Save smart for your children!

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    Save smart for your children!

    Sponsored by Länsförsäkringar

    Child savings is the most popular topic when it comes to finances and families, and no wonder! Saving for your child is something many parents do throughout their childhood, so of course you want to save properly. But what is the best way to save? to their child?

    How to save smart for your children!

    Länsförsäkringar has recently published a major report on how parents save for their children. The report shows that while most parents have had more money in their wallets in recent decades due to income increases and tax cuts, we are not saving significantly more for our children. With high inflation and rising interest rates, family finances are changing, which is important to keep in mind when planning savings for our children. If you're able to save something, it's better than nothing - and your financial situation will change before it's time for your child to enter adulthood with their buffer.

    First of all, you need to think about the purpose of your savings. Common reasons for saving for children include driving licenses and housing. It is worth bearing in mind that the cost of these will increase in line with inflation from when your child is 1 year old until they are 18 years old. This means that savings must also increase gradually if your child is actually to be able to get a driving license or a home when the time comes. So don't forget to adjust your savings in line with inflation or how much your salary increases each year. 

    The current economic situation is changing the finances of many families, but if you are able to make some kind of savings, it is a good start. Statistics show that parents who save regularly, e.g. monthly, get more money for their children than those who save more sporadically, e.g. for holidays. Our tip is therefore, if possible, to have a monthly savings account by direct debit to ensure that the savings actually happen. 

    How to save?

    The most common way is to save via mutual funds, which 77% of all parents who save for their children do. It has also proved to be profitable; the children of parents who have invested their children's savings in funds have performed well since 2012. In 2012, the average capital was SEK 92 533; today, the average savings capital per child is SEK 250 000!

    One thing to bear in mind is that if you save in your child's name, they will have access to the capital when they turn 18. If you save in your own name, you can choose when your child will have access to the savings. Think about what you want before you start saving!

    Summary of child couples in Sweden:

    - The average monthly savings is SEK 490, which is a decrease of 15% compared to 2018 and only an increase of 18% since Länsförsäkringar first conducted the Child Savings Report in 2005.
    - 38% of parents save less than SEK 375 per child.
    - 26% of parents save more than SEK 875 per child.
    - Those with one or two children save SEK 625 per child, while those with four or more children save SEK 125 per child.
    - The share of those who do not save at all for their children is 9%.
    - The proportion of parents who save monthly is 67%.
    - Funds are the most popular form of savings, chosen by 77% of parents.
    - Those who save in funds have a savings capital of around SEK 250 000 per child.
    - Those who save in a savings account have a savings capital of around SEK 10 000 per child.
    - Saving for your home is the most popular savings goal.

    At Länsförsäkringar there is a lot of information and help available when it comes to family finances. 

    Länsförsäkringar offers several different types of insurance such as child insurance, home insurance and accident insurance. It is a good idea to contact your local County Insurance Company for advice on which ones are insurance that may be relevant to your family's needs. 

    Don't miss the Baby Journeys podcast Family economic school, where you can find lots of financial tips and, of course, how to save wisely for children.

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