Some 2.6 million children in the UK are currently benefitting from a Child Trust Fund (CTF), according to figures announced by economic secretary Ed Balls.
These figures underline the growing popularity of CTFs for parents looking into their children's saving, with Mr Balls asserting that three quarters of all CTF accounts opened in 2005 were opened by parents themselves. First launched in 2002 the CTF scheme has shown positive signs of growth.
The economic secretary highlights these trends as a positive indicator for the future, showing awareness of the need to promote good financial practice from an early age.
"It is really encouraging that three in four parents are opening accounts for their children," he remarked.
"I want to encourage parents, grandparents and whole families to use the Child Trust Fund not just as a saving tool but as a way of teaching children about money and savings."
Halifax found that one of the main reasons that parents are opting to use CTFs is to fund university costs for their children in later life, claims that have been supported by experts at F&C Asset Management.
Child trust fund numbers reach 2.6 million
Child trust fund numbers reach 2.6 million
Mon, 02 Apr 2007
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