Parents look to future with saving plans

Nearly eight in 10 parents with younger children hope to develop better money habits in the coming months, a survey has found.

Some 78% of parents with children aged 10 or under want to make savvier money decisions over the coming year to benefit their child’s future, according to the Royal Mint.

Just over three-quarters (76%) of parents said the economic troubles of the past year had made them realise the importance of saving for the future, while 62% were looking for new ways to invest to support their children.

But 23% of parents had not set up a savings account for their offspring. Some said they simply had not got round to it, while others needed to prioritise day-to-day expenses, or did not know how to go about investing.

Some parents were also worried about being scammed.

Karina Hicks, head of precious metals marketing at the Royal Mint, said: “Our Savings Report for 2021 shows UK parents are vowing to make savvier financial choices in the future.”

The Mint has an online account called Little Treasures which enables adults to invest in gold for children. The value of gold can go down as well as up.

More than 1,000 parents of children aged 10 and under were surveyed across the UK in March.