- Thursday, 17 June 2010The government seems to be giving less support for those who want to save despite parents wanting to put money aside for their children, suggests Kate Moore from Family Investments.
Parents may want to start saving for their children's futures in order to fund education or help them buy a house in later life – without needing to get a
debt management plan.
Family Investments, the lead provider of Child Trust Funds, believes it will get tougher for parents to start saving for their youngsters, especially as incentives are being abolished.
Kate Moore, head of savings and investments for the firm, said: "What we found last year when the recession really bit is that in terms of savings for children, the last thing that people want to do is to stop saving for their kid's future."
The phasing out of Child Trust Funds could dissuade consumers from putting money aside for their offspring as they will not know where to start, Ms Moore added.
According to the Scottish Widows Savings and Investment report, 19 per cent think they will need to provide more for their children when they grow up as credit will be harder to get.
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