The current credit crunch has highlighted the need for people to build themselves a savings safety net to help them through the more difficult times or unexpected circumstances where their finances may become stretched.
It is never too early to start saving, and certainly doesn't make sense to wait until your children are out to work and saving their own money. Parents should seriously consider squirreling some money away from the moment they are born in order to give them a head start in later life.
The Child Trust Fund initiative provides a £250 kick start for all children born on or after 1 September 2002 and pays out a further £250 when your child reaches seven years of age.
If your child doesn't meet the criteria for a Child Trust Fund, there are over 160 children's savings accounts to choose from with rates of up to 10% available.
The UK population needs to become more savings focused and to start to move away from the 'buy now pay later' culture that has been so prevalent for the last decade. Initiatives such as the Child Trust Fund make it easier to start building a financial foundation for the future.
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