We're saving £100 a month into pensions for our toddler and baby - here's why

Richard and Caitlin Brain, a couple from Swansea, South Wales, are setting aside £100 each month for their two young children's future financial security. The Brains, who have a 20-month-old and a 5-month-old, are paying £50 a month into each child's pension account. These Junior SIPPs (self-invested personal pensions) will not be accessible to the children until they reach the age of 57 and 58, respectively, under current UK pension rules.

Despite the long wait, Richard, a 30-year-old investment firm employee, and Caitlin, a 28-year-old council worker, believe they are doing the right thing. They also have Junior ISA savings accounts for the children, where they contribute £60 a month per child, which the kids can access at age 18. This approach provides both financial security in old age and potential help for the children with university costs, starting a business, or a house deposit.

Junior SIPPs were introduced in the UK in 2001, and their popularity has grown in recent years. While the couple acknowledges that living frugally has been necessary to make these contributions, their children seem to be unfazed by the idea of not being able to access the funds for many years.