The day-to-day cost of raising a child to age 18 is £154,440, which is 15 per cent higher than in 2011. While this figure from Legal and General is likely to worry new parents, the cost of giving your children a helping hand into adulthood will add to your worries.
The costs of university education, weddings and deposits on a first property are additional goals for many parents. The main vehicle that the government and savings providers promote to parents as a means of investing for these goals is the Junior individual savings account (Jisa). But is this really the best product to use?
With the end of the tax year approaching parents are probably getting their financial affairs in order, including making use of their own individual savings account (Isa) allowances.