Today's teenagers - planning for their future.

The day to day expense of today’s typical teenager is no longer covered by the weekly £5 pocket money which was once given by their parents or grandparents. Today’s new generation of young people now demand the very latest in advanced technology such as the latest mobile phones, state of the art computer games and music devices. In fact, research carried out by accountancy trade body AAT in 2009 estimate that it now costs around £9,000 per year to fund the average teenage lifestyle. To many, this figure would seem highly alarming, bearing in mind that later on in life your child may wish to further their education and perhaps study at university which ultimately leads to further expense. Add to that the costs of funding driving lessons, your child’s first car and even contributions towards a deposit for their first house or wedding and the escalating costs again begin to rise.

However, through careful financial planning you could help to absorb some of these costs through saving a small amount per month from as little as £5 to £25 or between £50 to £270 annually with our Junior Saver Plan.

By saving £25 per month (less than £6 per week) from birth to age 18, you could provide your child with a minimum lump tax free lump sum of £6603.

If you wish to save in excess of this, or already have a friendly society plan for your child, then for children aged 10 or over we also offer a Regular Saver Plan.

If you want the flexibility to vary your savings for your child, or if your child is already looking to save money of their own from pocket money or a weekend job, then we will be offering Junior ISAs from 1st November.