Early preparation advisable for student finances

Thu, 03 Nov 2011

Parents hoping to put their children through university may be best served planning for the financial implications of such a move - including those regarding student loans - sooner rather than later.

And one way in which mothers and fathers might choose to assist their offspring is through a Junior Isa.

The products were launched on November 1st and Chris Griffiths, head of savings at Confused.com, has noted this form of saving can help youngsters pay for major events in later life - including the costs involved with higher education .

Mr Griffiths explained putting aside even a small amount each month can pay dividends in the long run, as by the time a child reaches the age of 18, "it can really help open doors by providing the finances to fund things like their first car, a house deposit, university fees or gap years abroad".

According to the price comparison website - which launched its first online services in 2002 - those paying in £300 every month at an interest rate of six per cent could have accumulated more than £116,000 when they enter adulthood.
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