Parents in Leeds are putting aside less than the national average for their children’s futures, but housing is top of mind for many as they look to give their kids a financial head start.
The survey, conducted by high-interest savings platform Flagstone, explored how much parents in major UK cities are saving for their children’s futures, and how they plan to use the money.
How Leeds compares nationally
Leeds parents save an average of £15,359 for their children – below the national average of £18,212 and ranking tenth among UK cities.
|
Rank |
City |
Savings amount (£) |
|
1 |
London |
23,859 |
|
2 |
Edinburgh |
23,669 |
|
3 |
Sheffield |
18,758 |
|
4 |
Cardiff |
18,417 |
|
5 |
Birmingham |
17,964 |
|
6 |
Manchester |
17,364 |
|
7 |
Bristol |
16,712 |
|
8 |
Belfast |
16,427 |
|
9 |
Glasgow |
15,975 |
|
10 |
Leeds |
15,359 |
Top three savings amounts in Leeds
Most parents who are saving set aside between £5,000–£9,999 (26.5%), a higher proportion than the national average of 21.3%.
|
Amount (£) |
Percentages |
|
Nothing |
28.1% |
|
£5,000–£9,999 |
26.5% |
|
£10,000–£14,999 |
14.9% |
While more than a quarter of parents in Leeds report having no savings for their children, a significant proportion are able to put away mid-range amounts. This may reflect Leeds’ strong job market, which offers some of the best-paying roles outside London. Higher salaries in Leeds help explain why many families are able to build savings in the £5,000–£14,999 range, even though the city’s overall savings pot is still below the national average.
What are Leeds parents saving for?
Many parents are saving with one clear goal in mind: helping their children onto the property ladder. Almost half (46.0%) said this was the main reason they put money aside, reflecting growing affordability pressures in the city. In June 2025, the average house price in Leeds was £238,000, representing a 5.2% increase from the previous year.
Education is also a common goal, with 34.5% of parents saving to fund university or higher education costs. More than a third (35.6%) plan to hand over the money when their child turns 18, coinciding with the start of higher education. With university fees in England expected to surpass £10,000 by 2029-30, many parents are planning ahead.
Talking to children about money
Leeds parents are the most secretive in the UK when it comes to their savings.
Almost two-thirds (65.5%) don’t tell their children they’re saving for them. The most common reasons include children being too young to understand (27.6%), parents wanting the savings to be a surprise (20.7%), or a belief that children should build their own savings first (14.9%).
Claire Jones, Head of Strategic Relationships and New Business at Flagstone, commented on the study:
‘It’s encouraging that so many parents are already saving for their children’s futures. But it’s not just about how much they save – it’s also about where they put it.
‘Junior ISAs (JISAs) are one option, letting parents save tax-free until their child turns 18. Beyond that, finding accounts with better rates can make a meaningful difference to the amount children eventually receive. That’s where platforms like Flagstone can help, by giving parents access to a wide range of competitive savings accounts – all in one place.
‘The sooner parents start, the more time their savings have to grow. Even small amounts saved regularly can build up significantly over the years.’
You can view the full study here.
Image provided by Canva
