Feb 7 2008
Parents have a personal choice about how they want to see the funds accumulated within a child savings account allocated in years to come, according to one expert.
Phil Perry, a spokesperson for Ark Financial Planning, has suggested that some parents could see fit to retain control over the money saved on behalf of their children even after they might ordinarily be considered old enough to access it.
The comments from Mr Perry come after an article in the Telegraph claimed that many British children will find it difficult to use their child trust fund (CTF) allocations in a responsible way if they gain access to thousands of pounds immediately on reaching the age of 18.
"[Parents] have a responsibility and a duty of care with their child to make sure that the fund attains the best growth that it can," said Mr Perry.
Since September 2002, the government has been adding a £250 voucher to a CTF opened on behalf of each child born in the UK.
