Apr 8 2008
The scale of lump sum and regular deposits into child trust funds (CTFs) opened in the UK has been increasing over the course of the past three months, according to the latest data.
Figures form the Tax Incentivised Savings Association (Tisa) have shown that the average lump sum added to a CTF rose by 4.9 per cent in the most recent quarter, while typical direct debit payments increased by 21p.
Additionally, Tisa reports that around 480,000 new CTFs were opened on behalf of children in the UK during the 12 months from March 2007 and this means 2.14 million funds are now being used as a way of saving for children.
Tisa's director general Tony Vine Lott commented: "In our fifth CTF survey, we have found that parents continue to recognise that CTFs represent an, easy way to save for their children's future."
Earlier this week, a report from the Children's Mutual suggested that money deposited into a CTF can really make a difference to the financial security of young Britons as they reach adulthood.
