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Posted on: 12 Nov, 19

Whether you want to teach your children or grandchildren smart money-management strategies, help them pay for university or set them up for financial success as adults, it’s important to jump-start saving and investing for them early on.

Whether it is saving for school or university education, or to provide a deposit on a first home, giving your children or grandchildren a good start in life is among most people’s top priorities.

As a parent, guardian or grandparent, you’ll want to provide the best future for them. Christmas is an excellent time to encourage children to start thinking about the value of money. Many children have hundreds of pounds spent on them at Christmas. But could that money be put to better use? Rather than buying yet more toys for your children or grandchildren, why not consider setting up a tax-efficient Junior ISA for them?

With today’s kids likely to need thousands of pounds to get them through university and on to the property ladder, a Christmas gift that will help with some of these expenses is well worth considering. As with all investing, the earlier you start, the better. And even saving a relatively modest sum each month can be very effective over the long term – especially if it is well invested.

If the investment is allowed to grow, it could build up into a sizeable sum. The money could then be given to the child as an adult. The capital may be enough to cover tuition fees and possibly board and lodging as well, or a deposit for their first property.

Whether you’d like a structured or flexible approach to saving or investing for a child or grandchild’s future, we’ve put together a selection of different options you may wish to consider:

Junior Individual Savings Account (JISA)

A JISA is a tax-efficient children’s savings account where you can make contributions on the child’s behalf, subject to an annual allowance. Any gains do not incur Capital Gains Tax, and they will not be considered part of the parents’ or grandparents’ estate for Inheritance Tax purposes.

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