The Children's Mutual has applauded the recent announcements regarding child trust fund savings accounts.
Child trust funds can now be transferred into individual savings accounts, which The Children's Mutual lauds as "great news".
The company, which claims to be the UK's only specialist provider of children's savings products, states that the government's decision will help to foster an increased culture of saving.
David White, chief executive, noted that children would still have full access to their savings when they turn 18.
He added that it would help young adults to make the best decisions for their money, allowing for adult savings when youngsters do not need immediate access to the funds.
"We are delighted by the minister's announcement that youngsters will be able to roll their child trust fund into an ISA [individual savings account] when they reach 18.
"We recommended this move in a consultation paper some time ago and it is great to see the government listening to and working alongside providers."
Recent research from Legal & General found that more UK adults are putting money into savings accounts, which the company attributed to an increased savings culture.
The Children's Mutual welcomes new savings option
The Children's Mutual welcomes new savings option
Thu, 02 Nov 2006
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