Saving Your Child’s Benefits Can Offer Great Returns
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According to new calculations from the Children’s Mutual, a child could have more than £29,300 savings at 18 years old if their families invested child benefits into their Child Trust Fund.
Recent research found that 29 per cent of parents presently say they’re saving their children’s child benefit. Whereas most families use child benefits for essentials. The Children’s Mutual advised to consider saving all or part of the benefits for the children’s future.
The chief executive of the Children’s Mutual, David White, said:
For parents who can afford it, investing child benefit into a child trust fund account could make a sizeable difference to their child’s future.
According to our calculations, £29,300 could cover a first-home deposit, the cost of a wedding or make a significant contribution to higher education costs in 18 years’ time.
The Children’s Mutual has launched a free helpline on 0800 040 7262. The Essential Guide to Money for Parents was designed to help future or new parents know about what benefits they are entitled to, covering everything from tax credits, government benefits to NHS services.
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