Good, stable well-paid jobs can be very hard to come by, even for university graduates – and competition is fierce. Then there’s buying a home – each year more and more young adults are giving up on what was once a reasonably straight-forward decision.
And then there’s a possible wedding one day, and maybe kids of their own to look after at some stage. We don’t know what the future will hold but at the moment it seems that giving your children a good financial base to begin their adult lives is more important than ever.
The good thing with kids is that, from the time you have them it’s a long, long time before they’ll have to worry about any of that expensive adult stuff. And that gives you plenty of time to make a huge difference to their prospects starting out.
The most obvious way of making a meaningful contribution to their future success and prosperity is by saving for them over the course of their childhood. And when you think about it, any savings plan, no matter how modest, is going to be worth more than pocket change after 18 or so years.
And imagine the boost it would be to begin your adult life and already have say, half a house deposit already saved or half your Uni fees in the bank.
Obviously money doesn’t solve everything, and hopefully they will have been brought up to be good people as well. Young people have traditionally been known at times to make less than wise decisions concerning money so it’s also important not to neglect basic common sense financial education.
So if you can start saving early for your child or children, and instil in them a sensible, healthy attitude to money as well as some basic financial education then, despite the uncertainties the future holds, you will have gone a long way to giving them the best possible chance of a rosy financial future – with all the positive effects that can have on all aspects of life.
At Metfriendly, you'll find fixed-term saving plans and Junior ISAs designed to help create a nest egg for your children's future. Call us on 01689 891 454 if you'd like to know more.
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