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Your children’s milestones could cost over a quarter of a million pounds

Over a third of parents (41 per cent) do not save regularly for their children’s future, although now could be a good time to start

 

Those that do save, on average, £34 a month for each child, which would generate an estimated pot of £35,395 for their 18th birthday.

For parents having children today, major milestones include learning to drive, heading off to university and getting married.

The landmark of buying a house, which would currently set you back an average of £179,492, could actually cost £1,255,965 when the child reaches 30 – the average age to buy a property.

Even helping with a 10 per cent deposit on an `average’ house would mean finding £125,596 (£17,949 in today’s money).

According to a new report, dads are less willing to save for their children than mums, as 8 per cent claim they are saving for their own retirement.

Only two-thirds of dads (62 per cent) have any intention of saving and almost all mums (91 per cent) really wish they could save for their kids.

These mums would like to save £1,660 a year for each child if they were able to afford it, more than four times the national average of just £410 a year.  

This month the Government has finally allowed parents to exit long-standing Child Trust Funds, which were scrapped in 2011, in favour of Junior ISAs.

However new research from price comparison website money.co.uk reveals that parents planning to foot the bill for their offspring’s major life milestones might need to find a whopping £259,000.

These milestones include learning to drive, going to university and getting married.

Its claimed that of those that do save for their children, over one in three (34 per cent) would really like them to invest this money in further education when they reach 18.

Perhaps it’s time to buy a piggy bank.

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