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Outraged Mum!

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I am sorry if this has ever been discussed before, and that it's off topic - but i feel this well describes Gordon's incompetance. As i write this, i am absolutely fuming. I have a son who is two and a half. So he qualifies for the child trust fund vouchers. The problem is - i am really unhapppy about this. First of all i'm not keen on those sort of accounts for savings as there are lots of people who i know that lost money from these sorts of trust funds. Secondly the savings accounts WE have set up for our children, it is up to us when they can have the money. So hopefully it will be used towards something that is really needed. I was really shocked to find the little nippers can get their hands on the "invested" dosh at the grand old age of 16.

16 years old!!! Why would they need the money at that age. As parents we have no say over this - it is free for them to do with as they wish. How many children need, and i mean actually need that money then. How many will spend that money on something worthwhile? Is 16 the age when they will need to spend the money on something that they actually need? My point is although most adults have difficulty managing their finances, how on earth will 16 year olds cope when this money is thrown at them. I can quite happily tell you what would have happened to me if i'd have got the money. Maybe i'm being petty. But as a taxpayer i resent this waste of taxpayers money. I can simply see that this attempt to encourage parents to save for their childs future is a complete waste. If you are a parent who wants to save for their child's future - you're going to do that anyway. If you won't or can't afford it - that money will still be wasted. I am furious, and see this to be of little or no benefit to anyone - apart from free beer tokens for every child when they reach 16. Limo's on 16th birthday parties is what they'll be spent on. The idea in principle could be ok. But when most children haven't moved out of home what is the point. I see little benefit to the child- except to give them a taste to wasting money. Sorry to rant, and maybe i'm missing the point - perhaps someone can enlighten me?

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The trust fund keep writing to me to ask if I want to top it up, I don't fecking think so I'd rather set fire to my money than have to hand it over to my 16 year old to buy fags/diamond white/etcetc.

I'm sure my DD will spend it wisely but as it's not my money I don't really care. The real investments will be handed over at 25 if i have my way or 45 if hubs has his way :lol:

As you said a complete bloody waste of time and money, I know at least one mother who has had it stuffed at the back of a draw for over three years as she doesn't know what to do with it :o

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I am sorry if this has ever been discussed before, and that it's off topic - but i feel this well describes Gordon's incompetance. As i write this, i am absolutely fuming. I have a son who is two and a half. So he qualifies for the child trust fund vouchers. The problem is - i am really unhapppy about this. First of all i'm not keen on those sort of accounts for savings as there are lots of people who i know that lost money from these sorts of trust funds. Secondly the savings accounts WE have set up for our children, it is up to us when they can have the money. So hopefully it will be used towards something that is really needed. I was really shocked to find the little nippers can get their hands on the "invested" dosh at the grand old age of 16.

16 years old!!! Why would they need the money at that age. As parents we have no say over this - it is free for them to do with as they wish. How many children need, and i mean actually need that money then. How many will spend that money on something worthwhile? Is 16 the age when they will need to spend the money on something that they actually need? My point is although most adults have difficulty managing their finances, how on earth will 16 year olds cope when this money is thrown at them. I can quite happily tell you what would have happened to me if i'd have got the money. Maybe i'm being petty. But as a taxpayer i resent this waste of taxpayers money. I can simply see that this attempt to encourage parents to save for their childs future is a complete waste. If you are a parent who wants to save for their child's future - you're going to do that anyway. If you won't or can't afford it - that money will still be wasted. I am furious, and see this to be of little or no benefit to anyone - apart from free beer tokens for every child when they reach 16. Limo's on 16th birthday parties is what they'll be spent on. The idea in principle could be ok. But when most children haven't moved out of home what is the point. I see little benefit to the child- except to give them a taste to wasting money. Sorry to rant, and maybe i'm missing the point - perhaps someone can enlighten me?

1 - are you in the right forum? This is typically about the housing market and data related to possible rises and falls of that market.

