View more on these topics

Child trust funds near 2.5 million

Almost two-and-a-half million child trust funds have been opened since launch in April 2005, with three-quarters being set up by parents.

The figures were revealed by Treasury Economic Secretary Ed Balls in the run-up to Child Trust Fund Week which aims to raise awareness of the scheme among hard-to-reach groups and encourage family members to top up funds.

Government figures show that 2.48 million accounts were opened by the end of last year, with 1.95 million set up by parents and the rest by the Revenue.

The Government announced changes in the pre-Budget report which will allow CTFs to be rolled into Isas when the child turns 18.

Balls says: “We want parents, grandparents and whole families to use the child trust fund and are asking schools to start using the accounts to teach kids about money and savings. For children who still have Christmas money unspent, I would encourage parents to put that money in their child trust fund.

“I will be writing to MPs with details of account opening rates for their constituencies to enable them to consider ways of promoting awareness in their areas.”

Recommended

Standard Life Investments launches two global Reit funds

Standard Life Investments has launched two new global property funds aimed at institutional and retail investors in the UK and Europe.The global Reit fund, for UK investors, and the global Reit focus fund, primarily aimed at European markets, will invest largely in Reits or securities and companies principally engaged in real estate activities on a […]

PPI rules face rethink

The FSA is looking at changing the rules on payment protection insurance as it is not convinced they are protecting customers adequately.The statement appears in an FSA announcement detailing a new phase of its work on PPI which is due to be released later this week.Money Marketing revealed last week that the FSA is stepping […]

Bupa withdraws from Irish market over court judgment

Bupa has pulled out of the Irish market in a move that could see 300 job losses following a High Court judgment that would have forced it to pay out an estimated 20m.The judgment in November ruled that Bupa would have to make risk-equalisation payments to the state-owned insurer VHI over a three-year period which […]

Government should pay war bonds

Perhaps many of your readers will agree with me that confidence and trust are two of the most critical factors for people making financial plans and saving for their future. In this regard, I am delighted that we have now finally repaid our Second World War debt to the US. I also note that this […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment