According to the British Bankers Association, almost two-thirds of parents in the UK have allocated money for their child's future, with almost half of those surveyed asserting they began doing so at the birth of their little one.
Findings indicated that concerns over a child's future financial security weighed heavy on many parents minds with 63% of mothers and 62% of fathers confirming they had began saving on behalf of their child.
In addition to parents' efforts, research, which included the participation of more than 500 parents, established that grandparents also played a role in this financial endeavour, with 33% revealing they too contributed to the child's nest egg.
It appears university fees and the cost of property were the main motivating factors when it came to pinching the pennies in honour of their offspring.
Researchers established that there existed a disparity between regions in the UK when it came to this issue, with 75% of parents in Scotland confirming they have began saving for their child in comparison to 64% in Wales, 61% in London, 56% in the East Midlands and 53% in the South West of England.
Have you began to save with your child's future in mind?
