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Savings mistake could cost YOUR child a £4,000 boost, Skipton Building Society warns

gbnews.com · 4h · first reportShare

A common savings mistake made by parents and grandparents could cost children across the UK, a leading building society has warned. Skipton Building Society is urging families to open a savings account for their child before they turn five years old. A survey of 2,000 mothers and fathers with children under 18, commissioned by the mutual, revealed that parents typically hold off until their child reaches school age. At an average monthly contribution of £63.24, that five-year delay equates to £3,794 in missed savings, a figure that excludes any interest accrued, meaning the true shortfall could be considerably larger. Remarkably, one in nine parents never opens a savings account for their child at all. At the same monthly rate of £63.24, that would represent £13,659 in contributions foregone by the time the child reaches 18. Two-thirds of those surveyed had not established an account before their baby's first birthday. Among them, 26 per cent cited competing financial pressures during