The Children's Mutual supports CTF uptake
08/01/2007
New figures indicating that 2.5 million Child Trust Funds (CTFs) have been opened have been welcomed by The Children's Mutual as evidence of a positive savings culture in the UK.
According to statistics released by HM Revenue & Customs, some 75 per cent of all CTFs have been opened by parents, indicative of strong popularity of the funds for savings.
The Children's Mutual chief executive David White describes this development as a "fantastic achievement", arguing that it reflects a better attitude to savings across generations.
"It may seem a small step for parents to take, but for the nation as a whole it's a giant leap, showing people are recognising the value of long-term savings," he stated.
"It's not only great news for children but could have a positive knock-on effect for all generations, including those thinking about long-term saving for retirement."
The CTF savings account scheme has proven consistently popular since first introduced. Mr White states that the scheme has seen a doubling of the number of parents saving money for their children's futures.
According to research from Yorkshire Bank UK, children received an average of £191.50 in cash during Christmas, which many parents use to help fund the costs of the festive season. Experts recommend that parents should encourage saving money after Christmas.
According to statistics released by HM Revenue & Customs, some 75 per cent of all CTFs have been opened by parents, indicative of strong popularity of the funds for savings.
The Children's Mutual chief executive David White describes this development as a "fantastic achievement", arguing that it reflects a better attitude to savings across generations.
"It may seem a small step for parents to take, but for the nation as a whole it's a giant leap, showing people are recognising the value of long-term savings," he stated.
"It's not only great news for children but could have a positive knock-on effect for all generations, including those thinking about long-term saving for retirement."
The CTF savings account scheme has proven consistently popular since first introduced. Mr White states that the scheme has seen a doubling of the number of parents saving money for their children's futures.
According to research from Yorkshire Bank UK, children received an average of £191.50 in cash during Christmas, which many parents use to help fund the costs of the festive season. Experts recommend that parents should encourage saving money after Christmas.
