The Children’s Mutual, the leading Child Trust Fund provider, has revealed new research* that suggests parents could be facing a bill in excess of £100,000 if their children grow up to fulfil their career ambitions.
The annual ‘What I Want to Be’ poll revealed that among five, six and seven year-olds, becoming a teacher, doctor or vet are the jobs of choice. The Children’s Mutual warned parents to start saving now as the latter two could cost £116,000 and £117,000 respectively in 18 years time.
Tony Anderson, Marketing Director of The Children’s Mutual, said: “Parents tell us their young children are highly ambitious and that they, as parents, fully intend to help them fund their futures. But the sums of money the top careers command could cause financial nightmares for families who don’t plan ahead. While the Coalition Government has announced its plan to significantly reduce payments into Child Trust Funds from 1 August 2010 and to abolish the scheme altogether for new babies born from 1 January 2011, the reality is that the cost of children’s futures hasn’t changed. We believe that the only way for parents to financially manage these costs is by saving regularly over the long term and are urging them to continue doing so.”
The Children’s Mutual questioned over a thousand parents about what their children said they wanted to be when they grew up and found that the majority of today’s children are looking for a career which requires further training and education. The top careers of doctor, teacher and vet have featured in the ‘What I Want to Be’ poll for the last three years, demonstrating that children consistently aspire to careers that will need higher education.
According to The Children’s Mutual, 93% of parents of today’s young adults are still funding their children, and the expert in long-term savings for children does not anticipate this changing. The Children’s Mutual is urging parents to continue saving regularly over the long term rather than having to face finding such large sums of money in the future.
Via EPR Network
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