Both my children have investment accounts, which were opened when they were babies. They are now six and nine. The minimum deposit was then pounds 5, and every gift of money was saved for them. When the limit was raised to pounds 10, we still managed to save. Then I went to deposit pounds 15 of birthday money for my daughter last April, and found the minimum had been raised to pounds 20. My son has made only one deposit in the past year as he cannot be convinced of the value of saving up at home just to make a deposit in his savings account. Before we get to pounds 20, it has been spent on Lego. I might convince him to save pounds 5, or even pounds 10, but pounds 20? No chance.
I think the Post Office should rethink its policy, and offer a minimum deposit to young savers of pounds 5 or pounds 10. This is supposed to be the decade for discouraging consumerism. I'm trying hard, but I need some help.
22 AprilReuse content