The future of children's savings in the UK is "encouraging", an expert has claimed.
More than £100 million has been deposited into child trust fund savings accounts since they were created 16 months ago, according to the Pep and Isa Managers' Association.
This represents 1,392,250 savings accounts that have been opened in this period.
Some £75 million is being placed into the savings accounts, averaging £240 per account each year.
Furthermore, almost 30 per cent of parents, relatives and friends are making additional contributions to the savings pot.
For parents who are making direct debit contributions to the savings accounts, the amount being saved is larger than that spent on items such as personal effects and prams.
Tony Vine-Lott, director general of the Pep and Isa Managers' Association, commented, "These results are extremely encouraging. Parents are taking the right steps to save for their children’s future.
"At a time when there are a lot of demands on families’ resources, it is tremendous to see that in excess of £100 million in additional monies has been saved."
Parents can also opt to take out a pension for their youngster, with Virgin Money recently commenting that one in ten pension schemes it sold were for children under the age of five.
Children's savings future encouraging, expert claims
Children's savings future encouraging, expert claims
Fri, 22 Sep 2006
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