Surrey
Please see inside for this week’s Surrey Herald
Incorporating
Chertsey, Addlestone and Byfleet edition
15 August 2013
When is it right to give a child more freedom? Surrey
Incorporating
from Walton, Weybridge, Hersham and The Moleseys advertise call mum: 01483 508852 or email surreymotorsreps@trinitysouth.co.uk feature editionToAdvice motors BACK TO SCHOOL Advertising When is right to
their own after the age of 12 that they IT’S always hard for parents to ‘let go’ wouldn’t let them do before, and 36% of their children but is there a ‘right’ age when kids should be allowed to do said walking or getting to school was one of them. The other top answers things independently, such as walk to were: stay at home alone – 58%; look school? Lisa Salmon reports. after younger siblings - 53%; cook – Judging when children are old 45%; go to the shop – 29%. enough to do things on their own is The findings echo those of a often a tough call for parents. They Netmums survey earlier this year, worry about what could happen to which found 71% of parents felt their their youngsters if they let them do child was no longer childlike by the something independently, be that age of 12. walking to school, making a cup of tea Cathy Ranson, Netmums or simply staying home alone. stresses there is no AllSunbury, too often, modern parents err on editor-in-chief, Lower Sunbury and Shepperton edition appropriate age for children to do the side of caution and supervise kids things independently, as every child who, in reality, are more than capable is different. “Parents are in the best of acting responsibly on their own. place to decide what’s right for them Now, a new survey suggests that and their child, and when they feel more than half (54%) of British ready for a little more independence. parents consider their child to be “Children enjoy the independence ‘independent’ at the age of 12. and trust you show as they start to do The study of 1,355 parents, by things for the first time, such as a walk discount website MyVoucherCodes, to school, making toast or a meal or asked what the main things were that running an errand – and you can build parents would let their kids do on
Surrey
Staines & Ashford
allow your children to walk to school on their own.
up to each milestone in small steps.” She suggests it’s a good idea to try to get a friend to accompany a child the first time they run an errand or walk to school without an adult, pointing out: “It’s lovely for your child to share the
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experience and it will set your mind at rest that they’re not alone.” However, Cathy says looking after siblings alone aged just 12 is putting too much pressure on youngsters. “You’re effectively asking
a child to look after other children,” she says. “Although there’s no law against it, most parents prefer to wait until their child is 16 and more mature before giving them such a big responsibility.”
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Why you should university when The Surface Outlet, near Hampton Court Palace, is packed full of bargains. Situated next to the warehouse, it benefits from being constantly re-stocked with heavily discounted ranges that have been overspecified for projects, and in some cases, clearance items. All tiles are quality products that are, or used to be, part of the Surface portfolio. Best of all, tiles held in stock are available for immediate delivery or can be loaded into the car and taken home.
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WITH the costs of a university degree surging and expensive gap year travels seen as the norm, it makes sense to start saving on behalf of children from the moment they are born. That was possibly the thinking that led the coalition government to launch Junior Isa (Jisa) saving accounts just over a year ago, replacing the Child Trust Funds (CTFs). CTF accounts offer less choice and are more expensive to run than Jisas. Unlike CTFs, which were automatically opened for all newborns with a voucher from the state to be topped up by friends and relations
during the next 18 years, the Jisa is a voluntary scheme. The individual fund, as with adult Isas, is invested in cash, stocks and shares or funds. Although returns from these investments are tax-free, money cannot be accessed until the child celebrates their 18th birthday – and the new adult then becomes the legal owner of the account, so it converts into an adult Isa. The Jisa limit for each child is £3,600 per annum, or up to to £300 a month. If the current maximum amount is maintained and is saved in each tax
The Surface Outlet displays over a hundred discounted ranges and thousands of square metres of tiles. Sizes vary from the smallest 10 x 10mm mosaic to the largest 1200 x 600mm tiles. Big name brands including Bisazza, Sicis and Brix are all available well below their usual retail price. Whether you’re looking for a humble metro tile or a monolithic porcelain stone the Surface Outlet has it covered. These tiles are not available online so a visit to the store is recommended. Tiles start at under £10 SQM.
