Nov 21 2006
Younger savers putting away regular amounts of money or those saving frequently for their child will be able to amass a significant amount of money without the need for a large initial investment, it has been claimed.
Hargreaves Lansdown has reported that people in their 20s can save regularly without needing to deposit a large lump sum that may not be available to them.
It added that savers would still have access to this money if it needed to be spent in case of emergency.
Meera Patel, senior analyst at the asset management company, said: "You don't have to have a thousand or ten thousand pounds - just put away £50 a month over 18 years.
"Over that length of time, in the equity market, there is potential for that to become a really attractive sum for your child's future."
Scarborough building society recently announced the launch of a family savings account aimed exclusively at parents and guardians of young children.
