My parents had an UTMA account for both my sister and I. This was in the hopes that we would use this money for college.
My sister was older than me, and used this money to help pay for her college. By the time I was old enough to claim the money, I was not interested in going to college.
I didn't have any idea what I wanted to do, and wanted to use the money for a new car and place to live.
It didn't take me long to go through the money. After a few years of making not much more than minimum wage, I realized how important a college education was.
At that time, I really wished I had not spent all the money my parents had saved up for me. I can see advantages and disadvantages to these type of accounts. In my case, it didn't work out the way my parents hoped it would.