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Chase de Vere counts cost of children

Chase de Vere is publishing a factsheet for well-heeled parents to make them aware of the importance of investing money for their children.

It estimates for a baby born today, a first car at 18 will cost £16,200, a gap year at 21 will cost around £15,500, a wedding £100,000 and a house £524,000.

But the IFA believes many parents do not think about the future costs of their children as they are already using up a large proportion of their income to provide for their current needs.

It has designed the guide to encourage parents to start thinking about saving for events such as school fees, first cars, gap years and weddings as soon as possible to make the cost easier to bear.

The guide takes parents through the range of savings vehicles open for investing for their children from building society accounts to friendly society saving plans, investment trusts and stakeholder pensions.

Savings and investments manager Anna Bowes says: “The sooner you start saving for events, the smaller the amount you will have to invest. The factsheet outlines the whys and wheres of investing for children and looks at a range of suitable products to consider – there is also valuable information on how to make the most out of children&#39s tax allowances.”

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