If you think back to your own childhood, what you were going to be when you grew up depended on you, your own ambitions and passions and dreams for the future. Whether you could actually achieve your goals was reliant on your enthusiasm and ability, but the cost of the education required to attain the level success you sought was, in the most part, not even considered.
However, as financial support from the government for further education continues to withdraw, the cost of training and educating our future generations now lies squarely with the parents of our budding leaders of tomorrow.
And if that means you, then the sooner you consider how you are going to support your child in realizing their future potential, the less daunting the task will be when the time comes.
Thanks to the introduction of the junior ISA, there is now a tax free savings tool that you can use for any child that does not have a Child Trust Fund Account.
No matter how young your children are, you can open up an ISA for them and save up to £3,600 each year in cash, stocks and shares and pay no income taxes on the interest or gains that your savings vehicle achieves.
This means, that when your child reaches adulthood and the funds can be released, you will have provided them with the foundations they need to ensure they can achieve their very best without having to worry about the financial cost.
If you ask the average young teenager in the street today what they want to be when they grow up, so many will now say they don’t know as they are all too aware that no matter how hard they work at school, the opportunity to go further academically and reach their full potential is closed to them, purely on the basis of money.
And if you have more than one child, the possible financial burden of supporting all of them through university or technical college can be financially and potentially emotionally crippling.
But wouldn’t it be great to take that pressure away and be able to open those doors back up to our children giving them access to the wide and varying range of possibilities that further education can provide.
By saving a small amount each week in a junior ISA and possibly including some of the money they receive from Christmas or Birthday presents, this investment tool will keep their funds ring fenced so that their future dreams can finally become a reality.
And anyone is able to pay into your child’s ISA to further spread the burden. From grandparents and relations through to the child themselves, any contribution can be included throughout the year up to the maximum annual allowance and, with the right investments and a bit of good luck, you can ensure that the opportunities of the future are open to your child and you will both have peace of mind that everything has been done to help them follow their dreams.