I concern when my daughter will get maintain of her financial savings at 18 she’ll squander them – however here is how YOU can be sure your baby does not blow all their cash without delay, reveals monetary professional ROSIE MURRAY-WEST

Given the excitement around the Netflix series Adolescence, which depicts the malign influences bearing down on our young people, this seems like a bad week to write about trusting a teenager with anything.

But like thousands of parents across the UK, I’m about to hand a reasonably large amount of money to my nearly-18-year-old. Now I must cross my fingers and hope she’s ready to manage it herself.

Along with every other child born between September 1, 2002, and January 2, 2011, our daughter Daisy received £250 in her Child Trust Fund from the Government thanks to Gordon Brown. The introduction of them was meant to ensure every child had a nest egg by the age of 18.

Many have lost track of their funds. Those over 16 can find theirs by filling out a form at findctf.sharefound.org, while parents or children can use the form at gov.uk to find their provider.

We moved Daisy’s Child Trust Fund (CTF) in 2015, when they were scrapped and could be switched into Junior Isas.

Thanks to monthly top ups and a few family lump sums, Daisy’s Isa is worth around £26,000. She’s luckier than many, as the average CTF contains £2,212, according to the Government.

Many parents are concerned when taking out Junior Isas that their children will squander all the money instantly at 18.

‘There’s a real temptation to cash out and splurge,’ says Myron Jobson, senior personal finance analyst at DIY investment platform Interactive Investor.

Rosie and Daisy together at home. Daisy says: ‘I think people should be given money at 18 – I mean, it is when your life really changes.’

‘The challenge for parents is to instil the mindset that this isn’t just ‘free money’ but an opportunity to build financial security.’

His figures show in the first year of accessing their Junior Isas, or Jisas, 42 per cent took nearly £7,000 out, but a higher percentage made net contributions, increasing their balances by an average of £7,000. Those who continue to save and those who withdraw money from their Jisas may both be making sensible decisions.

We’ll encourage Daisy to initially withdraw £4,000 a year from her savings to put into a Lifetime Isa (Lisa), where the Government will add a 25 per cent bonus if she saves the money as a pension or spends it on a first property.

Jason Hollands, managing director of investment group BestInvest, describes this as ‘a savvy plan’ but that it comes with caveats, including that the property Daisy might purchase must not be worth more than £450,000.

‘Someone with a £25,000 Jisa who transferred the maximum £4,000 each year into a Lifetime Isa from the age of 18 would end up with almost £50,000 in the Lisa by age 27. The Jisa would be almost completely drained,’ he says.

The best place for your child’s Jisa once it matures depends on when it needs to be used. For those with immediate plans – such as driving lessons – cash may be best.

We’ve been gradually moving a small portion of Daisy’s money into ultra-safe money market funds as she plans to use some

of it for university living costs. These invest in bonds that are set to mature in the next few months, so are quite reliable.

If the money is for longer-term use, remaining invested should help it to grow. Popular funds for Jisas include Fundsmith, Scottish Mortgage Investment Trust and the Rathbone Multi-Asset Fund, according to Interactive Investor.

Lesley Thomas, who runs the Money Confidence Academy, says money confidence is built over time and 18-year-olds shouldn’t be left to manage funds alone.

‘If parents have always encouraged money conversations and the right habits, then 18 should simply be seen as a step towards financial independence, rather than the green light to make bad decisions that could affect their financial stability,’ she says. She suggests parents should ask their teens ‘powerful questions’ rather than telling them what to do.

‘What do you want this money to help you achieve’, or ‘How can this money serve your future self?’ are two she puts forward.

So how have we done with preparing Daisy? I asked her whether she felt ready to deal with the money coming her way.

‘I think I’ve known about it for at least ten years,’ she says of her Jisa savings. ‘It’s been good to know about it as I’ve made my uni choices knowing I’ll have it there to help with my spending.

‘I think people should be given money at 18 – I mean, it is when your life really changes.’

Finally, I asked her whether she would save or invest her money.

‘I think investment can be scary if you don’t understand it, but if it’s explained then it’s a pretty brilliant thing to do,’ she replied.

Let’s hope that, in a few years’ time, she still feels the same way.