Having been very lucky to receive financial support from our own parents, my husband and I know that we'd like to do the same for our children. Parents that are saving for their children have some ideas about how they would like their children to spend that money. Of those surveyed, 32.8% would like the money to go towards a house deposit, 10.4% towards their first car and 20.7% towards University fees, with 36.1% having other goals in mind such as a wedding or a round the world trip. Personally I'd prioritise the University fees and a house deposit - I'd expect them to save up themselves for travelling around the world!
There are lots of different saving options, for example a Junior ISA, where the capital growth is tax free and friends and family can also contribute on behalf of the child. You can see the average costs of some of these expenses in the infographic below, and there is also a simple calculator to work out how much you need to save each month, and over how many years, in order to reach your saving goal.
Have a look at the infographic below to see - are you saving enough for your child?