UK Saving and Investing for Children market report
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Providing the most comprehensive and up-to-date information and analysis of the Saving and Investing for Children market, and the behaviours, preferences and habits of the consumer.
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Products covered in this Report
This Report examines the UK market for children’s savings and investment products.
There are a number of types of children’s savings accounts, including easy access accounts, regular savings accounts and fixed-term accounts or bonds. They tend to operate in the same way as savings accounts for adults, and are predominantly offered by banks and building societies. Some children’s savings accounts allow the child, if aged seven or above, to operate the account themselves, including the ability to deposit and withdraw money.
Children’s savings accounts also include Junior cash ISAs and cash Child Trust Funds (CTFs) , which are long-term tax-free savings accounts for children, usually with a variable rate of interest. Money can be deposited into these accounts up to an annual limit (£4,128 in 2017/18) and can only be withdrawn by the child when they turn 18. However, the child can take control of their CTF or Junior ISA when they reach 16.
Also included are National Savings & Investments’ (NS&I) Children’s Bonds . Like other children’s bonds, this product offers a fixed interest rate for a set term (five years) on amounts from £25 to £3,000. However, unlike children’s bonds offered by banks and building societies, the NS&I account is exempt from tax for both the child and parent.
In addition to cash-savings products, there are various long-term investment products for children including tax-exempt friendly society children’s savings plans, stocks and shares Junior ISAs and stakeholder/investment CTFs.
For more information, see Appendix – Data Sources, Abbreviations and Supporting Information.
Expert analysis from a specialist in the field
Written by Patrick Ross, a leading analyst in the Finance sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Parents naturally feel the pressure to plan for their children’s future, but with limited investment and focus in the sector children’s saving and investment providers are doing little to support this. Low interest rates mean reduced incentives to save, although it also leaves a huge opportunity for providers to improve the value they add, giving parents the flexibility and control they want.
Senior Financial Services Analyst
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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