The cost of raising children has often been a pressure point for family finances, and the COVID-19 pandemic has only made many budgets even tighter.

Loughborough University’s Centre for Research in Social Policy has quantified the cost to couples of bringing up a child from birth to the age of 18 as just over £150,000, while the cost for a single parent is more than £180,000.1

The financial challenges facing many parents will put the idea of building a nest egg for their children way down the list of priorities. But if one’s aim is to help a young child save for a distant goal, then the earlier these savings are started the better.

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