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Saving for Children Guide

 

Why start now?


The costs of going to university and buying a house have risen so sharply in recent years that it is little wonder that many parents and grandparents are keen to help their children financially.

Parents now have to dig deep if they wish to help their children – for example, contributing thousands of pounds towards the cost of a child’s first home. In August 2008, the average UK property cost over £174,000, for which a 10 per cent deposit would be more than £17,400 – a sum few graduates loaded down with the inevitable student debts will have to hand. (Source: House Price Index, August 2008.)

A three-year university course including fees and living expenses now costs, on average, over £25,000. (Source: NUS online, estimated average student expenditure for the academic year 2008/2009)

If you want to help soften the blow of such costs for your children or grandchildren, it could be wise to start long-term savings and investments many years before they will need the help.

This document has been issued and approved by Baillie Gifford Savings Management Limited (BGSM). BGSM is wholly owned by Baillie Gifford & Co, who is the manager and secretary of eight investment trusts. Investment trusts are listed UK public limited companies and are not authorised or regulated by the Financial Conduct Authority. BGSM and Baillie Gifford & Co are authorised and regulated by the Financial Conduct Authority and both are based at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. All data is at 31 August 2008 unless otherwise indicated.

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Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

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