A record number of direct debits were created for child trust fund savings accounts in August, according to new research.
Some 50 per cent of child trust fund savings accounts opened in August are currently being topped up by direct debit, figures from The Children's Mutual show.
This is an improvement since the savings options were introduced, as four in five parents were not saving for their children before child trust funds were created, the company states.
David White, chief executive of The Children's Mutual, asserts that the high uptake of the savings accounts is "fantastic news", especially given that they were introduced 18 months ago and will help to give many children the right start in life.
"This move will help to extend the opportunities afforded by the child trust fund even further," he remarks.
"It's an important step towards ensuring that every child in the UK, regardless of circumstances, receives the best start in life."
Ed Balls, the economic secretary to the treasury, recently claimed that child trust fund savings accounts have been a success since their inception.
August hits records for child savings, study shows
August hits records for child savings, study shows
Mon, 02 Oct 2006
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