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New children’s savings guide at Legal & General

Legal & General Investments has launched a new Guide to Children’s Finance to help parents, grandparents and family friends understand the different savings options available. Its research revealed that parents believe it will cost more than £24,000, on average, to support their children to beyond the age of 18.

The Guide to Children’s Finance sets out the journey from a child’s first year to first home, offering information on the financial support available to families, including junior ISAs, children’s savings accounts, children’s bonds, index-linked savings certificates and premium bonds.

It also explores the typical costs that must be covered as the child grows up, from pram to property.

Simon Taylor, head of consumer marketing at Legal & General Investments, said: “We all know that having a child or grandchild is expensive, but we were very surprised to find in our research that a child’s 18th birthday is no longer seen as the start of their financial independence. A remarkable 27% of parents never expect their children to be financially independent.

“It’s vital to begin planning as early as possible, in order to support a child’s long-term financial requirements.”

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