West Bromwich Building Society is urging parents to start saving money by investing their child trust fund (CTF) vouchers.
The society found that 60 per cent of these have not been used and points out that soon it could be invested on their behalf.
Since the launch of the government's savings initiative in April, more than 3,000 CTF vouchers have been invested in savings accounts at the society.
However, West Brom says that investing these vouchers in a savings account is an ideal Christmas present for children.
It is also advising parents to ask friends and family to make a further investment in children's savings accounts.
But parents with unused vouchers are being urged to act fast. After a year, the government will invest these automatically into a generic savings account, meaning that parents will not be able to choose where their CTF voucher is invested.
"No one should underestimate what a wonderful nest egg the CTF could become," says Andy Heseltine, savings manager at West Brom.
"It costs nothing to start and yet with education fees and other commitments in later life, this offer gives each youngster the ideal opportunity to get a savings account behind them and to think about saving on a regular basis."
West Brom urges parents to start saving money
West Brom urges parents to start saving money
Mon, 19 Dec 2005
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