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Is it time to start saving for the kids

More and more people in the UK are looking to set up regular savings accounts for their children in the hope of putting aside a significant nest-egg when they reach 18, 21 or some other predefined age. While many have invested in the likes of unit trusts and other collective investments, more and more people are just opening plain bank accounts and paying relatively small but regular contributions.

At some stage it would seem sensible to look towards investing these funds for the future, bearing in mind they may not be required for anything up to 25 years, as plain savings account have historically produced a significantly lower investment return compared to for example the stock market. Anybody who looks towards investing their funds into the stock market needs to take professional advice before doing so as there are many different types of investment vehicles available.

Unfortunately, many people are unable to put aside significant funds for their children in the short to medium term as they battle to survive day by day. However, the impact of the economy should reduce in the medium to longer term when more people will no doubt be looking towards saving for their children again.

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