Jan 18 2008
The amount of money being deposited into child trust funds (CTFs) is rising, it has emerged.
Figures from the Tax-Incentivised Savings Association (TISA) reveal the average lump sum paid into a CTF rose by 3.5 per cent on the firm's autumn survey.
This compares with an increase from £317 in August 2006 to £450 at present - a growth of 40 per cent overall.
Director general of TISA Tony Vine-Lott comments: "I am extremely pleased with the progress of CTF - this additional money will make a big difference."
"We look forward to working with the government, the industry and mainstream media to ensure that awareness of CTF continues to rise," he adds.
Recent statistics from HM Revenue & Customs show 769 CTF vouchers were issued to new parents in the year from October 2006 to September 2007.
Of these, 432 were deposited into a CTF, an uptake of 56.2 per cent overall.
