Setting up a child trust fund can help give young people a good financial start as they enter adulthood, experts suggest.

Family contributions given as birthday gifts can benefit kids in the long-run by providing a financial safety net for the future that could be useful for university fees or wedding albums.

David White, chief executive of The Children's Mutual, said: "Young people between the years of 18 and 30 face pretty stiff financial challenges.

"Parents of 25 year olds today wish their children had had a trust fund and the parents of youngsters today realise that their children are going to need one."

A recent survey carried out by the Association of British Insurers revealed that almost three-quarters of Brits feel that the benefits of saving have fallen over the last year.

Many young people today are now starting to keep money aside to go towards the cost of future wedding ideas, rather than relying on parents to fund their nuptials.