May 24 2007
Given the costs associated with raising a child in Britain today it is vital that parents save for their offspring's future, experts from Bradford & Bingley have said.
Citing figures from Liverpool Victoria showing that between birth and the age of 21 children cost their parents over £180,000, the financial service provider insists that families around the country should start saving for their children "as soon as they can".
Furthermore, Bradford & Bingley is suggesting that parents should take advantage of the potential tax breaks offered by the government on accounts, including child trust funds, designated for the future financial security of British children.
Andrew Stead, head of wealth at Bradford & Bingley, said: "If consumers are willing to spend a few spare hours getting their finances in order, rather than spending unnecessary money on the taxman, then they stand to reap substantial rewards in the long-term with a potentially smaller tax bill and greater financial peace of mind."
Under the terms of a government initiative launched to give Britons a stronger financial footing as they enter adulthood, each child born in the UK after September 2002 is allocated a trust fund, which cannot be accessed until the person reaches 18 years old.
