Pension contributions for those under 18 increased to £79.6m in the year to 5 April 2023 (Image: MoMo Productions via Getty Images)

A personal finance expert and financial planner has encouraged parents to open a crucial pension account. According to a financial specialist, parents and grandparents can secure funds for their children and grandchildren's future with a Junior SIPP.

Rowan Harding, a financial planner at Path Financial, a firm offering financial advice, explained that families can set up a Junior SIPP for those under 18 and begin saving thousands each year towards their retirement.

Data indicates that pension contributions for those under 18 increased to £79.6m in the year to 5 April 2023, up from £75.9m the previous year, according to the most recent figures from the

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