Even in the current climate, dads are still looking to the future with 23% of working dads saying that saving for their children's futures is a top priority
According to new research by the leading Child Trust Fund (CTF) provider, The Children's Mutual, today's dads undertake a wide variety of tasks in and around the home, such as cooking, assembling toys, acting as the children's taxi service, doing the school run, organising family finances and doing DIY. This unpaid work is worth up to £17,000 a year, and is on top of the contribution to family life that a working dad's salary provides.
It is the children that really benefit from dad's helping hand, as their number one activity during the week is spending time with their children (4hrs6mins). This is followed by cooking (3hrs19mins), DIY (3hrs11mins) and arranging family finances (3hrs9mins).
David White, Chief Executive of The Children's Mutual, said: "Dads play such an important role within the home and in the lives of their children - our calculations show the additional monetary value that dads now have around the home, quite apart from the emotional value that they have, supporting their partner and children. It's great that looking after their children is so high on dad's agendas, but it's also really encouraging to see just how high up arranging the family finances are.
"Even in the current climate, dads are still looking to the future with 23% of working dads saying that saving for their children's futures is a top priority. Currently 57% are working on this by trying to save what they can regularly. Contributing towards a CTF is one of the ways dads can save for their children's futures. By saving regularly, and over the long-term, dads can help to give their children a financial springboard into adulthood that could be worth up to £37,100* when they reach age 18. This could be a massive help towards the cost of university or a deposit for their first home".
Child Trust Funds are designed to provide a tax efficient, long term savings vehicle for all eligible young children. Each eligible newborn child (born on or after 1 September 2002) receives £250 (£500 for low income families) from the Government when their parents register for Child Benefit. The Government will make a second contribution of £250 (£500 for low income families) when the child reaches seven and is considering a third in the child's teenage years. Parents, family and friends can all then add to this account up to a maximum value of £1,200 each year. The Government's preferred option is a Stakeholder Child Trust Fund account which is subject to strict guidelines governing investment type and charges. The Child Trust Fund provider manages the account until it matures and becomes available to the child when they are 18.
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Notes to editors:
Research undertaken by 72 Point for The Children's Mutual. 2,187 dads interviewed in June 2009. Research available on request.
* Based on investing £100 a month (plus initial £250 Government voucher and at age 7) for 18 years in a stakeholder CTF account. Assuming investment return of 7% a year, and charges of 1.5% of the CTF account value each year. Projected values aren't guaranteed because the value of shares goes up and down. Final payout could be more or less than this.
About The Children's Mutual - Home of the Child Trust Fund
The Children's Mutual's mission is to help parents, grandparents, family and friends fulfil their hopes for today's children. The Children's Mutual is the only UK company that specialises in long term savings for children and is now the choice of 1 in 4 parents for their child's Child Trust Fund, with more than 675,000 accounts. This expertise has led several financial institutions and family-focused high street retailers to choose The Children's Mutual as their stakeholder Child Trust Fund provider.
The Children's Mutual has won the Moneyfacts Award for Best Child Trust Fund Provider every year since its 2006 launch.
The Children's Mutual PR contact:
22 Endell Street,
020 7781 2376
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