Martin Lewis provides 'best options' for how parents can manage children's money

Money-saving expert Martin Lewis has issued new advice for parents looking to invest into their children's future.

However, there are a wide range of options when it comes to investing in your child's future. From savings accounts to prepaid kids' cards and Junior Individual Savings Accounts it can be hard to decide what is best for you and your child.Fortunately, Mr Lewis has gone into depth with all the options currently available for parents. Firstly, he advises parents to not do money management 'for them' but instead 'with them' as long as they're old enough.

Prepaid Kids' Cards Prepaid Kids' cards are essentially debit cards for your children but with more financial control. Mr Lewis explains that children aged six and over can use the cards to spend money online or in a store. However, there is a specific rule on money given by parents or step-parents - if the money given to them generates £100 a year in interest, it is taxed at the parent's rate, not the child's rate. If this is the case for your child, a Junior ISA might be the best option.

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