Save for children 'despite credit crunch'

This month, parents in the UK have been advised to continue saving for their children, despite the economic pressures they may be facing.

Commenting on the issue, David Kuo, head of personal finance at Fool.co.uk, said it is "vital" for parents to begin saving when their children are as young as possible in order to maximise the time they have to accrue money.

http://www.savingforchildren.co.uk/Credit-crunch-should-not-deter-parents-from-saving--181_1_18798188.html

Consumers looking to follow Mr Kuo's advice may be interested in comments made recently by Daniela Gieseler, spokesperson for Fairinvestment.co.uk.

The finance expert said people should "tighten their purse strings" in the wake of current economic difficulties.

She stated: "There are a number of things you can do to practice damage control and limit your financial fallout from the credit crunch, such as cutting back to save pennies where possible and practicing good money management."

http://www.savingforchildren.co.uk/Parents-should-tighten-their-purse-strings--181_1_18788204.html

Indeed, parents may well have to cut back on their outgoings if the results of a recent survey conducted by National Savings and Investments are anything to go by.

According to the organisation, many parents are willing to go into debt in order to ensure their offspring are provided with the best opportunities in life.

http://www.savingforchildren.co.uk/Parents-willing-to-splash-out-on-children-s-future--181_1_18790503.html

However, despite the advice of financial experts such as Mr Kuo, 21 per cent of parents recently questioned reported they intend to stop making regular contributions to Child Trust Funds in order to help make ends meet.

http://www.savingforchildren.co.uk/-Cut-backs-on-CTFs-to-be-made-in-light-of-economic-conditions--181_1_18783916.html

Meanwhile, other research published this month revealed that the cost of private school fees has risen significantly over recent times.

Figures produced by Halifax Financial Services indicated that such fees have increased by an average of 40 per cent over the last five years.

Commenting on the issue, Hugo Shaw, investment adviser at Bestinvest, said: "Living costs, mortgage costs et cetera have shot up in recent years. Add to this the rise in school fees and it makes for a situation that is more expensive than most parents had been budgeting for."

http://www.savingforchildren.co.uk/Rise-in-school-fees-stretching-parent-s-savings--181_1_18779278.html

Parents struggling to cope with financial pressures may have been among those using the internet to seek advice.

A study conducted by this month by IFA Life found that there has been 70 per cent rise in the amount of online coverage of financial matters over the summer, with many websites providing advice on how to find and choose an independent financial advisor.

http://www.savingforchildren.co.uk/Web-increasingly-urging-consumers-to-seek-financial-advice--181_1_18794729.html