Some 94 per cent of parents are concerned about what the future will bring for their children financially, according to research by JP Morgan Asset Management.
Their biggest concern is that their sons and daughter will not be to enjoy life without suffering from any money worries.
In general, parents fear that their offspring will suffer from the same problems which are plaguing the current economy – namely, the unemployment crisis and the rise in living costs.
Recent figures show unemployment to be at a 17-year high of 2.67 million, and a slight ease in inflation has done little to ease household budgets.
The survey found that more than a fifth of parents (22 per cent) are worried that the level of savings their children will have accumulated when they reach adulthood will not be enough.
However, there are steps that parents can take to prepare for the future.
Junior ISAs are an effective, tax-free way to save.
It is also a good idea to educate children about money matters from an early age.
Some experts advise giving them pocket money as a way to learn about saving and spending.
Posted by Paul Thacker
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