Young People Saving For The Future

Rather than expecting it all to come to them it seems that young people are now taking their future into their own hands. It has been claimed that young people in Britain are looking to avoid accruing debt by entering higher education (HE) in the future and saving now.

Research from the Children's Mutual has shown that around a third of youngsters between 11 and 18 years of ages are putting money aside for when they go to university.

The group added that a third of parents are now realising that they are not putting away enough to support their children when they study. This research shows that even in the current financial climate people are thinking of the future and may be sacrificing on luxury goods now to ensure their children get a better education.

According to the group's chief executive David White, "we need to see a change in the way that many parents and their children fund university". He also comments that "We would encourage parents and the wider family to consider saving as early as possible to help fund their children's university aspirations”.

With talk of university fees increasing and there being less public money available for grants and student loans the idea of starting to save as early as possible is a good one. There are many types of savings account which would be relevant, and thorough research is essential. It may also be helpful to get other family members to contribute to ease the burden on parents.

In addition, imprinting the idea of saving money for the future on the next generation is an excellent way to help prevent any more financial crises like the current one.

This follows research from the Association of Investment Companies which suggests that almost three quarters of parents think the credit crunch is making it harder for them to support their children at university.

If you are interested in finding out about suitable savings accounts why not ask a question in AnswerBank Business & Finance?