Junior Stocks & Shares ISA

vacheron

chelseablue wrote: »

Yes that is one thing that worries me! Imagine me spending 13 yeas saving for him and he blows it all :eek:

RandomGuy wrote: »

Sound advice. In fact, this is what a percentage of my S&S ISA will be for. My daughter's Jr S&S ISA contains just her money - a small sum from inheritance and money we've gifted to round it up. My regular monthly investment only goes in to mine. She's almost 8 and barely listens to me now: I'm not taking the risk!

Those were exactly my thoughts so I have recently done the same and am feeding £200 per month into "My" S&S ISA i opened with Vanguard just for him.

I don't think the thought of telling an 18 year old they have a pot worth £30K (+ growth, hopefully!) just sitting there will do much for their work ethic or their financial responsibility.

I couldn't decide between the VLS 60 or 80 so put £100 per month into each giving me effectively a VLS 70. I will review the funds as time goes on, but I am happy with this for now.

chelseablue

I think I've narrowed it down to 3 funds for my sons money:

BlackRock Consensus 100
Legal & General Multi Index 7
HSBC Global Strategy Dynamic Portfolio

Any thoughts on these?

bowlhead99

chelseablue wrote: »

I think I've narrowed it down to 3 funds for my sons money:

BlackRock Consensus 100
Legal & General Multi Index 7
HSBC Global Strategy Dynamic Portfolio

Any thoughts on these?

Round robin coin toss.

If you are already using one of them for 'your' money within your ISA, it seems simplest to just use a different one of them for 'his' money within the USA, and then it will be quite easy to see which money has been earmarked for him as distinct from the money you might want to take out of the ISA for your own goals.

chelseablue

Thank you, I'm no expert (clearly!) but from looking into them they all seem quite similar

My money is in VLS 100% equities

pafpcg

chelseablue wrote: »

Yes that is one thing that worries me! Imagine me spending 13 years saving for him and he blows it all

I'm starting up a JISA for my niece. We're expecting her to go on to university after her 18th birthday and we've undertaken to continue to contribute whilst she's in full-time education. But, if she blows it on drink, drugs and rock&roll, contributions stop - that'll make her think twice!

However, I'm not convinced that an account that sits in the background, no matter how much is in the account, will develop a sense of financial caution/wisdom. I've got in mind offering to match every year the sum that she manages to save in a savings account - would that help perhaps?