We all want to provide our children with the best start in life, so much so that some parents wish to support their children on to the property ladder. However with the average 10% housing deposit in the UK being £20,102 in 2016 it can be difficult to support children as much as some parents might like to. One way of helping our children financially when they get older is by having a long-term savings plan in place for them. But how much do we need to put away each month in order to reach our savings goals for our children?
Shepherds Friendly Society have created an infographic that includes the average prices of many parents saving goals for their children to help you answer the question are you saving enough for your child’s future based on the average prices of the likes of a car, wedding or housing deposit in 2016. However, it is important to bear in mind that these prices are likely to grow.
One way to ensure a healthy deposit for your children would be to put money aside each month. A Junior ISA would be a great way to achieve this as they are tax free and after the initial deposit you can place as little as £10 a month.
Take a look at the infographic below to discover whether you are saving enough for your child’s future: