Parents, grandparents and other family members should start using the child trust fund to boost their children's savings, a financial expert has said.
In a directly related move, schools in the UK should also use the accounts to help teach children about money and savings, according to economic secretary Ed Balls.
Furthermore, parents should be encouraging their offspring to put their unspent Christmas money into a child trust fund, Mr Balls stated.
The economic secretary's comments came as he announced that almost 2.5 million child trust funds have now been opened.
His announcement also precedes Child Trust Fund Week, which takes place between January 15th and 20th 2007 and aims to raise awareness of the product among hard-to-reach groups.
"It is really encouraging that three in four parents are now opening accounts for their children, but we want to do more," Mr Balls said.
"That is why I will be launching the first Child Trust Fund Week this month. We want parents, grandparents and whole families to use the Child Trust Fund."
The Child Trust Fund was launched on April 6th 2005 and is available to children born on or after September 1st 2002.
Whole families should use children's savings accounts, consumers told
Financial Services > Savings > Savings and Investments News
Whole families should use children's savings accounts, consumers told
Fri, 05 Jan 2007
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