Mar 16 2007
The child trust fund (CTF) is a learning tool for UK children that will improve financial education in schools, it has been claimed.
Speaking at the Resolution Foundation Centre in London this week, education secretary to the Treasury Ed Balls commented that the introduction of the CTF has resulted in 700,000 children having access to a savings and investment account.
He added that a ministerial group had been set up to investigate the use of public services for the development of financial capability in the country, including the use of the CTF as a learning tool in schools.
Mr Balls said: "As these children grow up, they will reach adulthood with access to financial savings and will have benefited from financial education in schools."
He added that the financial services industry has responded robustly to this challenge and hailed the 75 per cent success rate of families opening CTFs for their children.
Last week, Co-operative Insurance backed the initiatives to involve CTFs in financial education in schools as a positive means of encouraging children to save for the future.
