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Last Updated: Friday, 28 October 2005, 08:44 GMT 09:44 UK
Parents focusing on child savings
Many parents are saving with rising higher education cost in mind
UK parents are making greater efforts to save for their children's future, a report from research analyst firm Mintel has said.

Nearly three quarters of parents with children under 14 said they were putting money aside.

The number of parents saving has risen by nearly a million to 5.7 million since 2003, the report added.

Parents said they were saving to meet the costs of higher education and a deposit on their children's first home.

Sarah Hitchcock, senior financial analyst at Mintel, said it made sense for parents to boost savings levels.

"With many women having children later in life... parents could find themselves having to fund their children through university when they themselves are approaching retirement," she said.

The report, which included a survey of nearly 2,000 adults, found that grandparents are also getting in on the savings act.

About 6% of grandparents regularly put money aside for their grandchildren.

Another 5% of grandparents save money for grandchildren when they can afford to do so.

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