Give Children An Allowance?
October 26, 2011 by staff
While encouraging families to save for the future instead of living in is never a good thing, the JISA not come anywhere close to replacing the Child Trust Fund.
It may have been ridiculous to the children of higher rate taxpayers £ 250 gifts, but was, perhaps, the only way to help tens of thousands of dollars to families to start saving.
Today many parents with young children struggling to survive day to day, let alone save money for the future.
Research across the country shows 95% of parents think it is important to save their children, but 47% of those who can not afford to invest regularly.
Andrew Hagger of moneynet.co.uk said: “We must return to the habit of saving, so I put even a small amount in a savings account on a weekly / monthly will give your child a head start when they reach 18 .
“It is unfortunate that the JISA not include a government incentive in the way the CBC once – could have a serious impact on the assimilation of these new accounts.”
Parents and new accounts can not be opened CBC children are concerned with existing accounts will be left behind as a lack of competition in the market interest rates will lead to negligible.
The Treasury says there are no immediate plans to merge CTF and ISA Junior, but this has not been ruled out.
This will take you through all your options for saving the children so you can compare products and find one that suits you and your child.
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