WEBVTT - How UK Parents Should Be Saving for Their Children

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Welcome to Marrin Dooks

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<v Speaker 1>Your Money, the personal finance edition of Marrin Dooks Money

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<v Speaker 1>and these bonus podcasts we talk about the best strategies

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<v Speaker 1>for making the most of your money. I'm Marrin Sumset

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<v Speaker 1>Web and with me today senior reporter of Money Distilled

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<v Speaker 1>author John Stebeg Hi John, Hi, mem We've been geting

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<v Speaker 1>quite a lot of good questions recently, haven't we who knew?

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<v Speaker 1>Who knew? Our listeners were so engaged and so interesting

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<v Speaker 1>Lifetime isis? That was an interesting one last week and

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<v Speaker 1>we got another very good one on junior iceers this week. Now,

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<v Speaker 1>before we get started on this, I'm just going to

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<v Speaker 1>say we are going to have a Marin Talks Money

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<v Speaker 1>later in this series, probably in December. We're talking about

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<v Speaker 1>clever waste is that money as I feel kids? But

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<v Speaker 1>this week, in fact, we're going to do that just

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<v Speaker 1>in time for Christmas, because you know grandparents'll be sending

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<v Speaker 1>their twenty pound not jib want something to do with them.

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<v Speaker 1>This week it's all about junior isis. We've had a

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<v Speaker 1>question in from Adam.

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<v Speaker 2>Hi John him, Marin, This is Adam here. My question

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<v Speaker 2>is I'm about to become a dad, and I was

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<v Speaker 2>hoping that you guys could talk about the various guiser

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<v Speaker 2>options and specifically whether there are any good stocks and

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<v Speaker 2>shares products on the market.

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<v Speaker 1>Now, John, you and I we've talked about this before

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<v Speaker 1>because we both always felt a little guilty that we

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<v Speaker 1>didn't actually open jises for our children early doors, did we?

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<v Speaker 1>Although we were lucky to a degree because we were

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<v Speaker 1>both had our children at the time when you got

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<v Speaker 1>child trust funds. Yes, so Gordon Brown bunged us both

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<v Speaker 1>a little bit of money, which we left languishing in

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<v Speaker 1>random accounts for eighteen years. And that was kind of that.

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<v Speaker 3>Yeah, I hate him. My admin phobia really really got

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<v Speaker 3>me on that one, particularly for child number two, who

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<v Speaker 3>unfortunately saw most of it eroded and shocking fees after

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<v Speaker 3>I lost track of where it was. But let's just

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<v Speaker 3>move swiftly on from that colossal era.

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<v Speaker 1>John, you were actually had ams? Are you an embarrassment

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<v Speaker 1>to the podcast? I thought you were going to say

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<v Speaker 1>that you'd got a grab at some point and blah

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<v Speaker 1>blah blah. I did, I did. My kids actually didn't

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<v Speaker 1>end up with junior isers, just just so you know.

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<v Speaker 3>Yeah, Yeah, Like I said, I feel like a like

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<v Speaker 3>a massive fielure for that one, which I am.

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<v Speaker 1>Word you are and I'm well talk to you talking

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<v Speaker 1>about that later. I hope we should get the kids

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<v Speaker 1>on anyway. So junior iSER is a very very simple vehicle.

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<v Speaker 1>It is a tax wrapper into which you can put

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<v Speaker 1>nine pounds a year for each child. So over an

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<v Speaker 1>eighteen year period, that's going to add up. Between the

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<v Speaker 1>between birth and the age of sixteen, you both control

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<v Speaker 1>and uh, well you control the money and they can't

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<v Speaker 1>have it. Between sixteen and eighteen, they can control it.

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<v Speaker 1>They can move it around the place, but they can't

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<v Speaker 1>have it age eighteen you have to hand it over

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<v Speaker 1>them and they can do whatever they want with it.

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<v Speaker 1>You can put the money into cash, or you can

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<v Speaker 1>put it into trucks and chares, just like an adult isp.

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<v Speaker 1>You can I don't know what else can you do

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<v Speaker 1>with it? John? What have I missed?

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<v Speaker 3>I mean, honestly, that's that's it is in terms of

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<v Speaker 3>what you can do. It's just an isser, but with

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<v Speaker 3>with different rules in terms of withdrawals and needs limits

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<v Speaker 3>and all.

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<v Speaker 1>That is to yeah, what you really want, what you

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<v Speaker 1>really want is to build a cash in that not

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<v Speaker 1>cash but as its inside that and then have your

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<v Speaker 1>child age eighteen look at it and go, thank you

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<v Speaker 1>so much, mommy and daddy, you are amazing, and move

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<v Speaker 1>it into an adult is, keep it there for ages,

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<v Speaker 1>keep adding into it, and then use it for a

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<v Speaker 1>hospitables it or something like that. If anyone has experienced

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<v Speaker 1>that ideal situation, do let us know, because we don't

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<v Speaker 1>come across it very often. Mostly people either don't save

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<v Speaker 1>into it properly, leave it in cash so languages around

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<v Speaker 1>the place and doesn't make any proper tons, or they

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<v Speaker 1>handed over with their kids who go to a beefer

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<v Speaker 1>and spend a lot on boot.

