We're saving £100 a month into pensions for our toddler and baby - here's why
A Welsh couple is proactively saving for their young children's futures by contributing to private pensions and Junior ISAs. They have adjusted their lifestyle to afford the monthly investments, prioritizing long-term financial security over current consumption.
Why it matters
The story illustrates the growing trend of long-term financial planning for children amidst economic uncertainty and the rising cost of living.
Image source, Richard Brain Image caption, Richard Brain says that opening pensions for his young children means a few financial sacrifices now
Richard and Caitlin Brain's two children are aged just 20 months and five months respectively, yet mum and dad have already set up pensions for them.
The Brains, who live in Swansea, south Wales, are paying £50 a month into each of their kids' accounts. It's money that the children won't be able to access until they are 57, under current UK private pension fund rules. , external
So the eldest will have to wait until 2082, and the youngest until 2083.
Despite the wait, Richard, 30, is convinced that he and Caitlin, 28, are doing the right thing.
"Paying into their pensions means we can play a part in their future far beyond our own years. And the money has decades to grow."
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