The financial crisis has a far reaching effect on the thoughts and actions of families. Some 38% of parents in a survey of 300 stated that fears of pay cuts or redundancy is making them think twice before making life's bigger decisions such as taking on a new mortgage, getting married or having more children.
The survey, conducted by Family Investments, a renowned provider of financial solutions for the family, also showed that 78% of parents were unaware of the April increases in Child Tax Credit.
29% of families say that they plan to holiday in the UK this year. In addition, 40% will spend more time eating in rather than dining out and 36% will reduce spending on treats and presents for their children.
On a more positive note, the survey found that 87% of parents will continue to top up their child's Child Trust Fund with the same or higher monthly contributions. Overall, 40% of parents confirmed that they plan to save at the same or higher rate than the previous year. In addition to the Government's £250 voucher at birth (£500 for children from low income families), there is the ability to make contributions of up to £1,200 per year, the Child Trust Fund is still a popular way to save for the child's future. A further £250 (£500) voucher is payable at the child's 7th birthday. All interest, capital and dividend income is tax free and there are a wide range of Child Trust Fund managers and funds available in which to invest.
Kate Barker, Head of Savings and Investments at Family Investments also says that parents should take full advantage of all the benefits open to them. This includes the recently introduced Health in Pregnancy Grant of £190 that can be claimed from the 25th week of pregnancy.
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