Oct 23 2008
Investing in a child savings plan can make a significant difference to their financial wellbeing later in life, it has been suggested.
Using the example of singer-turned-actress Billie Piper, who is celebrating the birth of her first child, Virgin Money states that a savings pot of over £1 million could be amassed for the infant by the time he reaches the age of 65 if £100 is put away each month into a pension.
"With any savings plan the more you put in the more your child will get back at the end," stated Grant Bather, a spokesman at Virgin Money.
"But with pensions especially, even modest amounts saved now will make a big difference in later years," he added.
In other news, the amount of money deposited in individual savings accounts by consumers in the UK, potentially including those saving for children, has risen seven-fold since 2000, figures produced by HM Revenues and Customs and the Department for Work and Pensions suggest.
