Saving For Your Child’s Future With St. James’ Place In Hong Kong

As Sir Winston Churchill once said, “Saving is a very fine thing, especially when your parents have done it for you.” Saving for your child matters – and wealth experts St. James’s Place can put you on the right financial track!

Discuss your family finances with one of Asia’s leading wealth management specialists by emailing SJP Partner Nicholas Jackson!

A child born today has a 50% chance of living to 100. How do you financially support that life with health care costs, living expenses and so on? Over the last 20 years, the value of your money has halved. It costs HK$2,452,549 to raise a child to 21. Stagnant wage growth and low interest rates are among the factors that parents need to consider when planning future costs such as university or a deposit for a house.

Why your child should become financially savvy

• Our money saving habits are formed by the age of 7, so introduce the basics to your child at an early age.
• We need to educate young people about finances. Just having a conversation about money is key to building that awareness. Around 50% of mental health issues are related to money.
• We all realise the challenges that our children might be facing in an uncertain future, so it now seems more important than ever that we make the next generation understand the real value of money as soon as possible.

Time is on your side. The principle is simple: the longer the investment has to mature, the greater the benefit will be from the year-on-year compound growth of reinvested returns: investing HK$6,000 a month for five years can grow to over HK$400,000. This assumes an annual growth rate of 5% net of charges.

Give your child a financial head start in life with St. James’s Place!