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Ray White (in for Bruce Whitfield on The Money Show) asked Warren Ingram, a personal finance advisor at Galileo Capital, the following questions:

  • If you have very young children - how and when should you start saving for them?

  • Should parents buy education policies for their children? What about costs?

  • If you don’t like education policies; where should parents save for their children?

  • What about the risks of children spending all the money when they turn 18, enabling them to cash in their investments without parents’ consent?

  • Should financial education be part of the gift that parents give their children?

For answers to the questions listen to the interview in the audio below (or scroll down for quotes from it).

It’s not a good idea to save in your own name... it has tax implications… Do it in your child’s name…

Warren Ingram, Personal Financial Advisor - Galileo Capital

Make it easy as possible for friends and family to contribute…

Warren Ingram, Personal Financial Advisor - Galileo Capital

I don’t think so [when asked if education policies are the way to go]…The issues are costs and practicality…

Warren Ingram, Personal Financial Advisor - Galileo Capital

Start looking at a Tax-Free Savings Account from the moment they’re born… That would be a heck of a gift!

Warren Ingram, Personal Financial Advisor - Galileo Capital

You can exercise parental control right up to your child’s 18th birthday… You’ve got to start their financial education… the real gift is actually financial education…

Warren Ingram, Personal Financial Advisor - Galileo Capital

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This article first appeared on CapeTalk : How to best save and invest for your children

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