Parents Save Money for Children's Future Pensions
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Vocabulary
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Some parents in the UK open pensions for their young children. Richard and Caitlin Brain have two small children. They pay fifty pounds every month into each child's pension account. The children cannot touch this money until they are fifty-seven years old.
Why Do Parents Do This?
Richard works at an investment company. He thinks pensions are a good idea. The money will grow for many, many years. Richard and Caitlin also save money in other accounts for their children. These accounts help pay for university or a house later. But the pension money waits until the children are much older.
Making Sacrifices Now
The couple saves two hundred twenty pounds every month for their children's future. This means they spend less money today. They eat out at restaurants less often. They give smaller birthday and Christmas gifts to each other. But Richard says they are not poor. They are just planning ahead for their children's lives.
Discussion Questions
- Why do you think Richard and Caitlin open pensions for their children?
- What other accounts do they use to save money for their kids?
- How do Richard and Caitlin change their spending today?
- Do you think waiting fifty-seven years for money is a long time?
- Would you want your parents to save money for your future pension?
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