It’s an interesting question – are you saving enough for you child’s future? Are they entitled to this/should you try/is this necessary. All questions that should rightly be considered, however I think even if you decide not to save up for specific events for them, it’s interesting to find out how much they might need and how much some things might cost.
I left university at a golden time for a career in the Law. Times were good and people were encouraged to take some time out and travel before starting work. My company even paid for my law course (very rare now) and banks were throwing money at graduates to pay for this course for those not so lucky. So I persuaded my bank to lend me the money they would have lent me for the course (around £7,000) and went travelling round the world. The wanderlust started then!
According to this survey you would need between £1500 and £10,000 for that round the world ticket now – the flights might be getting cheaper but the world is strangely getting dearer to travel in and often more frightening.
Are you saving up for your child’s future and if so, what for?
Below is an infographic produced by Shepherds Friendly who offer child saving plans such as a Junior ISA.