You are here: Home - Saving & Banking - News -

Child Trust Fund contributions on the rise

0
Written by:
07/07/2008

Regular and lump sum contribution levels into Child Trust Funds (CTFs) are continuing to increase in value, according to The Tax Incentivised Savings Association (TISA).

In the sixth TISA survey, average monthly CTF subscriptions rose to £21.86 per month (up from £21.20 for the same period in 2007), while the average lump sum subscription increased by £84 on last year to £488.

The survey covers the second quarter of the year to 15 June 2008 and provides an insight into more than 2.25 million accounts opened by participating providers. During this quarter 112,335 new accounts were opened and the number of accounts with active monthly direct debit subscriptions rose by 27,198.

Tony Vine-Lott, TISA director general, said: “Bearing in mind the financial squeeze that is affecting so many families at the moment, the continuing increase in the level of regular savings into a CTF is particularly encouraging. However while the number of CTFs with a direct debit subscription now exceeds half a million, the majority of accounts still do not receive any form of top-up.

“I would like to encourage more parents to commit to saving a regular amount into a CTF, obviously at whatever level they can best afford. It’s vitally important that children see the tangible benefits of saving at an early age. It is less how much is saved, more that something is saved, that will teach them a lifelong lesson on how to manage their finances more effectively.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Investors capitalise on falling market conditions

Investors are using the latest FTSE slide as an opportunity to take advantage of market conditions, according to Barclays Stockbrokers.

Close