There are several tax-efficient savings options for your children, with a junior individual savings account (Jisa) one of the more popular. So should you buy your child a jisa?
Will you come to the opticians with me at lunchtime? my friend Anna texted on Friday. I m thinking of splashing out £220 on a pair of sunglasses and want your opinion.
In normal times, I would have wondered if Anna had totally lost the plot. After all, she s extremely financially prudent and I ve never known her to be this extravagant.
But these are not normal times.
Shopping spree: I ve seen plenty of signs this week that spending will be considerably higher than has been forecast, says Rachel Rickard Straus
Over the past year, stuck at home with little to spend their money on, UK households have managed to pile up an extra £180billion in savings. Not everyone has been so lucky, but people like Anna, who have kept their incomes, have seen their savings grow.
RACHEL RICKARD STRAUS: Shoppers may know what experts don't thisismoney.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisismoney.co.uk Daily Mail and Mail on Sunday newspapers.