“Parents use their child’s piggy bank to pay off debts.” If there is a message with this headline in the newspaper, the Bank is called directly by journalists. It is a great opportunity for us to bring our advice on saving for your child to the attention.
The Metro wrote last Monday an article with the heading ‘Savings for children used for debt’. That same morning Bank had several journalists on the line with the question whether that was actually the case.
Bank knows that such a thing happens sometimes and that parents usually find it terrible to get money from their children’s piggy bank. But Bank can not say how often it happens and whether it has increased. The article in the Metro itself does not deal with how often it occurs and how large the increase is.
Most journalists also did not care how often it occurs. The fact that the Metro reported on this news-poor day was sufficient reason to also pay attention to it. For example, Radio 1 made the item ‘Can you use your child’s savings to pay off debts?’
Save for your child
For the Bank, because for us the media attention meant a chance to tell something about saving for your child. And to warn parents not to just open such an expensive savings product for your child. The Bank advice is very clear.
- Saving for your child is not necessarily necessary, millions of children become healthy adults without a financial contribution from parents or grandparents at the age of 18. (Note: giving your child pocket and clothing allowance is Bank’s necessity.)
- Would you like to save for the future of your child, check if your budget allows it to save, for example, through tools such as the Personal Budget advice or Bufferberekenaar fill
- Do you have money left? Consider whether this is only this year or in the coming years. For example, try pilot savings and also wonder if there are no major events coming up for the coming years, such as moving or pension.
- If you can miss money over a longer period of time, then look for a savings account that fits.
- Put the savings account in your own name so that you can decide for yourself what you are doing with money. That way you can also use it for emergencies.