A financial services provider has urged new parents not to neglect topping up their child's savings - even if they plan to spend more time away from work in future.
According to a recent research project by direct savings firm ING Direct, 43 per cent of fathers confessed they had rejected invitations to go for promotion or receive additional overtime in a bid to be around their children more regularly.
Consequently these parents have typically missed out on £2,800 per year, it has been estimated.
Nevertheless, Miles Bingham, press officer at savings specialist Family Investments, has argued that mothers and fathers should not skimp on putting money into a Child Trust Fund account.
"The key thing to remember is that anybody can pay into the Child Trust Fund - just because both parents may be off work, they just need to think laterally," he explained.
Child Trust Funds were introduced by chancellor Gordon Brown during his first term in office.
They were initially conceived to boost the level of savings for newborn babies, which can then be accessed when the account holder reaches 18 years old.
Savings are important for new parents, financing analyst argues
Savings are important for new parents, financing analyst argues
Fri, 22 Jun 2007
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