year from the year the child is born, when the child reaches 18 years-old, there would be at least £64,800 in the pot. A return of 6% per annum could turn that into a lump sum of around £114,844. “Sounds a lot, doesn’t it?”, says Jason Hollands, a financial adviser at Bestinvest. “But never forget that the average cost of a degree at a good university is estimated to be around £50,000 for those starting courses in 2012. Then kids have other costs to face as they enter adulthood, such as getting a deposit together for their first home.” Jisas are available to children born on or after January 3 2011, to under18s born on or before August 31 2002 and to children born on or between September 1, 2002 and January 2, 2011 who did not qualify for a CTF. But family finances are under acute strain – and with bills soaring, few parents have the spare cash to pay into Jisas for possibly two or three children. Andrew Hagger, founder of Moneycomms.co.uk, says the bestpaying Jisas currently include Nationwide Building Society (Smart Jisa) at 3.25% and Coventry Building Society, also 3.25%. Halifax offers 6% in a cash Jisa when a parent or guardian also holds an adult Isa with Halifax. However, are 18-year-olds mature enough to handle a four-figure sum landing in their lap? Jason says: “Many parents are nervous about their kids getting their hands on a big pot of money at 18. Perhaps these parents should consider using their own Isa allowances instead, if they want to keep control over when cash is handed over.” Kevin Mountford, head of banking at MoneySupermarket.com, says: “The principle of Jisas is a good one; encouraging parents and grandparents to save on behalf of their children or grandchildren. “With the increased cost of living and rises in university tuition fees, the
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start saving for you have a baby HEADRUSH earlier parents or grandparents begin saving, the better start they can give to their children. “Unfortunately, however, we are not a generation of savers and this needs to change. Rather than giving children presents for a special occasion, it may be more beneficial in the long term to put some money into a savings account.” When equities deliver bumpy returns, as we have seen since 2008, management expenses become more significant. Over 18 years, they have a big impact on lump sums paid on maturity. Alliance Trust Savings, which requires minimum lump sums of only £50, makes a Jisa charge of £10 per quarter. On the Bestinvest Jisa, there are no initial charges on funds, saving up to £198 on a £3,600 investment, and many funds are boosted by annual loyalty bonuses. Financial adviser Hargreaves Lansdown runs a Vantage Jisa of stocks and shares that keeps a tight grip on charges. There are also strong demands for Jisas and CTFs to be lumped together – to widen the choice for savers and to equalise benefits being paid. Jason says: “We urge the government to revisit the rules around CTFs and allow these investments to be transferred to Jisas to ensure a generation of children are not locked into defunct products that no provider is prepared to invest in.” Jeremy Gates
Junior ISAs are a good way to start saving for your child’s university course, estimated to cost around £50,000 on average last year. The product is converted into an adult ISA once your child turns 18 and is then in their control.
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Don’t get caught out by the real cost of a degree IF your teenager is hoping to go on to university, it is time to consider the costs. The annual living cost for students starting university this year could reach almost £11,000, says Family Investments, a children’s savings provider. Add in tuition fees and some students could rack up debts at the rate of £20,000 a year. Family Investments reckons food bills alone for students are up 77% since 2004, from £44 to £78 a month. Kate Moore, head of savings and investments at Family Investments, says: “Figures indicated there were 15,000 fewer university applications for places starting this year. “The impact of significantly increased tuition fees is clearly being felt and this is acting as a disincentive for many young people who would otherwise apply. For many parents, the big question is how to finance such a cost at a time when they need to take into account not just tuition fees but very significant living costs, too.” Family Investments says pain for students might be eased if parents start saving early in their lives. Kate says: “Our research suggests that parents need to be saving around the equivalent of their child benefit each month in order to cover the student’s living costs through university. Smaller contributions will, however, go a long way, particularly if parents start at an
Credit cards are another option – if treated carefully. Moneyfacts spokesman Sylvia Waycot says: “Although credit limits offered to students are small, if you have no regular income to repay the debt, then even a few hundred pounds can soon escalate as interest charges mount up. “Many students will receive their grants as a lump sum at the start of each semester. It is worth setting yourself a weekly budget to ensure that you continue to have money to live on throughout the term.” Teresa says: “Always check what fees and interest you’ll pay if you exceed your interest-free and fee-free overdraft. Students should compare account services and look for alerts as an overdraft limit approaches, budgeting tools, optional student credit cards and mobile banking apps. Most banks demand you use your account as your main account and some require a minimum number of transactions. Others have rules on how much you should pay into your account and how often. However, the gap between the cost of graduation for would-be students and potential overdrafts limits is huge. Most students will have to find a job – and, from time to time, tap the ‘bank of mum and dad’ to balance their books. Jeremy Gates
Only the beginning: Getting into university is just half the battle, with mounting costs.
early stage and allow for the potential impacts of compound interest or stock market growth.” On an equity-based investment product with an annual growth rate of 7% and monthly savings of £50, a constant savings plan over 18 years could generate a £29,300 lump sum, says Family Investments. When it comes to day-to-day living costs, students are on their own –
perhaps for the first time in their lives. Without a careful budget, they could soon be deep in the red. As the financial burdens of a degree course increase, some frills have been trimmed from student accounts available from high street banks. At MoneyVista, an online financial planning service, Teresa Fritz says: “The key to choosing the right student account is not to be side-
tracked by special offers. “As borrowing is a fact of life for most students, the most valuable feature is the interest-free and fee-free overdraft facility. Students should concentrate on this when choosing an account. “The main source of lending for students is obviously the student loan system but most students need further help, and the cheapest way forward is with an interest-free overdraft.”
Back to School at Johnsons Shoes
SPECIALISTS IN SCHOOL UNIFORM FOOTWEAR With local stores in Walton-on-Thames, Staines and Ashford we are able to provide a wide range of footwear for all children. In our children’s departments we are committed to the highest standards of shoe fitting for young growing feet. We offer a wide range of shoes in whole and half sizes and up to 4 width fittings. There is a Loyalty Scheme for children which offers a Free* pair of shoes per child after the purchase of 10 pairs (* Terms and conditions apply), and over the Back To School period there is an in store competition to
win £100 of cinema vouchers. Our Walton and Staines stores are open 7 days a week, so do call in to have your children’s feet measured and fitted by one of our highly professional members of staff.
28/28a High Street Walton-on-Thames TEL: 01932 224626
1-2 New Parade Ashford TEL: 01784 253137
32a Elmsleigh Centre Staines TEL: 01784 469474