Parents should encourage children to save

Parents should highlight the costs of raising a family and encourage children to begin saving from an early age, claims an insurance company.

Liverpool Victoria (LV) said that pocket money – which on average currently amounts to £5,469 from the age of five to 18 – could turn into “quite a nice sum” if invested into a savings account as the child grows up.

Lucy Pope, media relations manager for Liverpool Victoria, said: “It’s really good for the child to actually see how things are growing, and obviously with the onset of technology children can be more savvy with online savings.”

“I think actually being able to see their money grow and things like that is a really nice way of bringing it all to life,” she concluded.

According to the most recent LV annual Cost of a Child survey, the average cost of raising a child up to the age of 21 is £186,000.

The most expensive costs are estimated as over £47,000 spent

Tags: child, nice sum, average cost of raising a child, cost of raising a child, lv annual cost, savings account, Social Issues, Insurance