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Parents told to start saving

Parents told to start saving

Category: Pensions

Updated: 13/11/2009
First Published: 13/11/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Parents have been told they should begin saving for the future when starting a family or risk leaving themselves and their children financially unprepared for later in life.

According to HSBC's latest Future of Retirement study, It's Time to Prepare, only 13% of people in their thirties considered starting a family as a key motive to save for the future.

Furthermore, just 8% of those surveyed with children under 10 years old had been motivated to save for the long term by starting a family.

Cristine Foyster, Head of Premium Wealth Proposition at HSBC, said it was surprising that such a life-changing event motivated such a relatively small percentage of parents to focus their thoughts on financial planning for the longer term.

"Parents should seize the opportunity to save for the long term that starting a family presents, whether to ensure that they do not have to rely on their children to provide them with a comfortable later life, or to ensure that their children themselves can look forward to a happy retirement," she added.

"While many people associate pensions with adult life, there are also pension schemes available for children. Opening a pension for a child is a tax-effective proposition which enables families to save for the future and provides peace of mind for their children's retirement."

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