Quantity of savings for children by the parents in your locality

In a recent study by Legal & General, it has been revealed that the majority of UK parents (74.6%) are setting money aside for their children's future. The average amount saved nationwide stands at £18,212, with most parents having amassed between £5,000 and £9,999.

The biggest reason for these savings is to help with higher education expenses, as over a third (34.9%) of parents plan to hand over their savings when their children reach 18. Four in 10 parents (40%) also intend to use these savings for their children's education or university.

Interestingly, nearly half of parents (47.6%) admit to being open with their children about their savings, while more than half (52.4%) keep their savings plans secret from their children. The study found that 92% of UK parents now talk more about finances with their children.

The savings are primarily being held in savings accounts and Junior ISAs (JISAs). Parents in Southampton save the least on average, with £9,061, while the highest average amounts are saved by parents in London (£23,859) and Edinburgh (£23,669). More than 1,000 children have over £100,000 in their Junior ISA.

Claire Jones, head of strategic relationships and new business at Flagstone, encourages parents to start saving early. She emphasises the importance of finding accounts with better rates, as this can make a significant difference in the amount children eventually receive.

The search results do not provide specific data on which cities in Great Britain have the highest average savings amounts for children. However, it is clear that parents across the country are saving money for their children's future.

Another significant savings goal for parents is to help their children onto the property ladder, with 38.9% citing this as their second biggest savings goal. With house prices having increased, the latest HM Land Registry report shows a 3.7% rise in the past year, bringing the average UK property to £269,000.

In conclusion, the study highlights the importance of saving for children's future and the various reasons behind these savings. As Claire Jones emphasises, starting early and finding the right savings accounts can make a significant difference in the amount children eventually receive.