The Government announced earlier this month that the number of children with a Child Trust Fund has reached over 3 million. However, The Economic Secretary to the Treasury, Kitty Ussher, also highlighted that only three-quarters of parents have actively opened their Child Trust Fund accounts.
This means that for the seven-hundred and fifty-thousand children whose parents did not open the Child Trust Fund themselves, the opportunity to gain one year’s worth of interest is lost. In fact, the accumulated loss of interest for all those Funds that have not been opened amounts to an estimated 15 million!
The Child Trust Fund is a long-term savings and investment plan set up by the Government to encourage parents to save for their children’s future. The Child Trust Fund is available to all children born on or after 1 September 2002 . Children will receive an initial 250 in vouchers to open their Child Trust Fund accounts, with a further 250 when they reach seven years of age. In addition to this money, parents, family and friends can contribute up to 1,200 each year into the Fund.
Although opening a Child Trust Fund is relatively...
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