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Child Trust Fund prompts savings for older children

The Nottingham Friendly Society says parents of older children have been spurred into saving by the Governments publicity surrounding CTFs.

Sales of the building societys second step tax exempts savings plan (TESP) doubled in the wake of government advertising for CTFs. Nottingam Friendly says parents of children too old to invest in CTFs are more likely to have the time and energy to think about savings, as they have less sleepless nights and are in a better position to think clearly.

A spokesman for Nottingham Friendly says this illustrates how the CTF scheme opens up opportunities and gives a reason for IFAs to make sure clients have child savings provision in place, even for children not eligible for CTFs. He also says now is a good opportunity for IFAs to make more money by selling savings products to parents of older children.

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