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Child savings funds show encouraging input

Published: 15/01/2010

Child savings funds have demonstrated encouraging figures in the quarterly statistics from HM Revenue and Customs (HMRC).

The figures, released today (January 15th), show that nearly three quarters (73 per cent) of child trust funds are opened by parents within a year of the child being born.

While all children receive a child trust fund upon birth, not all parents choose to take an active role in opening it, preferring to allow the government to handle the fund.

But David White, chief executive of The Children's Mutual, said it was encouraging to see so many parents taking an active stance in saving for their child's future.

Mr White said: "Attention is often paid to the quarter of parents who do not open accounts, accusing them of not engaging with, or being interested in the CTF, but our research shows that parents are far more engaged than many would believe."

He cited a lack of time due to the new baby as one reason why some parents choose not to take an active role in the savings funds.

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