Locking money away until child is 25?

junglejame911

Thanks to all who have contributed - in particular the last several posters who have pointed me in the right direction - its a whole new area that I hadn't looked at in any detail prior to this somewhat unexpected, but very welcome arrival.

I've a few months yet to do my research. . . just want to get them off on a sound financial footing.

Just need to figure out how to be a parent now!

bigfreddiel

Set up a pension - that way your kid can't touch it till they are 55 at least

Also if you save say £1k/yr for say ten years they will have a fantastic pension pot and may not need to ever put any more money into it themselves -compound interest is great in it!

fj

jimjames

junglejame911 wrote: »

That's the other option - I just thought for tax reasons I would explore the options of saving/investing in my childs name.

Do you use all of your ISA allowance every year? If not then investing the balance remaining would give you full flexibility.