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<v Speaker 3>I mean that's a good point about cash. So I

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<v Speaker 3>think if you if you are going to put money

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<v Speaker 3>in a juniorizer, then nine times at a turn it

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<v Speaker 3>should be in stocks and sheers because they're not going

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<v Speaker 3>to be access and for a long period of time,

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<v Speaker 3>so it is daff to keep it in cash.

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<v Speaker 1>It's also a bit pointless because apart from anything else

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<v Speaker 1>you have, you have an allowance, you have an allowance

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<v Speaker 1>for interest, and you have your general tax allowance. So

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<v Speaker 1>you're going to have to learn an awful lot of

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<v Speaker 1>interest before it's worth having it stuck inside. And I say,

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<v Speaker 1>rather than just in a general deposit account, right.

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<v Speaker 3>No, absolutely, so yeah, I mean there's almost no reason

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<v Speaker 3>to have it in cash ever. And actually if they

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<v Speaker 3>will actually this is going off topic, but if they're

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<v Speaker 3>looking for a decent knowedge, then they would actually say,

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<v Speaker 3>if you're going to open a gaza, you have to

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<v Speaker 3>put it in stocks and shares. You have to invest it,

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<v Speaker 3>and it can it can't be in cash.

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<v Speaker 1>John Manny steaks topic.

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<v Speaker 3>Like in the right direction for one to put it

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<v Speaker 3>that way.

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<v Speaker 1>Right, Listen, before we move on to talking about the

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<v Speaker 1>stocks and shares ISA, which is your own gister, sorry,

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<v Speaker 1>which is your only JASA you should probably have your kid,

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<v Speaker 1>let's talk about whether you should have a jace open

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<v Speaker 1>aer for your child at all. Now, one thing that

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<v Speaker 1>we always say here is that your children will really

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<v Speaker 1>thank you if you put your own financial security ahead

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<v Speaker 1>of theirs the other way around. One thing they're really

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<v Speaker 1>gonna hate you for is if just when they're hitting

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<v Speaker 1>their own middle age and they've got children and education,

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<v Speaker 1>mortgages and all the stuff to worry about, it turns

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<v Speaker 1>out that you haven't take taken care of your own

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<v Speaker 1>retirement and they have to help you out. Nobody wants that.

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<v Speaker 1>So the absolute key thing here is do not start

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<v Speaker 1>looking up children for your children, and sorry, looking up

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<v Speaker 1>children for your children. Don't look up any children. Never

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<v Speaker 1>look up children. I have a cold, I don't. I'm

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<v Speaker 1>going to start again. Before you lock up any money

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<v Speaker 1>for your children, look after your own financial security. Put

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<v Speaker 1>on your own oxygen mask first. This is the key.

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<v Speaker 1>So if you haven't done that, I still think that

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<v Speaker 1>it's worth opening a wrapper so that grandparents, godparents except

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<v Speaker 1>it can contribute into that rapp up. But I don't

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<v Speaker 1>think you should be putting your own money into that

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<v Speaker 1>wrap up until you have filled up your own is set,

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<v Speaker 1>your own set. Except is that Vegian? Or am I

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<v Speaker 1>just being made on the kids?

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<v Speaker 3>No, you're sor you're one hundred percent right? I yeah,

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<v Speaker 3>I mean I sort of think that ISA is a

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<v Speaker 3>good vehicle for grandparents and other people who you know

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<v Speaker 3>are willing and able to kind of give your kids

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<v Speaker 3>money for the future, and you know, and the whole

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<v Speaker 3>thing about they get it eighteen. Well, okay, that's that's

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<v Speaker 3>a riscue take. But no, I think that you know

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<v Speaker 3>if you if you aren't filling up, you know, twenty

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<v Speaker 3>grand or forty grand between the two of you and

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<v Speaker 3>your own ISA each year, which is a there's not

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<v Speaker 3>you know, not many people can do that. Then there

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<v Speaker 3>isn't really any point on you know, hiding this money

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<v Speaker 3>which cannot be withdrawing for until your kids at eighteen.

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<v Speaker 3>You're absolutely right sort yourself out first, to.

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<v Speaker 1>Yourself at first. Right, So here I am sorted myself out.

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<v Speaker 1>You know, I'm Richard Crisis ice fill every year pension

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<v Speaker 1>Al sorted. My muggage is paid off, it's out on

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<v Speaker 1>the on the way to being paid off. It's all brilliant.

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<v Speaker 1>I'm going to open a gay set for my kit.

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<v Speaker 1>We've already discussed how you shouldn't bother with the cash.

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<v Speaker 1>Icep really not worth it. So we're going to have

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<v Speaker 1>a stocks and shoes. I said, how am I going

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<v Speaker 1>to do that?