2 - does it matter? Put money you save into a long term savings account and give it to your kid when you WANT them to have it, not when the govt decides it's right, seems pretty simple to me

3 - make you child get a job at aged 16 instead of having a big pile of cash lumped on them for no good reason, which will teach them about the value of money and what it means to work hard to earn what they want. If parents stopped breaking their necks to give little Jonny a £30k deposit for an overvalued property, the FTB market would dry up enough to put pressure on a correction, instead of just feeding the runaway beast of HPI

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I am sorry if this has ever been discussed before, and that it's off topic - but i feel this well describes Gordon's incompetance. As i write this, i am absolutely fuming. I have a son who is two and a half. So he qualifies for the child trust fund vouchers. The problem is - i am really unhapppy about this. First of all i'm not keen on those sort of accounts for savings as there are lots of people who i know that lost money from these sorts of trust funds. Secondly the savings accounts WE have set up for our children, it is up to us when they can have the money. So hopefully it will be used towards something that is really needed. I was really shocked to find the little nippers can get their hands on the "invested" dosh at the grand old age of 16.

16 years old!!! Why would they need the money at that age. As parents we have no say over this - it is free for them to do with as they wish. How many children need, and i mean actually need that money then. How many will spend that money on something worthwhile? Is 16 the age when they will need to spend the money on something that they actually need? My point is although most adults have difficulty managing their finances, how on earth will 16 year olds cope when this money is thrown at them. I can quite happily tell you what would have happened to me if i'd have got the money. Maybe i'm being petty. But as a taxpayer i resent this waste of taxpayers money. I can simply see that this attempt to encourage parents to save for their childs future is a complete waste. If you are a parent who wants to save for their child's future - you're going to do that anyway. If you won't or can't afford it - that money will still be wasted. I am furious, and see this to be of little or no benefit to anyone - apart from free beer tokens for every child when they reach 16. Limo's on 16th birthday parties is what they'll be spent on. The idea in principle could be ok. But when most children haven't moved out of home what is the point. I see little benefit to the child- except to give them a taste to wasting money. Sorry to rant, and maybe i'm missing the point - perhaps someone can enlighten me?

Erm, child trust fund cannot be touched until the person reaches 18 years of age. Any money put into the trust fund cannot be withdrawn by anybody at anytime. The only time you can get your mitts on it is in the event of a death of a child. It is totally secure until they are 18. Plus you don't have to do a stocks and shares on. I have invested my daughter's in a savings account and do intend to add to it because of the bonus interest that will accrue. Hers is through the Nationwide so maybe thats why its different?

Definately not heard anywhere that the money is available at 16. :huh:

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Erm, child trust fund cannot be touched until the person reaches 18 years of age. Any money put into the trust fund cannot be withdrawn by anybody at anytime. The only time you can get your mitts on it is in the event of a death of a child. It is totally secure until they are 18. Plus you don't have to do a stocks and shares on. I have invested my daughter's in a savings account and do intend to add to it because of the bonus interest that will accrue. Hers is through the Nationwide so maybe thats why its different?

Definately not heard anywhere that the money is available at 16. :huh:

The lady on the child trust fund helpline told me it was available to them at 16 - that's where i got it from. But i still think even 18 is too early anyway.

Krosfyah - i did apologise it wasn't on-topic.

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Erm, child trust fund cannot be touched until the person reaches 18 years of age. Any money put into the trust fund cannot be withdrawn by anybody at anytime. The only time you can get your mitts on it is in the event of a death of a child. It is totally secure until they are 18. Plus you don't have to do a stocks and shares on. I have invested my daughter's in a savings account and do intend to add to it because of the bonus interest that will accrue. Hers is through the Nationwide so maybe thats why its different?

Definately not heard anywhere that the money is available at 16. :huh:

Could be talking horsesh+t here - but I have heard a bare trust in Scottish Law becomes the childs on 16th Birthday....

On a wider note my kids are 7 and 5 and are well aware how much money is in trust for them - as they get older I'll make sure they're actively involved in managing it - I have every intenetion of making sure they are well educated in financial matters by the time they get their mitts on the cash.

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Guest Winners and Losers

Could be talking horsesh+t here - but I have heard a bare trust in Scottish Law becomes the childs on 16th Birthday....

