should I save for my granchildren ?

Maryb_2

I have been saving money in a child trust fund for my grandchildren. If either go to university will money in a CTF be taken into account? They live with their mother, my daughter, who has just started a JOB ON MINIMUMM WAge so it seems they will get max. loan.
Would I be better saving the money in my name and giving it to them towards a deposit on a property when they need it? Maryb

Voyager2002

No, money saved for them would not make any difference to their eligibility for student funding. However, I think that your money will make most difference to them now: poverty in childhood often leads to poor educational attainment and hence a lifetime of low earnings.

Dobbibill

As Voyager says the CTF doesn't impact their eligibility for funding.


Part 2 of your question is little more specific to the person - If your Grandchildren are doing a course where they need to do work placements (like nursing etc) then the extra money may benefit them better now.

If they are a doing a subject where they have set days in Uni and can get a PT job then the money may be better saved for their future plans, mortgage deposit etc.

This also depends on the area - if they are studying in London, the living costs are much higher than other parts of the UK, so I don't think a blanket yes or no is appropriate.