Martin Lewis issues warning to parents opening child's bank accountITVX
Category
🗞
NewsTranscript
00:00Can I start slightly askance on your last sentence?
00:03Of course.
00:03I'm open to changing if I secures my son a better option.
00:07Look, I mean, your son's finances will be trivial compared to yours.
00:10You should be focused on the best option for you.
00:13I mean, getting the best bank account for you and the best savings for you
00:16because that will tend to involve a lot more money and be a lot more lucrative.
00:19You could then give it to your son.
00:20Your son's relatively trivial amount of spending should not be driving where your bank account is.
00:25As it happens in your case, that doesn't matter because you're actually in not a bad place.
00:29But I mean, I tell you what, people often do this.
00:32I just I'm going off on one, but people often get in touch with me and they want to save for their kids.
00:36And they talk and they don't have the money for themselves, but they're saving it for their kids when the kids are two years old.
00:41My philosophy on children's savings is a bit like when you're on the airplane.
00:44You know, when you're on the airplane and they say in the event that the cabin depressures, oxygen masks will drop.
00:50Please put your own mask on first before you put it on your child's mask, because you have to be able to breathe to be able to help them.
00:57Well, the same is true of your finances.
00:58Make sure your own finances are right first before you start saving for your child.
01:03That's something, you know, keeping a roof over their head, keeping them fed, keeping them in good condition is more important than putting savings away for the future when they're young.
01:10I mean, if you've got the money, great, do it. And you open them a pension as well when you're at it.
01:13You're in it.