The proposed “kids future fund” would compete with a range of other children’s savings accounts on the market.
By the time Alice, 7, Lily, 5, and Jack Tolliday, 1, have turned 21, they’ll hopefully have a six-figure sum waiting for them.
If a child received $400 from their family and $400 from the government every year, would have an account valued at $28,500 by the time they were 18. However, if the parents contributed the maximum $1000 annually, the child would have $49,000. Questions remained, however, about how it could cater for the varying appetites for risk held by different families, he said.
“So you’d expect the government would provide different investment options and not just one, to be able to satisfy the different kinds of wants and needs.” Founder Nick Nicolaides said it showed there was a “latent demand” for tools to help families invest for their kids.
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