Apr 30 2007
With the child trust fund (CTF) now in its third year, it has been reported that increasing numbers of parents and other relatives are adding to the accounts with top-up payments.
The Children's Mutual reports that since last August, over half of the parents opening CTFs with the firm have set up a direct debit for regular top-up payments, with the average added amount now equating to £24 per month.
David White, chief executive of the company, said: "This is fantastic news for the children, particularly as the amounts being saved have increased dramatically from the pre-CTF world."
He added that these statistics indicated the recognition from parents of the value of giving their offspring financial help into their adulthood through their interaction with the CTF.
Last month, Abbey announced that it would be one of 13 CTF providers that will manage the funds from approximately 450,000 vouchers that have not been invested by parents.
