Keep CTF systems so parents can carry on saving
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Shadow Treasury minister David Hanson is calling for the coalition Government to retain the IT systems that enable parents to save for their children through child trust funds.
At a fringe event on young people and saving at the Labour conference, Hanson criticised the coalition for abolishing the Government contribution to CTFs. He said: “One of the first things the Tories did was abolish the Government contribution to child trust funds. But the infrastructure is still there and I hope we can persuade the coalition to maintain those computer systems so that parents can continue to save for their children and children can see how their savings can grow.”
Consumer Financial Education Body chief executive Tony Hobman, who also spoke at the event, outlined CFEB’s plans to engage 16 to 24-year-olds in financial services.
He said: “We are launching digital applications that will provide a financial healthcheck for 16 to 24-year-olds as part of our wider national financial advice service to be launched in spring. We want young people to be confident when they are talking about money and give them the tools they need to make sound decisions that will set them up for the future.”
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