Consider having him look at purchasing a mid 80s or 90s, in great condition. why spend more?

Independent Financial Adviser

My twelve year old son George is saving his pocket money to buy a Porsche. At five pounds a week, it’s going to take a long time.

As a parent though, I’m more worried about how he’s going to manage financially in the future. What options are there for making sure children have a safe place for their finances, and something to give them a financial safety net in the future?

The answer might not be what you expect: instead of £5 a week going into your child’s piggy bank, how about £5 a week going into your child’s pension?

When I put this to George, he looked a bit worried about his prospects of getting a Porsche, so I explained in a bit more detail.

Most people haven’t considered pensions for children, but youngsters can start a pension (or have one started on their behalf), pay in up to…

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  1. Pingback: Real Money » Blog Archive » How do I make pocket money with no time to commit to a real job? » Real Money

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