Parents 'prefer to invest for the future'
19/02/2007
Nearly half of parents prefer not to give their children pocket money, choosing instead to save money and invest for the future, new research reveals.
According to data from Engage Mutual Assurance, 48 per cent of parents with kids in the under-16 age bracket did not give them pocket money in the last six months.
Some 41 per cent of children have investments made on their behalf, Engage Mutual suggests.
In comparison, research released by HBOS in March 2006 showed that 27 per cent of people were saving for their children.
Karl Elliott, a spokesperson for Engage Mutual Assurance, said: "With today's children facing increasing costs of university and living when they reach adulthood, it is important that parents make an effort to prepare them for the financial challenges of adulthood."
He encouraged parents to consider the "fine balance" between giving children what they want today and helping them in the future.
Meanwhile, a study from the BBC last year claimed the cost of bringing up children is rising at a faster rate than inflation, increasing nine per cent in the 12 months to November 2006 and standing at £180,137 by the child's 21st birthday.
According to data from Engage Mutual Assurance, 48 per cent of parents with kids in the under-16 age bracket did not give them pocket money in the last six months.
Some 41 per cent of children have investments made on their behalf, Engage Mutual suggests.
In comparison, research released by HBOS in March 2006 showed that 27 per cent of people were saving for their children.
Karl Elliott, a spokesperson for Engage Mutual Assurance, said: "With today's children facing increasing costs of university and living when they reach adulthood, it is important that parents make an effort to prepare them for the financial challenges of adulthood."
He encouraged parents to consider the "fine balance" between giving children what they want today and helping them in the future.
Meanwhile, a study from the BBC last year claimed the cost of bringing up children is rising at a faster rate than inflation, increasing nine per cent in the 12 months to November 2006 and standing at £180,137 by the child's 21st birthday.
