Legal & General has released a Children's Savings Guide to help parents make informed decisions about their child's savings.
This follows research by L&G that it costs over £24,000 to support children past the age of 18.
The guide outlines the five most common savings and investment options for the short, medium and long-term. It also details the concept and level of risk involved in each option.
The five options are Junior Isas, Childrens Savings Accounts, Children's Bonds, Index-Linked Savings Certificates and Premium Bonds.
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Simon Taylor, head of consumer marketing at L&G Investments, said: "We all know having a child is expensive but we were surprised to find in our research that a child's 18th birthday is no longer seen as the start of their financial independence. A remarkable 27 per cent of parents never expect their children to be financially independent.
"With our guide, we're trying to make big choice a little easier when it comes to providing financially for a child's future. It may be daunting at first but with the right knowledge these financial decisions can be made with confidence and for the long term."
In March's Budget, it was announced that Child Trust Funds, which were set up in 2002, would be considered for transfers into a Junior Isas. CTFs were phased out in 2011 and the transfer would give holders more options and better rates in a Junior Isas.

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