Finance group studies parents' savings habits
28/03/2007
Some 17 per cent of single parents with kids under the age of 16 made regular contributions to their children's savings accounts during the last six months, new research shows.
This is in comparison to the 42 per cent of still-together couples who made frequent additions to their offspring's accounts, according to engage Mutual Assurance.
Furthermore, the company suggests that lone parents are less likely than couples to give their young ones pocket money.
The study is part of engage Mutual Assurance's 3GB campaign, which looks into how money impacts family relationships.
Karl Elliott, 3GB spokesperson for the organisation, said: "Rising childcare and education costs, along with increases in the cost of living, mean that today's parents are feeling growing financial pressures in bringing up children.
"For lone parents, living on a single income, these pressures may be especially hard to deal with."
However, tax-exempt child savings plans and child trust funds offer "simple" opportunities to save for children, he added.
As well as analysing the UK's financial habits, engage Mutual Assurance offers savings, investments and protection products.
This is in comparison to the 42 per cent of still-together couples who made frequent additions to their offspring's accounts, according to engage Mutual Assurance.
Furthermore, the company suggests that lone parents are less likely than couples to give their young ones pocket money.
The study is part of engage Mutual Assurance's 3GB campaign, which looks into how money impacts family relationships.
Karl Elliott, 3GB spokesperson for the organisation, said: "Rising childcare and education costs, along with increases in the cost of living, mean that today's parents are feeling growing financial pressures in bringing up children.
"For lone parents, living on a single income, these pressures may be especially hard to deal with."
However, tax-exempt child savings plans and child trust funds offer "simple" opportunities to save for children, he added.
As well as analysing the UK's financial habits, engage Mutual Assurance offers savings, investments and protection products.
