Wednesday 9th of March 2011
Parents who fail to save for their children as early as possible could find their offspring encounter money problems in later life.
And for those who end up owing debts of more than £15,000, asking IVA questions might be the only way they are able to get their finances back on track.
Simon Hartson, marketing manager at Family Investments, observed putting money aside for youngsters is arguably more important than it has ever been.
The industry figure noted young people today face the prospect of having to shell out up to £9,000 for university tuition fees - and it can take mothers and fathers a long time just to save up this amount.
He added: "Housing has never been less accessible to the younger generation and first time buyers so I guess, arguably, saving has never been more important than ever."
Dave Rodgers, managing director of the Debt Advice Foundation, recently recommended people to try their hardest to put cash aside for any future expenses, as an unforeseeable event could be just around the corner.
By Chris King
