| British parents save for their children, says research study |
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LONDON: British parents are seen to be saving for their children, according to a research report by analyst firm Mintel. It said nearly three quarters of parents with children under 14 said they are earmarking money for saving to make their children's future bright. And the number of parents thus saving has risen by nearly a million to 5.7 million since 2003, the report added.
Mintel's senior financial analyst Sarah Hitchcock said parents are saving to meet their children's costs of higher education and their first home. The number of parents who put money aside when they can afford to do so has risen by a similar amount to 3.4 million.
But some 3.5 million parents save rarely or never for their offspring's future, the findings, titled Savings Products for Children, said.
The report, which covered 2,000 adults, found that grandparents are also getting in on the savings act. Some 6 per cent regularly saved money for their grandchildren, while another 5 per cent saved when they could afford to do so.
Hitchcock said university education is a big financial commitment and with many women having children later in age than in previous times, parents may find themselves to be funding their children's education when they themselves are on the verge of retirement and needed savings for their own survival.
Posted
on : Sun, 30 Oct 2005 08:05 GMT | Investments News
By : Mark Richardson
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