By Samantha Bartlett

Copyright manchestereveningnews

Most parents attempt to put aside a bit of cash whenever possible to support their youngster or youngsters down the line, and one financial expert has now revealed his approach to present children with a massive £100,000 when they reach 18. Well-known Facebook page Up the Gains , which claims 141,000 followers, posted the approach on their platform, dubbing it a “game changer” for people have had kids. They posted: “The magic of compound interest = life-changing money for your child.” The initial step of the approach was to open a Junior Stocks and Shares ISA and then they said you should put in £210 a month to it. That would mean that the total you’ve put in over the 18 years is £45,360. They posted: “At 8% average net returns, [that’s] £100,818 when they turn 18. That’s £55,459 in tax-free compound growth.” The page suggested that the £100,000 could be utilised for university, a house deposit or a business start-up. They also mentioned that it’s not just parents that can put money into a child’s Junior ISA, but grandparents, friends and family too. A caution was shared not to go over the annual £9,000 limit though. Other wwarnings included that 8% returns isn’t guaranteed as the markets “go up and down”, however they posted: “Historically, global index funds have averaged 8-10% annually over long periods.” They mentioned that even at 6% returns, £210 a month would net you £81,000 at 18. Despite the post garnering hundreds of likes, many individuals commented that they wouldn’t be able to afford a monthly contribution of £210. One individual commented: “Great idea. Sadly not many of us can afford to put £210 to one side every month. And double that if we have 2 kids. Looks great on paper.” Another echoed: “Not that easy when you have four kids.” In response, Up the Gains advised: “Don’t get caught up on the numbers, it’s just an example. If you can’t do £200 do £100. If you can’t do £100 do £50. If you can’t do £50 do £20. “The important thing is to do something because no matter how much you invest, compounding can make your money turn into a much bigger total than what you contributed. “The most important things are consistency and time, and you don’t get a second chance to start early.” A fan chimed in: “Yep! JISA is the way to go. Whatever amount you can afford to invest per month, it’s going to do better than other types of savings accounts.” When your child reaches 18, the Junior ISA automatically transitions into an adult ISA. The child will then have full control over it and they can choose to withdraw or continue investing into it.