Children's savings accounts 'exceeding expectations'
15/01/2007
The child trust fund (CTF) initiative has exceeded all expectations, according to Ed Balls, economic secretary to the Treasury.
Some three in four parents throughout the UK are now actively opening their children's accounts, he added.
Mr Balls' comments came as he launched CTF Week, which will be used to encourage and increase awareness about the benefits that the children's savings account can bring.
Running from January 15th to January 20th 2007, the week is aiming to influence family members to increase their contributions to children's funds in order to boost the UK's savings culture.
"Performance between different areas of the country varies but the design of the child trust fund means no child will miss out," said Mr Balls.
"In order to promote engagement across the country this week will include local and regional events led by MPs, Citizens Advice, child trust fund providers and distributors."
Former Emmerdale actress and wife of Premiership footballer Sheree Murphy has given her support to the savings initiative.
She has said how much she is looking forward to watching their child Ruby's savings account grow over the years, with contributions from other family members being encouraged.
Last week, The Children's Mutual stated that CTF Week was a good opportunity to bring the subject of children's money to the fore.
Some three in four parents throughout the UK are now actively opening their children's accounts, he added.
Mr Balls' comments came as he launched CTF Week, which will be used to encourage and increase awareness about the benefits that the children's savings account can bring.
Running from January 15th to January 20th 2007, the week is aiming to influence family members to increase their contributions to children's funds in order to boost the UK's savings culture.
"Performance between different areas of the country varies but the design of the child trust fund means no child will miss out," said Mr Balls.
"In order to promote engagement across the country this week will include local and regional events led by MPs, Citizens Advice, child trust fund providers and distributors."
Former Emmerdale actress and wife of Premiership footballer Sheree Murphy has given her support to the savings initiative.
She has said how much she is looking forward to watching their child Ruby's savings account grow over the years, with contributions from other family members being encouraged.
Last week, The Children's Mutual stated that CTF Week was a good opportunity to bring the subject of children's money to the fore.
