The Tax Incentivised Savings Association reported recently that typical contribution levels for child trust funds are continuing to rise across the country.
