Feb 20 2008
A report from Engage Mutual Assurance has suggested that millions of parents around the UK will reduce the amount of money they contribute to their child's savings fund in 2008.
The financial services firm has revealed that more than one in five British parents with children aged under 18 anticipate that their capacity to add to their son or daughter's savings funds will be diminished this year.
Furthermore, a majority of parents expect that they will have to spend less money on their children during 2008 than was the case last year in light of what is perceived as a more difficult economic climate, Engage Mutual reports.
In response to the research, Karl Elliott, 3GB spokesperson for Engage Mutual Assurance, said: "We encourage parents to continue saving little and often for their children's future."
"Saving just £5 a month into a child trust fund makes saving affordable for everyone," he added.
Earlier this week, a report from Friends Provident suggested that millions of British consumers are planning to redouble their savings efforts as part of a "financial makeover" in 2008.
