The majority of MPs believe that more action needs to be taken to ensure that children have adequate savings when they become adults, according to new research.
Some seven out of ten elected officials believe that more should be done to actively promote child trust fund savings account vouchers to parents, a study by Nationwide Building Society has revealed.
The survey also found that more than half of MPs predict that the UK savings culture would be boosted by an additional top-up to the child trust funds at the age of 11.
However, fewer than half of respondents regard the child savings options as having been successful in their constituencies.
Stuart Bernau, executive director of Nationwide, comments: "The government has made a good start with the introduction of the child trust fund, highlighting that children's savings is a priority."
Co-operative Insurance recently claimed that a contribution to a child's savings account could make the perfect Christmas present and "is a great alternative to the hassle of the shopping, wrapping and the usual clutter of traditional gifts".
MPs back children's savings, study shows
MPs back children's savings, study shows
Tue, 28 Nov 2006
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