There’s been discussion on the internet around a theology of children. If you want to reduce it to a specific question, the debate is “if a child asks you ‘am I a Christian?’ what do you say”. Andrew Wilson has a good summary of the various responses going back and forward and it’s worth reading all the articles. There’s also a further post responding to more of the questions. The whole subject of covenant membership of children, baptism, and entry to communion, is a huge issue that youth workers have to wrestle with and get their heads around.
A couple of thoughts of the debate above. One of the responses seems to be that if you baptise babies but then don’t let them take communion till some older date when they can affirm their own faith then you’re making exactly the same judgement about a child’s faith that credobaptists are making; you’re in effect saying you’re not a proper member of God’s people until confession of faith. This is a good and fair point. This is why having baptised babies you should allow them to receive communion. Here’s a short explanation of how this can happen in the Church of England with some of the common objections.
Another thought is that laying the blame of children leaving the church at the feet of paedobaptism seems slightly suspect. Both paedobaptist and credobaptist churches see children drop out of them when they hit their teenage years. Both paedobaptist and credobaptist parents seem guilty of not teaching their children to trust and obey God from their heart. Sure, parents giving their children false assurance that they’re saved is one of the reasons for children dropping away from church, but it’s one of many, and found equally (in my experience) in paedo and credo churches. It’s also worth noting that Paul tells (presumably) baptised church members to examine themselves to make sure they are in the faith. One would hope any paedobaptist is encouraging their child to do this.
Finally, if your theology of baptism is so strong that you can be accused of saying baptism saves you well, you’re in good company.