Furthermore, two in five (41%) went as far to say they never shop around for better deals for their kids’ money, according to the research by financial mutual Scottish Friendly.

The highest-paying children’s saving account on the market currently offers interest of 5.8%, but few parents are taking advantage of better deals.

Despite high levels of inertia, three in five (60%) parents expressed concern that the money they are saving for their children is receiving a lower rate of interest than the current rate of inflation.

With price rises squeezing UK household incomes, many parents are prioritising saving for their children.

Two-thirds (66%) of those surveyed said they are more motivated to boost their children’s savings than they are their own, compared to only 6% who said the opposite.

Since the cost-of-living crisis began to bite in 2021, 28% of parents have increased the value of contributions into their children’s savings.

Meanwhile 29% have reduced the amount they save, while 43% say their contributions have remained the same.

Many parents are concerned that they are not saving enough money for their children’s future.

Nearly nine in ten (87%) said they worry about how much they are putting away, while two in five (40%) admitted they could afford to save more for their kids.

Kevin Brown, savings specialist at Scottish Friendly, comments: “Parents naturally want to give their children the best start in life and to help them out financially at important moments.

“Whether it’s buying their first car, contributing towards their university costs or helping them on to the property ladder, there are a variety of reasons why parents choose to save money for their kids.

“However, saving has become a lot harder for many parents as household incomes have been squeezed tightly by rising living costs.

“It’s really important that any money they do set aside for their children is working as hard as possible for them.

“This could mean, for example, shopping around to find accounts paying the highest rate of interest, as the difference between the worst and best paying savings accounts can be significant.

“Parents who are putting money aside for their kids to use in five to ten years or more, may also think about investing to try and beat inflation.

“Investing could offer growth potential but parents also need to remember that, as is the case with all investments, they could get back less than they pay in.”