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More Child Trust Funds Opened

Date: 12 November 2009


Child Trust FundOctober has seen the strongest rise yet in the number of new Child Trust Fund accounts being opened by parents. Figures released by leading provider, the Children's Mutual, also show that a record number of direct debuts have also been set up this year in order to make regular additional payments into their child's account.

David White, chief executive of the Children's Fund, says that with half of all customers making additional contributions from the birth of their child then they could produce a fund of £9,750. This is based on the average monthly contribution being just £24. Parents, family or friends can add a maximum of £100 to the Child Trust Fund or a maximum of £1,200 per year based on regular and ad hoc contributions.

The release of Child Trust Fund statistics comes at the same time as the government confirms that 74% of all parents open up a Child Trust Fund account in the first year of their child's life. If no account has been opened by the parents in the first year the Treasury automatically invest the initial voucher worth £250 (or £500 for children from low income families) into a stakeholder type account linked to shares and bonds in the early years. In addition to the voucher at birth, the child will receive a further £250 (£500) on their 7th birthday. With a wide range of options available for investment, parents are urged to act quickly to get their funds working for the long term. Accounts cannot be accessed by the child until they reach their 18th birthday but fund managers and the type of account held can be easily changed through the life of the Child Trust Fund.

The news shows that parents are more proactive with savings for their children than for themselves. Just 40% have invested in a private pension and 30% have opened an ISA in the past.

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Interesting Fact

The Children's Mutual

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The Children's Mutual - The only UK company that specialises exclusively in savings for children.

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Alternative to CTFs

Unit Trusts for Children

Whatever your children or grandchildren dream of doing when they grow up, why not indulge more than their imagination?

Whether they want to travel the world or step onto the first rung of the property ladder, fund their way through university or organise the wedding of their dreams, you can give them a great start in life by investing for their future with a Legal & General unit trust.

And whether you have a little to invest or a lot, if you start now you could begin to grow a fund that will help you give your child a great financial start in life.

Legal and General's Investing for children

Providers with Unit Trusts for Children
Family Investments Children's Unit Trust

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