Just 22% of parents with young children in the West Midlands are saving any money for their future.
A study for the Coventry Building Society has found children here end up costing their mums and dads more than £41,000 after they’ve left home.
That’s calculated through the cost of university fees, a first car, a wedding and a deposit on a house.
Financial expert and psychologist Kim Stephenson said it was important for relatively new mums and dads to make sure they put cash away for their youngsters once they grow up:
“We have what I call ‘the money illusion’ – we don’t realise how much small savings will build up over a long period.”
“You don’t have to save £50,000 a month – just a few pounds every few weeks will gain a surprising amount of interest.”
“If you can start saving now, whether it’s a building society account, a pension scheme at work or whatever, something in your mind goes – and you become a saver.”
You can see more money saving tips on Kim’s website here.
Last time I checked savings accounts weren't paying any interest worth a damn!
