The amount of money being saved into Cash ISA Savings has dropped by a third, according to HMRC.
Official figures show that during the tax year of 2016 to 2017, the amount of money invested into cash ISA’s fell by just over £19.5 billion to £39.2 billion.
There was also a fall in the number of new cash ISA accounts being opened, with just over 1.6 million fewer accounts being taken out in the last financial tax year as the number fell to just over 8.5 million in total.
Taking the decision to start a family is a major turning point in life. Raising a child not only involves a great deal of responsibility but can have huge implications for your financial situation.
In fact, LV estimates that parents will spend an average of £231,843 on a child in the first 21 years of his or her life, up £2,500 from 2015.
Ensuring that you can cover the day-to-day costs is likely to take priority when you first start a family.
However, making sure that you safeguard your child’s financial future is equally important.
Long-term planning is key, and being aware of your financial options will put you in a much better position to help your child save for the future.
There are some different financial products you can use to your child’s advantage. Consider your priorities and your short and long-term goals when deciding on your strategy. Here are some things to consider when planning saving for your child’s future.
In this month’s Money management Tips
Money management tips, explains, understanding the consequences of poor money management is essential for financial security.
There are changes to mortgage tax relief that buy-to-let mortgage applicants may not be aware of.
The Bank of England expects average wages to rise by 3% in 2016.
There is a lack of confidence in whether home insurance policies will pay out.
A new kind of Innovative Finance ISA will be available from April 2016.