Aug 14 2008
Nationwide is urging parents to invest their Child Trust Fund (CTF) vouchers before the expiry date.
A study has revealed a quarter of CTF vouchers have expired already, while just over half (57 per cent) of valid vouchers have been paid in this year so far.
Those saving for children are also advised to choose a provider to invest the CTF vouchers with, as otherwise the government will make a decision on their behalf.
Furthermore, Nationwide has called on the government to boost interest in saving for children.
Savings director at the company Matthew Carter said: "Parents should invest their child's voucher early to help it achieve its full potential.
"Encouraging a culture of saving in children can make a real difference to their lives."
According to Nationwide, a sum of more than £9,000 could be accumulated for when a child reaches 18 by cashing in CTF vouchers and saving £20 per month.
Parents may want to put money into a tax-free cash individual savings account.
