Poorest families save more for their children
According to a recent study, consumers in the UK who suffer with an adverse credit rating and/or bad debt are amongst the most likely candidates to allocate any spare funds towards their children’s futures.
One of the UK’s largest investment firms discovered that Brits who fall below the countries national average for take home pay, are sacrificing the possibility of having an annual holiday or a new vehicle, and will also put off buying a home for an average of 10 years all for the sake of their children.
Instead, such Brits will allocate around one and a half per cent of their annual take home pay towards child specific investment funds, private saving accounts and higher learning fees. On the other side of the coin, families who fall into higher income brackets are said to invest less than half of that devoted by lower income families.
One expert suggested, that parents who have come from tougher financial backgrounds appear to be more inclined to save for their children’s future as a means to provide a better quality of life or to ensure that they get the best possible start to adulthood. However, he also commented on the importance for all parents to set something aside for their children, regardless of their financial position.
