This week, the babies who first benefited from the Child Trust Fund (CTF) when it was officially launched in April 2005 will be six years old. These babies, and all others born after 1 September 2002 received a free £250 voucher from the government for investment into their future.
These first CTF babies are making their way into primary school at a time when their parents are facing economic challenges ahead. With the economy teetering on verge of recession, high fuel prices, high utility prices, high costs of essential items and the tightening credit crunch, parents whose children benefited from a CTF could find themselves cutting back on long term savings into their CTFs as a quick way to release much needed funds.
Joe Luong, Director of http://www.MyEggNest.com the independent children’s saving website, said, “As parents are feeling the economic slowdown, we are urging mums and dads to continue to top up their Child Trust Funds and other children savings accounts.”
Before the Child Trust Fund was introduced in 2005, only a fifth of families in the UK saved regularly for their children’s future. In 2007, The Children’s Mutual reported that approximately 50% of all UK families now actively save for their children’s future through monthly top-ups in their CTF accounts.
Joe Luong added, “In recent years, we have seen a real positive shift in the nation’s savings habits and it will be a travesty for future generations should parents cut down on saving for their children’s future in this difficult economic climate.”
“MyEggNest.com believes parents of young children should encourage family friends and grandparents to avoid giving presents at Birthdays, Christmas and other occasions, and write out a cheque in the child’s name instead. Alternatively, if they have a Child Trust Fund account, friends and family can invest money directly into the child’s CTF account. This way, parents can continue to save for their children’s future, even in these difficult economic times.”
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