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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.”


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