Oct 24 2007
Three in four child trust funds (CTFs) opened automatically by the government have been actively engaged with by parents, the Treasury has revealed.
In an effort to build on this success and to encourage more widespread interaction with CTFs, the Treasury plans to involve community organisations to provide advice to less "financially confident" families.
Furthermore, letters are to be sent to parents who have not opened a specific CTF product within eight months of their child being born, economic secretary Kitty Usher has announced.
Ms Usher said: "I am today calling on all parents, grandparents, friends and family of children born after September 1st 2002 to contribute to that child's CTF if they possibly can.
"Every small contribution can make a big difference to the options open to children when they reach 18, whether it's for education, housing or simply to see the world."
The government recently revealed plans to encourage teachers to use CTFs to engage young people with financial matters.
