Parents warned about delaying CTF uptake
18/01/2007
Parents who wait 12 months to open their children's child trust fund (CTF) accounts are losing out on one year's growth potential, according to one CTF provider.
Furthermore, children of parents who wait a year before considering their CTF options face the government choose their lender, Family Investments states.
The financial services company's comments come during CTF Week, a government-led initiative to increase the awareness of the children's savings account.
Running until the end of the week (January 20th 2007), the week is being used to encourage more parents, grandparents and family friends to open accounts or top them up on a regular basis.
Miles Bingham from Family Investments said: "The CTF has had a good start with almost three-quarters of parents engaging with the scheme and opening accounts for their children."
However, he added that there is still "a significant proportion" of people who wait 12 months to let the government open their accounts.
Family Investments is a financial firm that has provided CTFs since the product was launched in 2005.
Over 375,000 children have made their CTF investments with the company.
Furthermore, children of parents who wait a year before considering their CTF options face the government choose their lender, Family Investments states.
The financial services company's comments come during CTF Week, a government-led initiative to increase the awareness of the children's savings account.
Running until the end of the week (January 20th 2007), the week is being used to encourage more parents, grandparents and family friends to open accounts or top them up on a regular basis.
Miles Bingham from Family Investments said: "The CTF has had a good start with almost three-quarters of parents engaging with the scheme and opening accounts for their children."
However, he added that there is still "a significant proportion" of people who wait 12 months to let the government open their accounts.
Family Investments is a financial firm that has provided CTFs since the product was launched in 2005.
Over 375,000 children have made their CTF investments with the company.
