18% of parents invest their pensions in their children

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Nearly a fifth of the UK's parents sacrifice their own pension savings in order to send their children to private school, according to new research.

JPMorgan Asset Management (JPMAM) also found that 25 per cent of parents are happy to use their existing savings to fund private education rather than creating new savings accounts for this purpose.

Head of sales and marketing for investment trusts at JPMAM James Saunders Watson said it was "concerning" that many adults were putting a comfortable retirement at risk and outlined more secure ways for parents to pay for private schooling.

Mr Watson said: "By organising investments for the long term into a specific investment trust, parents can have the peace of mind that their money is in a safe place for the specific purpose of paying for a child’s private education."

JPMorgan Asset Management is the largest manager of investment funds in the UK, looking after £7.3 billion worth of customer assets.

The group's findings were announced after a survey by Directgov revealed that many adults in the UK don't know how much they have saved in pension schemes.

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