Child Finances Worry Mothers
JANUARY 15TH, 2007
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The biggest money worries of mothers in Britain concern their children's financial futures, a survey suggests.
More than half of the 3,483 mothers polled placed concerns about their offspring above those about their own employment and financial security.
The Children's Money Report, for HM Revenue and Customs, comes at the start of the first Child Trust Fund Week.
The government scheme aims to encourage parents to save tax-free money for their children's future.
Financial example
The survey, commissioned by HM Revenue and Customs and Mother and Baby magazine, also suggests that a quarter of mothers worry about the kind of financial example they set for their children.
The report's figures suggest mothers living in Wales are most worried about the example they set, with 32% admitting concern. London mothers were least concerned, with 19% saying they worry.
All mothers asked by researchers said they give or plan to give their child pocket money, and 97% of mums admitted their children received cash from the tooth fairy.
The government's Child Trust Fund (CTF) scheme, which has given a voucher worth £250 to parents of children born since September 2002, aims to encourage parents to regularly save for their children to build a sizable lump-sum for when the child reaches 18.
Regional variation
Earlier this month, government statistics revealed the take-up rate of funds is worse in deprived areas.
So far, 70.7% of all CTF vouchers issued have been used by parents to open a fund for their offspring.
But take-up differed from region to region.
South-east England has the greatest take up rate, with more than three-quarters of parents opening an account for their children.
But Northern Ireland and Scotland come out bottom with only 63% and 66% of parents using their children's vouchers to set up a fund respectively.
Former Emmerdale star and mother-of-two Sheree Murphy has opened a fund for her three-year-old daughter Ruby. And she is encouraging other parents to do the same.
"We encourage relatives to contribute to it for her birthday and at Christmas," said Ms Murphy, who is married to Liverpool footballer Harry Kewell.
"Watching it grow together is a great way for Ruby to learn about the importance of saving for the future."
Researchers for the Children's Money Report interviewed 3,483 mothers in May last year.
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