The Child Trust Fund (CTF) officially launched in April 2005, giving all babies born in the UK a free £250 voucher from the government for investment, turns four today!
Figures recently released from HMRC show that from Oct-Dec 2007, the number of parents starting a Child Trust Fund has increased from 70% to 72% from the same time last year.
At a time when parents are facing economic challenges experts are urging parents to ignore the bad news about savings and instead continue to set aside a nest egg for their children to secure their financial future.
Joe Luong, Director of http://www.MyEggNest.com the independent children’s savings website, said, ‘Even though parents may be feeling the effects of the economic slowdown, mums and dads should definitely still continue to top up their Child Trust Funds and other children's savings accounts. It’s never too early to start saving. If a family were to contribute £100 a month to a CTF cash savings account for 18 years, the child could receive as much as £37,000. Over the last couple of years, there has been a really positive shift in the nation’s savings habits so it will be a travesty for future generations if parents cut down now on saving for their children’s future.’
MyEggNest.com is a great resource for parents, providing information on everything they need to know about CTFs and other children’s savings accounts. It also lists great comparison tables of all the highest performing funds and paying rates.
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