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Parents urged to save for children as soon as possible to avoid debt problems

Parents urged to save for children as soon as possible to avoid debt problems

- Thursday, 10 March 2011

A new report by Aviva, which was released yesterday (March 9th) found that five per cent of parents end up with debt problems through borrowing money to help their children financially.

Parents could avoid needing debt advice in the future if they start saving for their children's future sooner rather than later.

According to Simon Hartshorn, marketing manager at Family Investments, which is currently the leading provider of Child Trust Funds, it is better to start saving as early as possible.

He said: "At the moment it's arguably more important than ever; we've got university tuition fees on the rise, you're talking about £9,000 a year for university fees at the top end.

"It can take parents a lot of time to build up a sum to even help their children to achieve this."

It is also harder for the younger generation to buy a house under current economic conditions so saving for a deposit is important, Mr Hartshorn added.
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