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Children's savings plans

Prior to the economic slowdown there was a growing trend towards putting money aside for children for their older years. But when do you start? How much do you save? Where do you deposit the money?

There is now a whole industry dedicated to children's investments and the associated tax benefits which are attached. Whether you are looking at a basic deposit account, an investment fund or some other form of children's bond there are numerous options and masses of advice available. But when do you start?

The beauty about saving for your kids is the fact that you only have to put aside a few pounds a month to get started because if all goes to plan you could be investing money on their behalf until they are 16, 18 or perhaps 21. The accumulation of interest, investment returns and the basic amount of money you put aside should grow steadily and could end up as a nice little nest egg for a child.

If, as we are seeing now, money is tight and you maybe need to retain as much as you can to get YOU by then all you do is take a contributions holiday and cancel any payments until you are back on your feet.

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