Money Moral Dilemma: Should I save up child benefit to give to my children when they're older?

DubbleAitch

I used our Child Benefit for everyday things that they needed when they were younger. Once they hit double figures part of it was as their pocket money and some went into their savings accounts. Now in their teens, it's theirs to use as they wish. They have to make it last the month though!

hannerrbabes

I really don't understand how this is an issue. Surely this money goes into the same account as your wages? Do people really section it off as being strictly for one thing or another?
It's there to spend on your child as you like. If you're able to save some money for their future, do that..

JayD

If you can afford to put a little by for them occasionally, it will be a nice thing to give them when they are older. BUT, as people here are telling you, the main purpose is to help you give them the things they need while they are growing up, so I would make that your priority.

krutendo

I saved our son's. As soon as he started university he uad access to the account. Guess what he did? Spent more than 5k in 3months on drink, clothes, a car, which ended up being racked when he couldn't afford taxes. That was a very good lesson so we used up the next one's. Unfair, but better that way than not see a penny put to good use, if they are not sensible with money.

CapeTown

krutendo said:

I saved our son's. As soon as he started university he uad access to the account. Guess what he did? Spent more than 5k in 3months on drink, clothes, a car, which ended up being racked when he couldn't afford taxes. That was a very good lesson so we used up the next one's. Unfair, but better that way than not see a penny put to good use, if they are not sensible with money.

Well what a waste of taxpayers money

MrsK13

We did these for our 2 children.
I split the child benefit money between the 2 of them, opened separate building society accounts and transferred into it every month. 
If we were feeling the pinch when they needed something, I would get it out of the building society account, likewise if they had birthday/Christmas money and didn't know what they wanted, we would put it in the building society until they thought of something! As the money built up every now and again I would transfer a lump sum to each of the trust accounts (see below).
One day my father saw the building society books with a couple of thousand in each, he said to put it in a trust account, thank goodness he saw it and advised on the trust. Our son (24) has had the deposit for his first house and still has approx £10k left and our daughter (28) has approx £20k to go towards her wedding next year. 
We did tell them about the money when they were old enough to appreciate it but it was always in our joint names for the children. I would say if you can afford it do it, but always keep in mind it is to help you, so if you need to dip into it don't feel guilty.

nelsonrescue

Child Benefit (CB) was introduced in 1977. It replaced Family Allowance, which was a benefit payable to families with 2 or more children whereas CB includes all families with 1 child or more. CB is designed to help with the extra costs of bringing up a child.

Naomim

hannerrbabes said:

I really don't understand how this is an issue. Surely this money goes into the same account as your wages? Do people really section it off as being strictly for one thing or another?
It's there to spend on your child as you like. If you're able to save some money for their future, do that..

Mine goes into a separate bank account and I only use that money on my children. It pays for their lunches, pocket money, uniforms and I put £20 each into a savings account. 

TBagpuss

ripongrammargirl said:

The purpose of child benefit is to purchase useful and necessary items for children as they grow. The people that spend it on items for themself, especially vile and illegal habits like smoking, drinking, drugs are the ones that should have this benefit removed as they just have children for this money (I know as I have taught lots of children in this situation). I think it's time that money was stopped and it came in the form of vouchers for clothing, food, essentials etc and then stealing this cash for their own selfish habits would no longer be possible. This is not a dilemma at all and you have answered your own question.

Anyone who is having a child, or assumed others are having children,  for the sake of £24 a week is delusional.