It is never too early to begin planning for a child’s financial future. Parents, grandparents, and other relatives can assist in the early years by providing funds for the child’s education and future. This may, for example be through direct gifts, or by making payments into a Junior ISA.
Children should be educated in handling money responsibly. Budgeting can start with knowing that if you spend your pocket money on one sweet, you cannot spend it on another, and when you have spent it all there is no more money left until next week.