Money Moral Dilemma: Should my eldest child split their Child Trust Fund savings with my youngest?

letthemeatcake

I had the same problem. The 2 eldest missed out but the youngest qualified for the Child Trust Fund with a £250 voucher and another £250 added later on. Initially I saved extra into the one account with the intention of dividing it up between the 3 children on maturity. However the Junior ISA then started so I opened 1 each for the 2 eldest.
On maturity the Junior ISA's were worth £2500 each but the youngest received £4000 and as the cost of Living Crisis was in full swing 
I decided to leave it all for her.
Hopefully over time you will be able to save something for the youngest.

Pollycat

Who does the money belong to?
The child (see my earlier post re what gov.uk says).
It really doesn't matter what the parent thinks.

neaks_2

I agree you should of opened one up for your youngest yourself! I have I only 1 that has a trustful. I opened up am account for my other 2 that they can't touch till they are 18. I put 
 their birthday money into it as they are still young. I am thinking if actually opened up a fund for them too but haven't gotten round to it. Even £10/20 a month adds up!

soosoosmum

I agree with many of the other commentators, the money saved for the oldest child was for him/her. A friend of mine had a similar problem, there used to be accounts where the grandparents could save for their grandchildren. The first two were born at a time when that account was available but that account was not available for the third one. So she selected the best savings account she could find and opened that instead. And, it's what I would have done in the same situation that the person talking about this. I have always believed that my children should have the same and that it belongs to them, not me. The person posing the question should not be asking any of the children to share as the money was for them. If an account wasn't opened before, I would open one now for the third child and put savings into there to try to rectify it as much as possible.  

Miss_Elly

It's definitely your eldest child's money to do with as they see fit and putting any pressure on to share will only create friction, but I think everyone's being a bit hard on you, saying you should have topped up the other two.  Gordon Brown obviously meant well but there must be many families who now have the same dilemma.  I have three daughters and 10 grandchildren only one of whom received £500 and two, £250.  All ten have child ISAs which I topped up to or initiated at £500 because, fortunately, I could afford to.  Their parents couldn't have done so.  So what would I do?  The third child is now 12 and savings rates are better than they have been for several years so open an account for them immediately and save as much as you possibly can, even if it's only a few quid a month, over the next 5 or 6 years.

wonder1

No, the 1st child should not share his trust money.

Popi

I’m with the other posters; absolutely not your eldest’s problem but if you feel guilty you should take responsibility. 

GrandmaJane007

How sad. Encouraging our children to love and respect each other is key to their future when they will, hopefully, grow up and love and support each other. Already there is division here as the eldest child feels they should not need to share their savings. They should not have to share as it is their savings. However, that isn’t the point. The point is the division it is causing in the family. How much better if the eldest, or middle child in time, made their own decision about what to do with their savings? They should not be made to feel guilty in any way if they spend it on themselves, but how much more of a blessing if they decided to treat/help a sibling because they loved them, not because they had been told to. It’s all about family relationships, nothing to do with money. Please remember to focus on helping you children bond together and they will reap the benefits for a lifetime, whether rich or poor.

Lizrobson

certainly not. you were remiss in not sorting this out years ago. 

sheramber

  Tha opens a can of worms.

What is fair?  Fair to whom?

But what about the middle child?

He didn't get as much as the oldest- 250/500- so should he get a share?

If not, why not?

Should he share his pay out with the other two when his matures in X years

Should any share for the youngest be put into a child's ISA  now,  as the others  had to wait for there money?

Why should he get his money now?