Don't cut back on children's savings

27 Aug 2008

Despite the temptation faced by many to cut back on saving during the current climate, doing so on behalf of children could be detrimental to their future.

That is the opinion of MyEggNest.com, who have noted that parents who benefited from the governments Child Trust Fund (CTF) scheme and gained a £250 vouchers towards their child's future should make sure that they keep up some form of payment.

Joe Louong, a director at the independent children's savings website said: "As parents are feeling the economic slow down, we are urging mums and dads to continue to top up their Child Trust Funds and other children's savings accounts.

"In recent years, we have seen a real positive shift in the nation's savings habits and it will be a travesty for future generations should parents cut down on saving for their children's future in this difficult economic climate."

He added that if saving was hard, making sure that monetary gifts went in to the accounts instead of direct payments would be fine in the short-term.

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