Parents add to Child Trust Funds

A third of Child Trust Funds (CTFs) receive regular contributions from parents, new figures have revealed.

Statistics from The Children’s Mutual show that 22 per cent of all CTFs receive regular deposits via direct debt.

The average sum passed through The Children’s Mutual by parents currently stands at £24, while grandparents make regular payments of £28 per month.

In total, 30 per cent of all UK children (around four million) have a Child Trust Fund account registered in their name.

David White, chief executive of The Children’s Mutual, said that parents are taking steps to plan for the future.

’Positive parenting, and having a positive effect on your children’s lives can take many forms,’ he said.

’One way in which parents across the UK are taking very positive steps to save for their children’s futures is by using the Child Trust Fund. By doing this parents are helping to give their children a firm financial footing as they enter their adult lives that could be worth up to £37,000 when they reach age 18.’

The research also highlighted the recent CTF benefits revealed by Alistair Darling in the Budget last month. Disabled and severely disabled children will receive an additional annual payment of £100 or £200 from the government.
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