Oct 3 2008
Despite the current economic problems impacting on UK consumers, the number of parents saving for their children in Child Trust Funds (CTFs) has remained strong.
Commenting on figures produced by HM Revenue and Customs (HMRC), David White, chief executive of The Children's Mutual, described the trend as "encouraging".
According to HMRC, the number of CTF vouchers being placed by parents has continued at a steady rate, with 72 per cent of vouchers placed within a year of issue.
"Despite the growing pressures on family budgets, we are witnessing an ongoing commitment by parents, grandparents and family members to ensure that CTFs are being topped up by either ad hoc payments or by a monthly direct debit," Mr White stated.
He added that the figures indicate that the CTF scheme is working.
Last month, The Children's Mutual revealed that more than 3.5 million children in the UK now have CTFs.
