CTF uptake 'encouraging'
05/01/2007
Nearly 2.5 million child trust fund (CTF) accounts have now been opened by parents in the UK.
Some three out of four parents have set up one of the government-sponsored savings and investment accounts by themselves for their children, according to the latest figures from the Treasury.
Economic secretary Ed Balls described the take-up levels as "encouraging" but added that the forthcoming Child Trust Fund Week will provide an opportunity to increase these numbers further.
"We want parents, grandparents and whole families to use the child trust fund and we are asking schools to start using the accounts to teach kids about money and savings," remarked Mr Balls.
"And for children who still have Christmas money unspent, I'd encourage parents to put that money in their child trust fund account."
Scheduled to take place from January 15th 2007, the government event aims to encourage parents and families to top up existing CTFs belonging to children or loved ones.
The government starts each of the long-term tax-free savings accounts with a £250 voucher for eligible children, who can withdraw the funds once they reach the age of 18.
Some three out of four parents have set up one of the government-sponsored savings and investment accounts by themselves for their children, according to the latest figures from the Treasury.
Economic secretary Ed Balls described the take-up levels as "encouraging" but added that the forthcoming Child Trust Fund Week will provide an opportunity to increase these numbers further.
"We want parents, grandparents and whole families to use the child trust fund and we are asking schools to start using the accounts to teach kids about money and savings," remarked Mr Balls.
"And for children who still have Christmas money unspent, I'd encourage parents to put that money in their child trust fund account."
Scheduled to take place from January 15th 2007, the government event aims to encourage parents and families to top up existing CTFs belonging to children or loved ones.
The government starts each of the long-term tax-free savings accounts with a £250 voucher for eligible children, who can withdraw the funds once they reach the age of 18.
