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09/01/2009
Four Millionth Child Trust Fund Milestone Reached
Over four million Child Trust Fund accounts have been opened since they were introduced in 2005, supporting the savings habit and providing children across the UK with a lump sum when they reach 18, the Economic Secretary, Ian Pearson, announced today.
The latest figures show that, between the introduction of the scheme in April 2005 and 15 December 2008, a total of 4.01 million accounts have been opened, with 3.07 million opened by parents themselves.
"The introduction of Child Trust Funds is a great achievement that will ensure that every child in our country has their own financial asset when they reach 18. These long-term investments will provide a generation of children with an understanding of and an education in the benefits of saving for the future, while reinforcing the savings habit," Ian Pearson said.
"The figures released today show that over four million children now have savings put aside for their future, thanks to the Child Trust Fund. We are continuing to work to build on this success and 2009 will see the first Government payments to seven-year-olds, as well as the roll-out of new financial education resources for schools, as part of the My Money programme."
Child Trust Fund (CTF) is a savings and investment account for children. Children born on or after 1 September 2002 will receive a £250 voucher to start their account.
Further payments from the government are made when the child turns seven and parents, relations and friends can put up to £1,200 a year into the funds - which mature when the child turns 18.
(JM/BMcC)
The latest figures show that, between the introduction of the scheme in April 2005 and 15 December 2008, a total of 4.01 million accounts have been opened, with 3.07 million opened by parents themselves.
"The introduction of Child Trust Funds is a great achievement that will ensure that every child in our country has their own financial asset when they reach 18. These long-term investments will provide a generation of children with an understanding of and an education in the benefits of saving for the future, while reinforcing the savings habit," Ian Pearson said.
"The figures released today show that over four million children now have savings put aside for their future, thanks to the Child Trust Fund. We are continuing to work to build on this success and 2009 will see the first Government payments to seven-year-olds, as well as the roll-out of new financial education resources for schools, as part of the My Money programme."
Child Trust Fund (CTF) is a savings and investment account for children. Children born on or after 1 September 2002 will receive a £250 voucher to start their account.
Further payments from the government are made when the child turns seven and parents, relations and friends can put up to £1,200 a year into the funds - which mature when the child turns 18.
(JM/BMcC)
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