Parents flock to invest Child Trust Fund vouchers
Ministers have claimed the Child Trust Fund a success, after 72% of the earliest vouchers issued were used by parents to open the funds.
Figures released by HM Revenue & Customs show that nearly 1.5 million Child Trust Funds have been opened in total, out of the 2.3 million vouchers issued to parents.
And Economic Secretary to the Treasury, Ivan Lewis MP, said this showed that the fund was a success.
He added: “The Child Trust Fund will strengthen the saving habit of future generations and ensure that at age 18 for the first time in our history every child will have access to a financial asset.”
The Children’s Mutual also claimed the figures showed the beginning of a change in the nation’s savings habit, as it said it had witnessed a growth in savings for children’s futures, encouraged by the establishment of the Child Trust Fund.