Jul 7 2008
The Tax Incentivised Savings Association (Tisa) has welcomed the latest data relating to child trust funds in the UK as "encouraging".
According to the association, there were more than 112,000 CTFs opened over the course of the second quarter of this year and over 27,000 more people have committed to making regular direct debit payments into the accounts.
In addition, the typical amount being paid into a CTF opened with a major provider in the UK has increased slightly since last year and lump sum payments are up by £84 from £408 in the second quarter of 2007.
"Bearing in mind the financial 'squeeze' that is affecting so many families at the moment, the continuing increase in the level of regular savings into a CTF is particularly encouraging," said Tony Vine-Lott, Tisa's director general.
Las t year, Tisa welcomed the government's commitment to promote the use of CTFs as a way of saving for children with parents and other family members across the country.
