A new research finding that parents are not saving each month for their children has drawn the anger of most who claimed that their own parents did not open bank accounts for them when they were children.
A poll by Money.co.uk, a United Kingdom based price comparison website, showed that 40 per cent of parents are not saving regularly for their children’s future, and those doing so are merely putting away an average £34 a month.
This adds up to about £10,395 on the child’s 18th birthday.
Though the amount seems substantial, respondents said it is unlikely to cover major future expenses, which researchers estimate could cost parents £250,000 citing the average house price could hit £1.3 million by the time a child born now hits 30 if property prices continue their upward spiral.
When TheNiche put the question to some Nigerian parents, they disclosed that they cannot afford to save for their children despite the desire to do so.
Some said any spare money is being put away in their own retirement savings, wondering how many accounts they would have to operate if they must save up for each child.
“I never earned enough to save in my family account, let alone for each of my five children,” a parent explained.
The parent, who did not disclose his name, said it is more important for him to give his children good education than giving them a fabulous savings account.
Another parent, Chris Anieze, wondered if a parent with more than three children can afford to do that in these days of overwhelming responsibilities in the home.
“How many parents can do that these days? I really don’t know but every generation has to learn that they, personally, have to be responsible for themselves and not rely on what someone else has done for them earlier,” said Anieze, a business man at Alaba International Market Lagos.
Some private school teachers described saving for each child as a fantastic idea but a tall order.
Most of them said it is more important to have children learn to be responsible adults when they grow up, not how much is saved for them.
“The ball is in their court when they grow up and we are not responsible for the adult lives of our children, financially or in any way.
“Our parents were not able to open bank accounts for us when we were children,” argued Kate Akinwale, who teaches English in a private school in Lagos.
All banks in the country have created children’s savings or education accounts to encourage early savings in children and make education easier and affordable.