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What's the best financial gift you can give your children?

Warren Ingram, a personal financial advisor at Galileo Capital, shares some ideas with 702 host Ray White about how and when parents should start saving for their young children.

FILE: Picture: Pixabay.com.

JOHANNESBURG - What is the best financial gift you can give your children?

Warren Ingram, a personal financial advisor at Galileo Capital, shares some ideas with 702 host Ray White about how and when parents should start saving for their young children.

“The trick is to look at this from a time and practicality perspective. From a time perspective, the answers are as soon as possible, as young as your children are, and do it in your child’s name and try to make it easy for friends and family to contribute as well,” Ingram said.

On how to avoid access the savings, Ingram added one should set a debit order and pay as soon as possible, especially after your payday.

“Education policies are a big marketing drive, especially by insurance companies. The policy is just an endowment with a different name,” said Ingram.

Ingram added that one shouldn't be fooled by the fact that it’s called an education policy because it doesn’t work to the benefit of your child.

He said if you’re in a fortunate position to get a mortgage and set that up for your child, that’s great.

For more listen to the audio.

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