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

SmileyBea

I'm really quite shocked at the attitude on most of the responses here. It's all very well saying the OP should've saved for their own children but not everyone has spare money to do that unfortunately, especially now.

I have 2 children and the 1st got 500 from her CTF but the scheme got scrapped before my 2nd child was born. I am lucky, in that I'm in a position to give my 2nd child an equal amount when the time comes, but I also appreciate not everyone can do that. 

Is it the child's responsibility to share their Trust Fund? Absolutely not, though I know my 1st born would happily do that if I asked. If you can afford to put the extra toward each child's TF then you should in my opinion, but assuming the OP just isn't prudent with their money is downright short sighted and rude. 

JayD

What a horrible thing to do to your eldest! If you feel so badly about the differences, you should have started saving for the middle and youngest to make them up yourself!

scrappydoo13

Is there a specific reason that your first child needs the £880 for?

It is true that the two funds are in your 1st and 2nd children's names and they are entitled to it.  But in essence, they did not earn the money and it is more like a gift of sorts 

They are still young and it is important for them to learn to share and support each other (as you are already trying to demonstrate to them).  In the future, they will go through difficult times and will need to lean on each other for support (monetary and non monetary).  They are also likely to have different earning potentials and the age gap will have less impact.

Given that the money is not earned (via a job, etc) I would sit down as a family and discuss the above.  As a resolution, I would suggest that each trust fund is split 3 ways at that time of maturity.  This ensures an even split each time.

Beeboo23

From the perspective of a former child who didn’t get it but had a younger brother that did. I never would have asked or even expected him to give me some. I never resented him for having it or my parents for not making him give me some. It was never a thought that entered my head so your youngest may only think of it as a big deal if you make it in to an issue. 

Honeysucklelou2

I have 3 children born before CTF,  my middle children got the CTF and the youngest that didn’t. For the youngest I am paying £25 a month into a Junior  ISA so  that he has something when he is 18. For the 3 older ones I paid £15 a month each into a child savings bond so that when they were 21, they each had about £5000. I wouldn’t expect any of my children to pay out for the ones that didn’t have a CTF.

Spendless

SmileyBea said:

I'm really quite shocked at the attitude on most of the responses here. It's all very well saying the OP should've saved for their own children but not everyone has spare money to do that unfortunately, especially now.

I have 2 children and the 1st got 500 from her CTF but the scheme got scrapped before my 2nd child was born. I am lucky, in that I'm in a position to give my 2nd child an equal amount when the time comes, but I also appreciate not everyone can do that. 

Is it the child's responsibility to share their Trust Fund? Absolutely not, though I know my 1st born would happily do that if I asked. If you can afford to put the extra toward each child's TF then you should in my opinion, but assuming the OP just isn't prudent with their money is downright short sighted and rude. 

Because there is only 3 children, 2 of which receive something (and differing amounts due to changes that were made) . The 3rd receives nothing. That the CTF had been scrapped was known at the point #3 came along. Putting £1.16 per month away for the last child for 18 years would result in having £250 at 18 (plus however much if any interest was made). No, not the same as the older siblings but something. So you can say to the youngest when they get to 18 "there was a Government scheme running  when the older 2 was born, it was discontinued by the time you came along but I managed to find (under) £15 a year for you to put away so at least you received something". This is an option still available for the OP to do, but it will mean putting more money in to an account  at this stage Which is a fairer scenario than asking child 1 to give part of  their share.  

agilpin

The parents should make up the difference, if they want it to be equal

BungalowBel

If you want your youngest to have the same amount as the eldest, YOU should provide it, not the eldest child.