Outraged Mum!

[ʎqɐqɹǝʞɐɥs]

Who says I don't have children?

She does

[okonu]

Meh, in my family this is called "motorbike money" - basically a small amount of savings we got when we hit 18 from accumulated b'day gifts etc.

Of course you should waste it I spent mine on a RTW ticket and went bumming around India and Japan.

Doing the same for my neices/ nephews. I would be upset if they didn't use it at 18 on a shiny bike, or a round world trip, or on reducing university loans.

[Bubble Pop Electric]

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.

But i don't think it will be treated with respect. Working class or not. If you are to add to this scheme over time then fine, but it is only a suggestion that people do add to it. I cannot see how it encourages to save, i feel people who are going to save for their children will do so anyway. How many working class families will be able to save for their children. It won't be a case of them seeing money growing over time - it will be a lump sum for children at the end. My feelings are that it will encourage debt, and irresponsible spending. I'm sure there could have been a better way to invest in every child's future. This does not seem like a sensible idea at all. I grew up with very little money, therefore when i was given lumps sums i completely squandered it/wasted it and had nothing to show for it at the end. It taught me absolutely no respect for money whatsoever, and i hadn't learnt by the third time - i believe no matter what the back ground most children will do the same, and only time will tell. If i'm wrong then great, but i don't think i am. Like i said in principle it sounds like a good idea, but i don't think it will be very successful.

[Guest Cletus VanDamme]

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.

As I said, HPC is now a general rant site.

I think the complaint about 'big government' is legitimate though. But if you want to argue against a scheme where everyone is given £100 to start off a savings scheme for their kids, on the basis that it is not a good use of taxpayers money, then fine, but then lets also scrap child benefit (given to all, regardless of income), winter fuel allowance for the elderly (ditto), and so on.

Personally I think that the way we are heading is towards a universal citizen's income, where everyone, regardless of personal income, is given a fixed weekly amount. Those that don't need it effectively give it back via taxation. It's cheaper than admininstering means-tested benefit, and less fraud (everyone gets it). Interestingly, this was in the Green Party manifesto years ago.

How do you know who is a citizen? Why ID cards. Things come full circle.

Can I get my mumsnet membership now

[aussieboy]

As I said, HPC is now a general rant site.

Not so, there is relevance here: all those kiddies coming into 25k or thereabouts when they turn 18... sounds like a good deposit for a podule or whatever it is we'll be living in in 2024. I predict a surge in podule prices.