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CTF accounts approach 2.5m

Child Trust Fund (CTFs) accounts are set to break the 2.5 million barrier with three-quarters of all parents opening children’s accounts themselves.

The news comes as The Government prepares to usher in Child Trust Fund week, a new initiative which takes place from 15-20 January, encouraging parents and other family members to help top-up funds in their children’s accounts and raise awareness of the CTF initiative amongst hard-to-reach groups.

Economic secretary Ed Balls said: “It is really encouraging that three in four parents are now opening accounts for their children, but we want to do more. That is why I will be launching the first Child Trust Fund Week this month.

“We want parents, grandparents and whole families to use the Child Trust
Fund and we are asking schools to start using the accounts to teach kids
about money and savings. And for children who still have Christmas money
unspent, I’d encourage parents to put that money in their Child Trust Fund
account.

“To kick off the week, I will be writing to all MPs with details of account
opening rates for their constituencies to enable them to consider ways of
promoting awareness of the Child Trust Fund in their local areas.”

The Child Trust Fund was introduced for all children born in the UK on or
after 1 September 2002, with a £250 voucher from the Government to start off
each child’s account, and a further £250 paid into the account at age 7.
Children from lower-income households receive an extra £250 top-up at birth
and at age 7.

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