Almost one in three parents have made additional contributions to child trust fund savings accounts on top of the initial governmental voucher, according to the latest financing industry figures.
Data from the Pep & Isa Managers' Association has indicated that 23 per cent of parents are currently opting to add to their kids' savings accounts via direct debit, with the average monthly payment set at £21.
In addition to this, cash lump sum contributions are favoured by 6.1 per cent of parents.
Tony Vine-Lott, director general of the Pep & Isa Managers' Association, welcomed the news and suggested that parents are increasingly recognising the value of child trust funds.
"These results are very encouraging," he said.
"They show that parents are taking the CTF [child trust fund] seriously and making the additional contributions to give their children a greater asset when their fund matures at 18."
Under the government's savings initiative, all eligible parents of newborn children receive a savings voucher worth approximately £250 to put into either cash accounts or investments.
This initial sum is then intended to grow over time, aided by contributions from friends and relatives, to provide the child with savings that can be accessed when they reach adulthood.
Child trust funds topped up by 1 in 3, savings study indicates
Child trust funds topped up by 1 in 3, savings study indicates
Thu, 26 Apr 2007
Recommended links
Compare UK Bank Accounts & Find the Best RatesCompare today's top savings options
Savings enquiry form
Find a child trust fund
Child trust fund numbers reach 2.6 million
Equities performing better than cash child trust funds
<% Randomize: ord=int(rnd*1000000000) %>
 %>?)
| savings news |
|---|
| Skipton launches new savings bonds - Wed, 19 Nov 2008 |
| Take out a fixed savings account now, expert urges - Mon, 17 Nov 2008 |
| Credit unions offer good savings accounts, CEO claims - Fri, 14 Nov 2008 |
| More News |