On a wider note my kids are 7 and 5 and are well aware how much money is in trust for them - as they get older I'll make sure they're actively involved in managing it - I have every intenetion of making sure they are well educated in financial matters by the time they get their mitts on the cash.

I have a book called 'How to make your child a millionaire'. If it's not going to be me, I may as well give them a fair crack. ;)

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I have a book called 'How to make your child a millionaire'. If it's not going to be me, I may as well give them a fair crack. ;)

Let me guess - Mew the wendy house and buy a portfolio of Bulgarian BTL chalets :D:D

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I have a book called 'How to make your child a millionaire'. If it's not going to be me, I may as well give them a fair crack. ;)

My mother was given a toy cash register as a child, need I say more.

Let me guess - Mew the wendy house and buy a portfolio of Bulgarian BTL chalets :D:D

I seem to recall a story about some people buying a apartment for their 11 year old daughter... a kind of play house. I'm not sure if it was even for BTL.

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Guest Winners and Losers

Let me guess - Mew the wendy house and buy a portfolio of Bulgarian BTL chalets :D:D

It would be if it was written now. It was before BTL became as common as muck. I think it is more about teaching kids good financial management. I'll have to fish it out. I will be funny if it doesnt mention BTL at all. Boy, did they miss the boat when they wrote the book. :rolleyes:

My mother was given a toy cash register as a child, need I say more.

Oh go on, say more. ;)

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My mother was given a toy cash register as a child, need I say more.

I thought they were given hairdryers and plastic ovens and the boys guns and bows and arrows? :unsure:

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I have a book called 'How to make your child a millionaire'. If it's not going to be me, I may as well give them a fair crack. ;)

Was it written by INSIDE TRACK???

I wouldn't worry, the £500 driving test and £25,000 tuition fees will soon polish off whatever crumbs they eventually end up with.

You've forgotten £25 for fags.

Crack will be £20 with FREE maschette

Stella will be FAMILY BEATER at £10 a pint and a 'GET OUT OF JAIL FREE' card

Legal age for Child Allowance will be dropped to 9 year olds

Immigrants caught doing serious crime will be put into a hat for a LOTTO Special draw. Winner gets £1.2 Million.

DOLE will be given to all spongers but will be banned for any workers who have paid taxes all their lives.

Credit Cards can be given to children as young as 5 as long as DADDY secures it on his home

I/O mortgages will be seen as ENDOWMENT SCAM renamed and all the suckers will be paid MILIONS in compensation

OH what a f*cking bright future!!!!

TB

Edited by teddyboy

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I thought they were given hairdryers and plastic ovens and the boys guns and bows and arrows? :unsure:

She probably sold them using the cash register, then printed some more money and bought them back.

"Banking was conceived in inequity and born in sin... Bankers own the earth. Take it away from them but leave them the power to create money, and, with a flick of a pen, they will create enough money to buy it back again" - Sir Josiah Stamp, a former governor of the Bank of England

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The lady on the child trust fund helpline told me it was available to them at 16 - that's where i got it from. But i still think even 18 is too early anyway.

Krosfyah - i did apologise it wasn't on-topic.

I agree, in fact I'll be deducting 30% of gross earnings from my child's salary until he's 30. Before then they're much too young to act responsibly. I'll also be deciding what subjects he'll take at school, and dammit if he doesn't take that dentistry degree I'll be fuming.

T&T

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I agree, in fact I'll be deducting 30% of gross earnings from my child's salary until he's 30. Before then they're much too young to act responsibly. I'll also be deciding what subjects he'll take at school, and dammit if he doesn't take that dentistry degree I'll be fuming.

T&T

My point is - i set up my own savings for our children - it's only sensible for them to have the money when they're likely to be leaving home, i.e when they need it. I could kick myself at the money i wasted when i was 18 even. At 16 (if indeed they were able to have the money then) they'll probably be still under my roof - so why would they need it? If we are paying higher taxes than ever in history, and beleive me in our household we pay an awful lot of tax - then i object to this little scheme. I beleive it is a completely false economy. Completely useless. As was pointed out - it will be worth a pittance then. I personally am quite happy what they do for a career, and would be very happy if they didn't go to uni. I'm not really that bothered about anything else. But i think this is a wasted opportunity. Don't mistake for a pushy parent. More that i'm annoyed the way Gorden spends our money.

