The main focus in this programme was kids investments and investments for kids. Martin and Angelica looked at the different bank account that children, with parental support, could set up, and the kinds of savings parents and relatives could set up for their kids future. Some banks do accounts for children themselves and Martin looked at the current best rates, advising everyone to shop around. However he also spoke about the Kids ISA which is designed for saving for a childs future. The money is non-retrievable (though you can move it between different ISA providers) till the child is 18. Then it goes straight to them and is therefore not subject to inheritance tax. It was noted that while children were unlikely to earn enough interest per year to pay tax, their savings in normal accounts could count towards a parent’s income and so raise their tax bill.
Other issues were raised in the programme.
The rather unpleasant subject of Life Insurance was considered in case the worst should actually happen. Martin himself had lost a parent when still a child so it was very personal for him, though he accepted that most shy away from such thoughts. He advised people to remember not just what a parent earns in a year but the knock on effects such the other parent perhaps having to work and now needing child care. Many Life assurance brokers take big commission but they can offer sound advice and guidance. It was possible to search the internet yourself but it could be complicated. Also he pointed out that if the money went straight to the dependants that could avoid inheritance duty.
Martin also observed that there are good rail card deals and that anyone using the train should check them out, especially the 16 – 25 rail card, the old Student Railcard.
The ad break teaser was about which offer would be cheaper – 3 for 2: 40% off or 50% free. I guessed 40% off and was correct! The Star Wars spoof was very amusing and I loved Angelica’s hair as Princess Laya.
Finally they looked at food that was passed its “Best before” date. This is not the same as “use by” which means the product should be thrown away after the date, best before means food can be eaten after but it won’t taste so good. They tried some years old on the programme and some of it was fine but some not. Martin pointed out that you could tell if a food had got to the point of not being eaten at all by its smell and colour.
Next week, Martin said, would be about how you could make savings on your Council Tax! I’ll be watching it carefully to help my partner Frank save money.