The average British child is worth just under £5,000 by the time they reach school

A nationwide survey of parents has revealed the wealth that average British children have accumulated by the time they reach adulthood, with the average UK child having amassed just under £5,000 by the time they reach school at the age of 5, just over £10,000 by the age of 18 and £12,000 by the time of their 21st.

The majority of UK parents who responded claim they began saving for their children’s key life moments when they were five years old, with 27 per cent saying they started before their child reached their first birthday and 15 per cent even admitting they began before their child was even conceived!

1. As children grow out of unwanted toys and clothes, sell them. Better still, get the children involved in this process and let them set up a stall at the front of the house and ask for donations for their old unwanted items.
2. Instead of large presents on birthdays or at Christmas, use part of the budget to save for their future.
3. If you are entitled to child benefit, think about putting that money into a Junior ISA.
4. Consider whether you can put the Friday night takeaway money towards savings instead.
5. Is there an unused gym membership that could contribute to savings?

-ENDS-

*The research of 1,500 parents with dependents currently living at home with their parents, was commissioned by Perspectus Global in March 2021 on behalf of Brewin Dolphin.

 

PRESS INFORMATION

For further information, please contact:
Richard Janes richard.janes@brewin.co.uk / Tel. +44 (0) 20 3201 3343
Siân Robertson: Sian.Robertson@brewin.co.uk / Tel: (0) 20 3201 3026
Anita Turland: anita.turland@brewin.co.uk / Tel: (0) 20 3201 4263
Payal Nair payal.nair@brewin.co.uk / Tel: +44 (0) 20 3201 3342

NOTES TO EDITORS

Disclaimers:

• The value of investments can fall and you may get back less than you invested.
• Information is provided only as an example and is not a recommendation to pursue a particular strategy.
• Brewin Dolphin is authorised and regulated by the FCA (Financial Services Register reference number 124444)

Brewin Dolphin is a UK FTSE 250 provider of discretionary wealth management. With £56.0* billion in total funds, it offers award-winning personalised wealth management services that meet the varied needs of our clients including individuals, charities and corporates.

We give clients security and wellbeing by helping them to protect and grow their wealth, in order to enrich their lives by achieving their goals and aspirations. Our services range from bespoke, discretionary investment management to retirement planning and tax-efficient investing. Our focus on discretionary investment management has led to significant growth in client funds and we now manage £48.7* billion on a discretionary basis.

Our intermediary business manages £17.6* billion of assets for over 1,700 advice firms either on a discretionary basis or via our Managed Portfolio Service, the MI Brewin Dolphin Voyager fund range and Sustainable MPS.

In line with the premium we place on personal relationships, we’ve built a network of 34 offices across the UK, Jersey and Republic of Ireland, staffed by qualified investment managers and financial planners. We are committed to the most exacting standards of client service, with long-term thinking and absolute focus on our clients’ needs at the core.

For more information, visit: www.brewin.co.uk

*as at 30^th June 2021.