Parents urged to save for the long-term
14/09/2006
Families are being advised to start their children's savings early to give them the best chance of getting the top jobs.
Savings specialist, The Children's Mutual, indicates that the cost of becoming a doctor or architect could total around £70,000, so is urging parents to save for the long-term.
Additionally, the organisation states that the average cost of a three-year vocational course, including accommodation, tuition fees and other equipment, is close to £32,000.
The Children's Mutual suggests that if Child Trust Funds (CTF) existed 18 years ago, an account which had been fully topped up would pay out over £47,000 - enough to fund solicitor, engineering or nursing training.
David White, chief executive of The Children's Mutual, said: "Training to be a doctor, architect or lawyer will be the dream of many A-level graduates this summer, but while they set their heart on a career and focus on the exam results, the cost of training for that profession may require far more planning."
"Finding £100 a month may be out of the reach of many parents with young children, but by saving a little regularly … it could make all the difference when the child reaches 18," he added.
A recent survey by mutual assistance firm engage suggests that grandparents are putting money into CTFs more regularly than parents.
Savings specialist, The Children's Mutual, indicates that the cost of becoming a doctor or architect could total around £70,000, so is urging parents to save for the long-term.
Additionally, the organisation states that the average cost of a three-year vocational course, including accommodation, tuition fees and other equipment, is close to £32,000.
The Children's Mutual suggests that if Child Trust Funds (CTF) existed 18 years ago, an account which had been fully topped up would pay out over £47,000 - enough to fund solicitor, engineering or nursing training.
David White, chief executive of The Children's Mutual, said: "Training to be a doctor, architect or lawyer will be the dream of many A-level graduates this summer, but while they set their heart on a career and focus on the exam results, the cost of training for that profession may require far more planning."
"Finding £100 a month may be out of the reach of many parents with young children, but by saving a little regularly … it could make all the difference when the child reaches 18," he added.
A recent survey by mutual assistance firm engage suggests that grandparents are putting money into CTFs more regularly than parents.
