SAVE
SAVE
The savings gap
UK savers will have to find, on average, an additional £10,000 each year between now and retirement if the nation is to meet a growing ‘savings gap’ that could hit £350 billion by 2050, according to Deloitte, the business advisory firm.
If savers want a particular standard of living at retirement, then they will need a greater awareness of what must be saved today.
The more a child saves the more their savings story un folds. Their world grows the more their future savings grow. Parents don’t usually tell their child how much money they have in their savings account but with Monster savings the world grows and represents a brighter future.
Investing in their future
All parents want to give their child the best possible start in life. Here are some ways you can invest in your child’s future:
1. Bank/building society accounts
2. Junior ISAs
3. National Savings & Investments Children’s Bonds
4. Trusts
5. Junior Self-Invested Personal Pension (SIPP)
But none involve the child actually getting involved
We live in an increasingly cashless society – in fact, 60% of consumer transactions are now carried out digitally. So, with that figure only set to increase, it’s essential we get kids used to saving and spending digitally as early as possible. Preparing them for an independent and responsible adulthood.
Obviously, children’s banking needs are very different to adult banking needs. But banks don’t seem to recognise that. They offer much the same. This means there’s a space in the market for an engaging digital saving tool that offers complete control and oversight for parents, and children a fun way to learn that saving isn’t scary.