How to save for a child?

QUESTION:

I really enjoyed reading your blog. You never failed to give some of your advice and experience with your readers.

May I know if there are any investment or insurance products suitable for children?

School-going children receive pocket money from their parents. Parents usually save the money into the banks which give very little interest. Are there any suitable financial products which allow this money to grow?

MY REPLY

I suggest that you save in an Ideal plan as well, if the saving is at least $50 a month. The saving can be accumulated to meet the cost of tertiary education. I will ask my colleague to call you and explain how this works.