The Buildings Societies Association has warned that 11 million children will turn 18 without having qualified for the child trust fund.
In 2021 the first youngsters in the UK eligible for the child trust fund will turn 18 and be able to access their savings account.
Between now and 2021, 11 million children will become adults, with Building Societies Association estimates showing that one third of these will have no savings accounts in their name.
The association's recent report, Children’s Savings to 2021 and Beyond: A Policy Plan, contains recommendations on how policy could be developed to ensure children grow up with the right attitude to saving.
Adrian Coles, director general of the Building Societies Association commented on the saving accounts: "Whilst great strides have been made in encouraging young people to save, there are still obstacles which stand in the way of creating a whole generation of savers."
"With nearly 40 per cent of the children’s savings market, building societies are ideally placed to help deliver the government’s aim of ensuring assets for all children. This report proposes how policy could be developed further to give children the right financial start in life."
The Building Societies Association also stated that the total balance of child trust fund saving accounts currently stands at around £137 million.
Millions of children have no savings, experts warn
Millions of children have no savings, experts warn
Thu, 25 May 2006
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