Jun 22 2007
Children in the UK who grow up in care homes will have £100 added to their child trust fund (CTF) each year until they reach the age of 18, the government has announced.
The plans form part of a new white paper entitled Care Matters and the new measures have been welcomed by CTF accounts provider The Children's Mutual.
"For those children who spend at least part of their lives growing up in care, this financial boost could make a real difference when they reach adulthood," said David White, The Children's Mutual's chief executive.
"The government's announcement should also act as a reminder to all parents that topping up their children's CTF accounts on a regular basis, even with small amounts, could make a huge difference to their financial future," he added.
Under the terms of the white paper young people who live in care will be helped to accumulate a "nest egg" to help them financially as they enter adult life and will have access to a personal advisor until they turn 25 years old.
Each child born after September 2002 has had a CTF opened in their name and £250 added to start off their saving for later life.
