The second gift is most relevant here. What all children definitely need is an investment account. Grandparents are often keen to buy children lots of toys but, speaking from the parent's point of view and the perspective of a small home, we'd rather have the boring investment account donation instead. And in 18 years' time we'd rather have the young adult that has learnt to be truly appreciative of the things they receive as gifts - and can afford to go to university.
Think of the long-term legacy that you are leaving for future generations. Adrian Lowcock, head of investing at AXA Wealth, says: "While a financial gift may not seem very traditional, it is likely to be more enduring and remain long after the other gifts have been forgotten."