When you have your first child it suddenly seems so much more pressing to sort out your own finances and make provision for the future; you start to look to purchase life annuity or sort out your old-age pensions, something that you have been meaning to do for years but just never got around to.
You have to bear in mind too that it is never too early to start looking at your child's finances, however young he or she may be. A small amount, put in regularly, will provide them with a small nest egg such as a car or even a deposit on their first flat or house.
Check out what the most tax efficient ways of saving are as there are products designed for this purpose and government help available.
It is invaluable to set them up as far as you can in later life as it is getting harder every year for youngsters to get their foot on the property ladder and to own their first home.
Teaching them to save from an early age is also a good start as it teaches them the value of money. Showing them how the money slowly grows will instil in them a good finance ethic and they are much more likely to be savers in future life than borrowers.