Can I save for my children's futures without it affecting my housing benefit?

keaton

I can't seem to find a answer to this question anywhere, some say yes some say no.

I would like to open a account for my children that they cannot access until they are 18. I hope for the money to help with university fees, while I don't expect there to be anywhere near enough to pay the full fees I'd like to help.

But I claim some housing benefit and council tax benefit, would this be affected by my children's money, even though I will have no access to it?

tomtontom

I take it this is an idea to hide the savings you were asking about in your earlier thread?

keaton

tomtontom wrote: »

I take it this is an idea to hide the savings you were asking about in your earlier thread?

Yes if course it it is, what a kind comment, I knew someone would say this because God forbid I would like to give my children something I never had in my life, a good start, a sense your parents believe in you and your future.

If I wanted to do as you say I would do as another poster suggested and open a private pension.

emmsie123

If you are on a low income then your children would get maximum grants, they dont pay of fees and grant till they start earning over £21000.

keaton

My oldest wants to be a teacher, so she'd earn over that quite quickly once qualified, the money in her locked account would help to pay even a small portion of that off.

tomtontom

keaton wrote: »

Yes if course it it is, what a kind comment, I knew someone would say this because God forbid I would like to give my children something I never had in my life, a good start, a sense your parents believe in you and your future.

If I wanted to do as you say I would do as another poster suggested and open a private pension.

You can do that through your actions, not through a savings account

custardy

keaton wrote: »

Yes if course it it is, what a kind comment, I knew someone would say this because God forbid I would like to give my children something I never had in my life, a good start, a sense your parents believe in you and your future.

If I wanted to do as you say I would do as another poster suggested and open a private pension.

Give it to them then. However should others help pay for that too?

keaton

tomtontom wrote: »

You can do that through your actions, not through a savings account

While I agree, and I do. I still want to give them the best start I can in life. I don't want them starting there adult life with a mountain of debt, a debt I could have helped with if I'd only thought about it sooner.

missbiggles1

If your enquiry is genuine, why not just keep the savings in your own name and give it to them when they need it?

keaton

custardy wrote: »

Give it to them then. However should others help pay for that too?

I take it you are assuming I'm on all sorts of benefits, I'm not, neither is my partner. We get a small amount of housing benefit each week, because even though we work, it is not enough.

Neither of us drink or smoke, maybe the wages we earn should be spent on that instead?

Please forgive me for trying to give my children less debt in there adult life by putting away £5 or so a week. Less than most people spend on cigs and alcohol.

I have reasons why I want too look after my children's future, reasons I will not go into on here, but feel free to judge.

emmsie123

How old is your eldest?