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Tuesday 10th April 2007
Parents have been advised to invest in a child trust fund (CTF) as children are becoming more of a financial burden.
Almost three quarters (73 per cent) of 11- and 15-year-olds in the UK expect their parents to help fund their time at university, CTF provider Children's Mutual has revealed.
What's more, 60 per cent of the same group believe their parents will help them buy their first house.
David White, chief executive of Children's Mutual, believes the best way for parents to avoid disappointing their offspring is to open a CTF to save for the future.
"Our research shows that children have high ambitions and many are hoping their parents will pay," he said.
"Raising children can be expensive and parents need to be prepared. The CTF provides a fantastic opportunity to encourage parents to save small amounts regularly, over the long term, helping to meet their children's expectations.
"By saving over 18 years, it could prove easier for parents to help fund their children's futures, rather than by having to find money out of savings, earned income or their mortgage when their child is older."
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