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Investment trust plan builds up cash for kids

Edinburgh Fund Managers is making it easier for parents to save for their children&#39s fut ures with the launch of its InvestIT children&#39s savings plan.

Parents and grandparents can save as little as £20 a month under the plan. The company claims that a £20 monthly contribution to the average EFM investment trust over the past 18 years would today be worth £17,673.

The plan allows investors to save through a variety of EFM investment trusts in two ways. The designated acc ount allows parents or grand par-ents access to the investment before the child reaches the age of 18 while the trust acc ount is suitable for inv estors wanting only the child to have access to the proceeds of the investment at age of 18.

EFM has designed the plan in response to figures which claim to show that the numbers of parents and grand parents saving for their children&#39s futures is increasing.

The company says there may a number of reasons why this is so, from saving for wedding costs, the price of a new car or the more traditional savings goal of paying for a university education.

Edinburgh Fund Man agers marketing manager Lesley Drummond says: “People are finding that inv estment trust savings plans are an easy way of accessing the growth potential of the stockmarket.

“Parents and grandparents may have slightly different savings goals for their children or grandchildren but all want to ensure their offspring will have security as they enter adulthood.”

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