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My mother was given a toy cash register as a child, need I say more.

I seem to recall a story about some people buying a apartment for their 11 year old daughter... a kind of play house. I'm not sure if it was even for BTL.

That was my nieces friend. :rolleyes:

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The child's saving account at nationwide offers them a cashcard at age 11.

The midland bank gave me a cashcard when I was at school and I worked out fairly quickly how to go overdrawn on the account. ;-)

Edited by SarahBell

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They think it is "their" money, when in reality it is taxpayers' money.

The arrogance of setting up these accounts is typical of Brown, and is why HE MUST GO.

Brown gone before Blair leaves, I say!

Thank you Dr Bubb. That is my frustration exactly. I just couldn't find the words - you've done it for me.

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Guest Cletus VanDamme

Shouldn't this topic be on another forum, or on mumsnet or somewhere. ;)

HPC is turning into another generic rant site. I'm off to C4 4homes!

... maybe not. Just been there and they're discussing James Blunt and Kirsty's clothes.

Nowhere is safe

Edited by Cletus VanDamme

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Shouldn't this topic be on another forum, or on mumsnet or somewhere. ;)

HPC is turning into another generic rant site. I'm off to C4 4homes!

... maybe not. Just been there and they're discussing James Blunt and Kirsty's clothes.

Nowhere is safe

I agree about the off topic and it's in the first line of my post, but this affects all taxpayers and is another example of Gordon wasting money. Just because you don't have children doesn't mean this doesn't affect you. He is wasting yet more of our money - you should be pretty annoyed (unless you don't pay tax, and live off benefits).

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Guest Cletus VanDamme

I agree about the off topic and it's in the first line of my post, but this affects all taxpayers and is another example of Gordon wasting money. Just because you don't have children doesn't mean this doesn't affect you. He is wasting yet more of our money - you should be pretty annoyed (unless you don't pay tax, and live off benefits).

Who says I don't have children?

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My point is - i set up my own savings for our children - it's only sensible for them to have the money when they're likely to be leaving home, i.e when they need it. I could kick myself at the money i wasted when i was 18 even. At 16 (if indeed they were able to have the money then) they'll probably be still under my roof - so why would they need it? If we are paying higher taxes than ever in history, and beleive me in our household we pay an awful lot of tax - then i object to this little scheme. I beleive it is a completely false economy. Completely useless. As was pointed out - it will be worth a pittance then. I personally am quite happy what they do for a career, and would be very happy if they didn't go to uni. I'm not really that bothered about anything else. But i think this is a wasted opportunity. Don't mistake for a pushy parent. More that i'm annoyed the way Gorden spends our money.

I had a conversation with a taxi driver along these lines (no offence) week. I can't believe people's attitude to this scheme.

The point of this thing is to provide access to certain savings schemes to all, not just the well off. Bully for you for setting up a scheme for your children... not everyone can or does. You need to have a certain threshold of savings and sophistication to access these schemes. As such, they have been closed to all but the well-to-do until now. However, becuase of this scheme, each child (and family) has the opportunity to benefit and to see how savings can grow and become a habit.

However, if the feeling is that all kids from working class backgrounds will grow up to be wasters, then let's scrap the scheme and let them behave soley in accordance with their allotted station in life.

I don't want to go on and on (too late..?), but where does this savings money go? It adds to the amount of loanable, investable funds, stimulates economic growth etc. And our children benefit from money borrowed at the government's AAA cost of capital and providing returns at a higher level. Compared with the Aussie baby (Plasma TV, WaL!) bonus, this scheme shows a lot of foresite and seems (this time) to be working.

On a forum that is highly critical of those that take on debt, any savings scheme would, I would have thought, received a rather better reception.

Edited by aussieboy

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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