Two in three (65%) UK adults are saving regularly for children in their family, according to a new report.
Two in five (42%) of those making regular savings contributions said they also make occasional lump sum contributions to children’s savings.
One in four were contributing more than £500 annually, with the average amount being contributed annually being £542.
Just 4% of 2,000 adults surveyed by Saffron Building Society said they do not contribute at all to savings for children in their family.
The research found that UK adults are contributing around £19bn a year towards children’s savings, with around 35 million adults saving regularly for children in their family.
The average amount saved per child was £10,148 by the age of 18.
Grandparents were one of the biggest contributors, with 59% of Saffron children’s accounts being opened by grandparents.
Nathan Huxham, marketing project manager at Saffron Building Society, said: "Many families recognise that milestones like education, first homes and broader financial stability can feel more challenging for younger people today, and we're seeing grandparents and wider family networks becoming more involved as a result."
Censuswide surveyed 2,000 UK adults that have children 16 or under in their family between 20 and 23 April.