Parents save to fuel their children's dreams, Skipton finds

12 April 2005
It's natural for parents to have high hopes for their children and British parents are no exception, proving themselves realistic about the necessity of helping their children financially to succeed in their dream career.

According to research by Skipton Building Society, almost nine out of ten parents (87 per cent) of under-16s expect to have to pay out to get their children on the fast-track to professional success.

The majority of those are choosing savings accounts as the best way to build a career nest egg for their offspring, with 64 per cent planning to use existing savings and 59 per cent also considering setting up a separate, specific savings account for that purpose.

"Any parent knows raising a child isn't cheap, but it's amazing that so many expect these costs to continue until a child has their feet firmly set on a career path," comments Jennifer Holloway of Skipton Building Society.

"The fact that nearly two thirds will use their savings to fund the cost of ambition shows how determined British parents are to do the best for their kids."

Parents will certainly need their savings to help their children succeed in certain career areas.

The bill for young people to train as a doctor can reach as much as £60,000 according to the British Medical Association, whilst young solicitors can expect to pay about £45,000 to train, the Law Society suggests.

Click here to find the best savings account to set your child on the way to his or her dream job.

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