Junior Isas: We'll hand £50k to our daughter for university
In four years, Claire and Tom Saunders will hand over control of tens of thousands of pounds in savings to their daughter Elodie.
The thought might give some parents sleepless nights. After all, it has already taken the couple five years of diligent saving into a Junior Isa (Jisa) and a frugal lifestyle to get them from their £500 starting point to the £37,000 they have to date.
‘The subject of money is not taboo in our household,’ says Claire, a financial coach.
‘We talk about the idea of saving and the benefits that go with that. Elodie wants to go to university, so we’ve set that as our savings goal to be able to use the money to cover her fees and rent.’
But the couple, who live in North London, admit the Jisa was a ‘big decision’.
‘Once you’ve put the money in you can’t get it out until your child turns 18; then the money is theirs. With your own Isa you can get to the money if you need to,’ Claire says.
Claire and Tom decided to open Elodie’s stocks and shares Jisa with AJ Bell while she was in her last year of primary school.
She recently turned 14 and the couple are on track to have built a £50,000 pot for her adulthood.
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