Families 'should plan for their children's future
www.moneynews.co.uk > Banking > Families 'should plan for their children's future
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Money News |
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Families 'should plan for their children's future
Wed 29th Feb 2012
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Michael Garvey, chartered financial planner at Edinburgh Wealth Management, said Junior Isas are a good saving platform for families, as they allow parents to begin building up a nest egg for their children that will be of great use to them when they reach adulthood.
He commented: "It could be used to give a child an early start in adult life, to go towards a deposit for a house, a wedding, whatever the aspiration of [an] adult/young adult might become."
According to Andrew Watson, parenting expert and author, young people should be taught the necessary skills for good financial management as early as possible.
He argued that providing 16-year-olds with their own bank account can help them build budgeting skills that will stand them in good stead throughout their lives.
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