Giving your child the best start in life is what every parent wants. What are the best options when it comes to investing for their future. Well, opening a children’s savings account with a bank or building society is a good place to start.
With instant access to your account you have the ability to give your child control of their money which will help them to develop a good savings habit from a young age.
With time on your side you should definitely consider investing which will help to grow the money you put in so that when it comes to the time to gift it to your children it’s worked hard to grow larger. The risk in investing is greatly mitigated by leaving it for 10 years, 18 years or longer as this gives the market more time to smoothen out had any short term dips.
Once you’ve set up a well positioned, diversified portfolio you can then leave it largely unattended although you should review it at least annually to make sure it’s still working for you.
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