From pram to property: Legal & General investments launches children's savings guide
28 May 2013
Are you one of the many parents celebrating your child getting into the primary school of their choice, or are you on the other side of the fence, feeling frustrated that your child wasn't offered their first choice?
We all want to make the best choices for our children to see them through their journey into adulthood.
Sometimes the choices that parents have to make can seem overwhelming, particularly when it comes to finances. That's why, on the first anniversary of its Junior ISA, Legal & General Investments have launched a helpful Guide to Children's Finance. This easy to read guide signposts parents through different savings options.
The Guide is designed to help parents, grandparents or family friends who wish to contribute to a child's financial future. It follows recent research by Legal & General Investments in which parents predicted that it would cost over £24,000 to support their children past the age of 18.
The Guide to Children's Finance sets out the journey from a child's first year to first home, offering information on the financial support available to families. It also explores the typical costs that must be covered as the child grows up, from pram to property.
Simon Taylor, Head of Consumer Marketing at Legal & General Investments, said: "We all know that having a child or grandchild is expensive, but we were very surprised to find in our research that a child's 18th birthday is no longer seen as the start of their financial independence. A remarkable 27% of parents never expect their children to be financially independent. It's vital to begin planning as early as possible, in order to support a child's long term financial requirements."
The Guide outlines five of the most common saving and investments options over the short, medium and long term, explaining the concepts and levels of risk involved for anyone who might be new to investing.
Children's Savings Accounts
Index-linked Savings Certificates
Simon Taylor continued: "With our Guide to Children's Finance, we're trying to help make the big choices a little easier when it comes to providing financially for a child's future. It may be daunting at first, but with the right knowledge these financial decisions can be made with confidence and for the long term."
Legal & General Investments' Guide to Children's Finance is available on the website at www.legalandgeneral.com/childrenssavings
Notes to editors
The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
The Legal & General Group, established in 1836, is one of the UK's leading financial services companies. As at 31 December 2012, we were responsible for investing £413 billion worldwide on behalf of investors, policyholders and shareholders. We also had over seven million customers in the UK for our life assurance, pensions, investments and general insurance plans.
The value of a stocks and shares Junior ISA may fall as well as rise and is not guaranteed. The child may get back less than the amount invested.
For more information please contact:
PR Manager Legal & General Group
t: +44 (0) 203 124 2092