Pete Lockyer and his wife Kristie always planned to invest for their kids.
“When each of my brothers and I were born, my grandad put some money in a savings account in the UK,” Pete says. “Each Christmas and birthday he would top it up, and we found out about it when we reached adulthood.
“That idea of doing something from a very young age was instilled in me through that experience.”
Pete started to put away money he earned through freelance graphic design work, to work towards a $10,000 starting balance with Six Park.
“Then my nan passed away in January 2017 and my dad was sole beneficiary and shared his inheritance with my brothers and I as well as his grandchildren. That amount brought us to the amount we needed to open a Six Park account for our daughter Phoebe.”
The account is held in Kristie’s name on behalf of three-year-old daughter Phoebe, with the funds then able to be legally transferred when Phoebe turns 18.
“It’s a comfortable thing, knowing that there’s something there for her that we can provide should she need it. It’s not something we need to think about, it’s just set aside and it’s there for her – it’s completely removed,” Kristie says.
The couple don’t know when they will tell their daughter about her investment fund, but agree it’s comforting to see it growing for her future.
“We contribute little and often to help it grow – it’s exciting. My mum’s quite sweet – she saves all her 50p coins for her grandkids in England, so she also makes little donations into Phoebe’s account,” Pete says.
Pete and Kristie don’t have a clear end in mind for the money, but hope it will set her up well in life.
“One obvious use might be a house deposit – who knows what challenges we’ll be facing in 20 years and whether the property market will be as difficult as it is to get into now. My parents owned their own home in their 20s – we’re in our early 40s and still don’t own our own home,” Pete says.
“We hope it will give her a good start for whatever she wants to do in life. Hopefully she’ll have a good financial philosophy at that time. For now we’re happy keeping it quiet and chipping away at it. It’s a circle of life type thing – we benefited from my parents’ and grandparents’ foresight and she’ll benefit from this, and hopefully do the same thing for her kids and grandkids one day.”
Pete says investing is a bit like parenting: “You only see little snippets of what you’re doing at the time; it won’t be until later that you see the whole picture.
“There’s a sense of satisfaction each time we put a bit of money into the account or see dividends coming in – it’s quite rewarding.”
Pete and Kristie met through the triathlon circuit in 2007 and married in 2012. In 2014, their daughter Lily was born prematurely at 23 weeks and passed away after a day.
“We started the Lilyroo Fund as a legacy for her, and Phoebe was born just over a year later. In the same way that we contribute to Phoebe’s future, we still do stuff for Lily as well – we contribute at birthdays and Christmas to her fund and building Lily’s legacy and Phoebe’s future.”
To date, the Lilyroo Fund has raised more than $220,000 for the Neonatal Intensive Care Unit at Melbourne’s Royal Women’s Hospital Foundation.
Pete says it gives him peace of mind to know that Phoebe has “wise minds” looking after her financial future.
“None of my parents or grandparents are affluent – this money was built over a long, long period of time. There was always a sense of duty to use that money in a really constructive way. The fact that Six Park is the vehicle for us says a lot about what that means to us because that’s her inheritance and her future and we’ve put that in Six Park’s hands."
Kristie is one of four children and says her parents worked hard to provide what they needed on a day-to-day level without being able to save for the future.
“It taught me you have to work hard for your money. I always knew that whatever they’d given me, they’d worked hard for it. My dad travelled to work, he would work out of town during the week, and my mum worked two jobs and would come home from night shift to make our lunches, drop us off at school then go to bed before going back to work in the afternoon.
“I got a job as a teenager so that I could provide for myself and do things that I wanted to do, but there was no saving. So I’m happy for Phoebe that we can do this for her to help her in the future.”
Six Park is currently offering six months of free investment management for anyone who opens an account for a child or grandchildren. For more information, including how and why to consider investing for kids, click here.