Jan 11 2007
Grandparents who contribute regularly to their grandchildren's child trust funds (CTFs) could make a large difference to their financial future, it has been reported.
Recent research has revealed that 85 per cent of grandparents would be willing to contribute financially to their grandchildren's financial future, while 55 per cent of parents feel uncomfortable asking for such help.
The Children's Mutual reports that both sets grandparents making a contribution of £20 a month to a CTF could make their grandchildren £14,400 better off in the future.
David White, chief executive of the children's mutual, said: "We're urging families to use the government's CTF Week as an opportunity to bring the subject of money back to the dinner table."
He added that the weeks following Christmas had already seen a 300 per cent increase in the number of one-off cheque payments to the company's CTFs.
Last year, engage Mutual Assurance reported that five per cent of grandparents make regular contributions to their grandchild's CTF.
