Jul 30 2008
According to experts, the UK is on the verge of a recession and the credit crunch is already hitting families and those saving for children.
Norwich and Peterborough Building Society have released a survey on the effects of the economic downturn on Britain and found people with children are the hardest hit. According to the findings, 75 per cent say they are regularly paying more for household bills, petrol and supermarket shopping.
http://www.savingforchildren.co.uk/N%26P:-Families-hit-by-credit-crunch-181_1_18705091.html
Meanwhile, parents paying for a private education for their children have been facing a 40 per cent hike in fees over the past five years.
http://www.savingforchildren.co.uk/School-fees-rise-by-40--181_1_18694310.html
However, other research has shown families are still making saving for children a priority. The Chelsea Building Society found that while savings are taking a hit, the fact that many families are put money aside is "encouraging".
http://www.savingforchildren.co.uk/-Saving-continues-despite-economic-pressures-181_1_18683516.html
This month the Tax Incentivised Savings Association also reported a rise in the amount people are paying into Child Trust Funds since last year, a statistic the association saw as a promising sign.
http://www.savingforchildren.co.uk/Tisa-welcomes-encouraging-CTF-data-181_1_18671599.html
Indeed, it appears those putting away savings for children are serious about the issue and are increasingly looking to professionals for advice on Isas, Child Trust Funds and buying shares for children. According to the Chartered Insurance Institute, 45 per cent of people thought they would benefit from an independent financial advisory service.
http://www.savingforchildren.co.uk/Britons-want-help-with-their-finances--181_1_18670019.html
ADDIDI Wealth has also said this month that more people appear to be seeking financial advice and recommended parents and other savers continue to find unbiased information.
http://www.savingforchildren.co.uk/Seeking-financial-advice-could-benefit-those-saving-for-children-181_1_18696212.html
Sainsbury's Finance has also urged savers to ensure they have the right account or product as many people plan to switch deals to take advantage of the best rates but many do not. However, people are becoming "more sensible", they added.
http://www.savingforchildren.co.uk/Savers-looking-to-be-a-bit-more-sensible--181_1_18676047.html
And, despite financial pressures on parents, they are still finding cash to treat their youngsters. The Skipton Building Society recently found nine out of ten children are receiving the same amount of pocket money or more than last summer.
http://www.savingforchildren.co.uk/Parents-shielding-children-from-credit-crunch--181_1_18678010.html
