Royalty v Reality: Saving for a royal baby…or just a normal one!
According to figures from Scottish Friendly, one of the UK’s leading mutual organisations, parents need to invest up to £2,961 a month to give their child a baby HRH lifestyle. That monthly sum could cover one year’s fees for an Eton education at the age of 10, a Bentley Continental GT on their 17th birthday and world heritage tour when they hit 20.
Parents want to give their child the best start in life. Baby Windsor’s little life is already planned out. Mums and dads can help set their child on the right track by investing a little money every month to help provide a deposit for a flat or their first trip abroad.
Scottish Friendly suggests that based on putting money aside in an investment* ISA, a more modest investment target of £260 a month could cover one year’s fees for a private education at the age of ten, an Audi A3 car and a coming of age holiday in the South of France. And by investing just £30 a month, parents could offer their kids who attend a state funded school a Dacia Sandero and a caravan holiday in Skegness with their friends.
Calum Bennie, Communications Manager of Scottish Friendly said:
These figures show how starting to save and invest as soon as a child is born can have a significant impact on what can be provided in later life. Baby Windsor is sure to have a privileged lifestyle, but by getting into the savings habit now and putting away just a little a month, there’s no reason why those not born into Royalty can’t be given a good start in life too.
The value of your investment ISA can fall as well as rise and you are not guaranteed to get all your money back.
The tax treatment of your investment depends on your individual circumstances and tax law may change in the future.
The figures are only examples and are not guaranteed. They are not minimum or maximum amounts. What you will get back in future depends on how your investment grows and the tax treatment of your investment.
* Legally known as a stocks and shares ISA but it can invest in much more than the name suggests which is why it’s called an Investment ISA.