Sep 3 2008
In the UK, more than 3.5 million children now have Child Trust Funds (CTFs), it has been suggested.
The figures come from The Children's Mutual, which urged parents to maximise their children's savings by adding to their accounts on a regular basis.
It made its comments this week to coincide with the sixth birthday of the first children to benefit from CTFs, which are based on an initial government investment of £250 and can be topped up by contributions made by friends and family.
"Parents should be celebrating that by paying into a child trust fund they are going to be making a real difference to their child's future and also their own," stated David White, chief executive of The Children's Mutual.
He went on to say that, by saving for children now, parents can help to limit any potential financial impact caused by their offspring later in life.
Last month, David Elms, chief executive of Unbiased.co.uk, said parents are not capitalising on the government scheme, with less than a quarter of CTF accounts opened since 2005 having received additional deposits.