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<v Speaker 3>I mean, that's a good question. But I think, well,

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<v Speaker 3>you know, a reader sort of saying or what what

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<v Speaker 3>good ones are there out there? And obviously that's you know,

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<v Speaker 3>we can't sit here and say well this found or

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<v Speaker 3>that fund. But the way I don't know what about

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<v Speaker 3>you men, but the way I would think about it

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<v Speaker 3>is this is an investment that has a very long

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<v Speaker 3>time horizon on it. So whatever is the maximum amount

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<v Speaker 3>of risk that you are willing to take, you should

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<v Speaker 3>be thinking about it in those terms, so you know,

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<v Speaker 3>all equities rather than sitting there worrying about whether they

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<v Speaker 3>stick some in boinds or whatever. And then beyond that,

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<v Speaker 3>it really depends on what your appetite is for how

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<v Speaker 3>much effort you want to go to. You can just

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<v Speaker 3>go for the straightforward, passive stuff and kind of march

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<v Speaker 3>the global index as much as you, you know, and

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<v Speaker 3>that's as far as you want to take it. And

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<v Speaker 3>if you're going to be more active, then yeah, I mean,

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<v Speaker 3>you know, what we always see is just kind of

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<v Speaker 3>go for the stuff that's undervalued, because over time, buying

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<v Speaker 3>cheap is better than buying expense.

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<v Speaker 1>Of John, I do just want to go back one bit,

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<v Speaker 1>just from the phrasing of the question. I want to

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<v Speaker 1>be absolutely certain that everybody listening understands that there is

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<v Speaker 1>not really any such thing is a good stocks and

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<v Speaker 1>shares er, if you see what I mean, and that

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<v Speaker 1>I don't want people to think that a stocks and

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<v Speaker 1>shares iSER or a giice is a thing in itself,

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<v Speaker 1>it's not a thing. It's a rapper, that's all it is.

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<v Speaker 1>So whoever you go to as your provider, what you're

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<v Speaker 1>buying from them is you're buying a rapper, the equivalent

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<v Speaker 1>of a box into which you will put investment products.

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<v Speaker 1>So what you're doing is choosing a box, and then

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<v Speaker 1>you're choosing products to put inside the box. And if

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<v Speaker 1>you go particular providers like I don't know, Nutmeg or

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<v Speaker 1>Wealthifier or something like that, they will choose the product

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<v Speaker 1>to put in the box for you. If you go

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<v Speaker 1>to Save Vanguard, you buy a very cheap box, but

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<v Speaker 1>you can only put Vanguard stuff in the box. You

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<v Speaker 1>go to somewhere like an Interactive Investor or Aja Bell

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<v Speaker 1>or how group of hands down, there're three big names

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<v Speaker 1>in this market. You go to them, you buy a box.

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<v Speaker 1>It's maybe not quite as cheap as the box you

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<v Speaker 1>buy boxes you but somewhere else, but you get a

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<v Speaker 1>much wider variety of stuff to put inside it. So

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<v Speaker 1>that's the absolute key thing. You are not buying a thing,

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<v Speaker 1>You are buying a box a rapper. I just want

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<v Speaker 1>to be clear on that because I'm not sure that

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<v Speaker 1>everybody always understands that you know they say, I've got

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<v Speaker 1>a Barkley's eye saring name. Well, that's not really a thing,

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<v Speaker 1>it's just a rapper.

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<v Speaker 3>No, you're right, So that's a really key point. And

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<v Speaker 3>then yeah, what you put into it is up to you.

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<v Speaker 1>Yeah, But then I would also say, the only thing

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<v Speaker 1>you will know in advance about the performance of this

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<v Speaker 1>of the products you put inside the wrapper will be

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<v Speaker 1>how much they cost. And costs really compound over an

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<v Speaker 1>eighteen year period. It's going to make a very big

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<v Speaker 1>difference to how much money your kid has at the end.

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<v Speaker 1>Whether you chose something that a total costs a year

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<v Speaker 1>of twenty five basis points or a zero point two

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<v Speaker 1>five percent or one percent or one and a half percent,

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<v Speaker 1>there's going to be a huge bit of difference there,

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<v Speaker 1>and you will know that in advance, whereas in advance

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<v Speaker 1>you cannot know whether the footsie is going to outperform

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<v Speaker 1>the S and P five hundred, or whether you should

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<v Speaker 1>be in China or whether you should be in Japan

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<v Speaker 1>or whatever. We have our views, but there's no guarantees here.

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<v Speaker 1>What is a guarantee is that your costs will compound.

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<v Speaker 3>That's it, yep, So keep it cheap.

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<v Speaker 1>Whatever you do, keep it cheap, keep it simple, and

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<v Speaker 1>don't forget that it could easily end up in a

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<v Speaker 1>barn a Beefer. Thanks for listening to this week's Mary

0:10:58.080 --> 0:11:00.240
<v Speaker 1>Dogs Money. If you like us show, rate, review you,

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<v Speaker 1>and subscribe wherever you listen to podcasts. Also, be sure

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<v Speaker 1>to follow me and John on X or Twitter. I'm

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<v Speaker 1>at marinas w and John is John Underscore Stepic. This

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<v Speaker 1>episode was produced by SOMEERSADI Production Suport and sound designed

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<v Speaker 1>by Moses and Questions and comments on this show and

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<v Speaker 1>all our shows are always welcome. Our show email is

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<v Speaker 1>Merinmoney at Bloomberg dot net