Saving and Investing for Children - UK - May 2017

Saving and Investing for Children - UK - May 2017

  • Mintel
  • May 2017
  • Wealth Management
  • 0 pages

Report Description

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Parents naturally feel the pressure to plan for their children’s future, but with limited investment and focus in the sector children’s saving and investment providers are doing little to support this. Low interest rates mean reduced incentives to save, although it also leaves a huge opportunity for providers to improve the value they add, giving parents the flexibility and control they want.

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Table of Content

OVERVIEW
What you need to know
Products covered in this Report

EXECUTIVE SUMMARY
The market
Two thirds of parents save for their children
Figure 1: Proportion of adults with children and whether or not they are saving on their behalf, February 2017
Junior ISAs continue to show strong growth
Figure 2: Amounts subscribed to Junior ISAs, £m, 2014/15-2015/16
Low interest rates have left the market feeling uncompetitive
Parents are less likely to describe their finances are healthy
Figure 3: Current financial situation – Parents versus non-parents, February 2016
Companies and brands
Stock and Shares Junior ISAs offer competitive potential
Savings adspend suffers while investment spend swells
The consumer
Two thirds of parents save for their children
Figure 4: Proportion of adults with children and whether or not they are saving on their behalf, February 2017
Child Trust Fund legacy continues despite freedom to swap
Figure 5: Products used for children's savings, February 2017
Online management can help deliver sought-after parental controls
Figure 6: Interest in features of a new children's savings product, February 2017
Parents seek rewards for saving regularly
Figure 7: Interest in incentives of a new children's savings product, February 2017
Parents expect their money to be used wisely
Figure 8: Attitudes towards saving for children, February 2017
What we think

ISSUES AND INSIGHTS
Providers should cede flexibility as parents seek supreme control
The facts
The implications
Dual parent and child benefits could attract Millennials
The facts
The implications

THE MARKET – WHAT YOU NEED TO KNOW
An estimated 10.7 million parents are currently saving for children
Junior ISAs grow at the expense of Children’s Bonds
Proportion of households with dependent children is falling
The child population is growing but interest rates are low

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