Apr 10 2007
With the child trust fund (CTF) reaching its second year this month, recently published research has revealed that many children in the UK expect financial assistance from their parents to fund their studies and aid in the purchase of their first home.
The survey from The Children's Mutual revealed that 73 per cent of children aged 11 to 15 in the UK expect their parents to contribute to the cost of university education, while three in five believe their parents will assist in the purchase of a first home.
David White, chief executive of the company, said: "Our research shows that children have high ambitions and many are hoping their parents will pay.
"Raising children can be expensive and parents need to be prepared."
He added that the CTF presented an opportunity for parents to save for their children over the long term, providing an alternative to raiding savings accounts or using earned income in a child's later years.
In January 2007, the government announced the launch of the CTF week to encourage participation in the scheme.
