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

Child Trust Fund contributions on the rise

Written by:

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.”

Related Posts


Tag Box




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

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

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.