Sales of financial Christmas gifts surge
Alliance Trust Savings, one of the country's leading SIPP providers, has seen a rise in the number of people choosing to give their children financial gifts for Christmas this year.
Sales of children's savings accounts for the three months to 31 November 2010, increased by 48% compared to the previous three months.
A child's pension or savings account may not have been top the Christmas gift list. However, given the flexible nature of SIPPs and the tax relief offered by the Government, parents can provide a very simple way of securing their child's financial future in retirement. Alternatively, Alliance Trust Savings offers The First Steps account which is a flexible self-select investment account that offers a host of features, while enabling people to invest for the benefit of a child.
It is estimated that £48.9 billion was spent on Christmas presents this year with an average of £1950 per household. However, between a quarter and a third of these gifts will be unwanted or duplicated. Parents who gave their children or grandchildren a financial Christmas present this year, could help secure their finances and cut down on unwanted Christmas presents and wasted money.
Customers who have purchased financial gifts for their children with Alliance Trust Savings will have all the advantages of Alliance Trust Savings' unique rebate structure which returns all commission received from the fund management groups directly back to customers. Alliance Trust Savings customers also benefit from fully discounted initial charges and pay a fixed fee of only £12.50 for each online fund purchase through the i.nvest platform.
Steve Latto, head of pensions at Alliance Trust Savings says: "For many parents, Christmas was a time for frantic searching for the latest toys which normally are left gathering dust early in the New Year. Financial gifts for children are a real alternative and provide children with a gift that will kick-start their savings and help secure their financial future. The unique rebate structure that Alliance Trust Savings offers will ensure you get the most from your money and cut down on unwanted gifts."