Child Trust Fund Week
16th January 2007
Alan Whitehead today celebrates the fact that only a year after the Child Trust Fund scheme was set-up, over 75% of parents have already opened their child’s account.
This comes as part of a week long campaign, Child Trust Fund (CTF) Week, to encourage even more parents to put money in to Child Trust Funds. The scheme which was launched in 2005 teaches children about saving for the future, and gives parents the opportunity, and support, to find out all they need to know about the CTF. The website has tips on saving and encouraging the whole family to get involved - so they can really make the most of their child's CTF account.
Alan Whitehead said:
‘No-one wants to preach to parents about how to bring up their own children but the Child Trust Fund is about giving everyone a start in saving for their child’s future, and £250 is a step in the right direction. Child Trust Fund week is about raising awareness so that no child misses out on this, and when 68% of mums in the South East place their children’s financial future ahead of other family money concerns, I am sure that there are parents in Southampton who will want to take full advantage and open their Child Trust Fund.’
‘However your child’s trust fund is not just about the initial contribution but also about creating the opportunity and incentive for you and your child to save for their future as they grow up. The Child Trust Fund website offers some example’s of how you can teach your child about saving, whether it be the money they get from the tooth fairy or birthday money, so that they can watch their savings grow.’
Treasury Minister, Ed Balls said:
“Three quarters of all the parents, that’s almost two million, have taken their voucher, gone in to a bank or building society, opened the account. The information also shows that more parents than in the past are actually adding top up contributions, but we want to persuade the other twenty five per cent of parents to actively engage. Because nobody loses out, even if you don’t yourself open your account we’ll open it for you and we want all parents to be using their vouchers and to start saving.”
“We want to have every child in the country with a savings account with their family making a contribution to top up what the Government already puts in to make sure that over time every child in Britain is starting their adult life with a nest egg whether that’s to help to go to university or to start a business or to put a deposit down on a house.”
More information
- Every child born on or after 1st September 2002 is eligible for a Child Trust Fund account, if they live in the UK, and Child Benefit has been awarded for them. For more details please visit: http://www.childtrustfund.gov.uk/templates/page____1336.aspx
- Some stats on the South East:
- A quarter of mums in the South East worry about the example they're setting their children on managing money.
- More than a third (34%) deem themselves as indifferent or bad at juggling family finance. 68% of mums in the South East place their children's financial future ahead of other family money concerns.
- Seven out of ten of mums in the South East view their own parents ability with money as being good or excellent. 64% of South East mums say "it's never too early" to have their child taught the value of money.