According to a survey conducted by Good Finance, three quarters of parents save their children, and one in four of them regularly. The average savings amount is $ 30 per month, which is usually credited to your account. However, most do not save for any particular purpose.
Regular savings for children
“I was delighted that most parents announce that they are saving their children even occasionally. Saving also starts quite soon after the baby is born. This saves time. On the other hand, regular savings for children, for example, are much more common in Sweden. In a survey conducted last year, two-thirds of parents said they regularly save for their child, ” says Sean Cole, private economist at Good Finance.
Frequency of savings
Income levels affect the frequency of savings. Of the households with the lowest gross income, 18% regularly save for their children, compared with 42% for the richest households. On average, you save 30 euros per month, but the amount varies according to age. The older the child, the more it seems to save: for 0-8 year olds the figure was 20 euros, for 9-14 year olds 30 euros and for 15-17 year olds 50 euros per month.
Most respondents (40%) said that the most common reason for not saving is not being able to save even if they wanted to. Only 15% of respondents did not consider it necessary to save a child. Thirteen percent said they planned not to start saving later and most of them said they had a younger child (0-5 years old).
Saving to an account is most common, and about one fifth (19%) of parents save in funds. Half of the respondents (49%) reported a savings account as their saving method, while about a third (30%) favored a savings account. The wealthiest households favor savings in funds and stock markets far more than others.
Two-thirds (63%) do not save their children for any special purpose. One-fifth reported saving as driving license, while 6 percent reported saving on a car. Only 9% said they were saving for a first home.