The Wallis family are one of many who are steering away from traditional Christmas presents for their grandchildren.Â
Instead of standard presents, Grandpa John and Grandma Chris have found a way to invest in their grandchildren to make a difference in their future.Â
“These days kids have got so much they don’t really need a lot more stuff,” John Wallis told 9News.Â
Instead of buying gifts for their grandkids, the Wallis’ give something to their offspring all year round.Â
“We give a monthly donor a contribution, so $25 each to the six grandchildren each month, and then the fund gets topped up occasionally by uncles and aunts.”
This kind of unique investment is part of a growing trend for baby boomers to help them invest in their grandchildren’s futures.
“We are seeing a real rise in those over 60 years, about 25 per cent increase in Australians over 60 opening a kids account,” a spokesperson for Vanguard Australia said.
Vanguard isn’t the only platform, with many banks offering trust accounts for minors, with other portfolios designed for children include online adviser Stockspot and micro-investing platform Raiz.
“Even if it was $10 or $15 a month, putting money aside adds up,” Chris Wallis said.
Image credits: NineÂ
