Child trust fund (CTF) savings accounts are helping to develop a new generation of savers, according to a new report.
Research by Family Investments found that the initiative is helping to boost the number of parents opening additional savings accounts for their children.
The company noted that 36 per cent of parents have opened new savings accounts since opening a CTF, with 40 per cent stating that the CTF was their first effort to contribute towards their child's future.
Miles Bingham, marketing director at Family Investments, said: "Family's research shows that CTFs trigger parents to start thinking about their child’s financial future, inspiring them to set up other savings accounts."
Many parents believe that the scheme will enable them to "advise" how their children spend their fund, rather than "control" their finances, he added.
According to the Tax Incentivised Savings Association, more than half a million CTF savings accounts are receiving additional contributions.
CTFs encouraging "responsible savers"
CTFs encouraging "responsible savers"
Mon, 05 Nov 2007
Recommended links
Childrens Savings accountsTypes of savings accounts
Compare Deals for Child Trust Funds
Tax-Free Accounts
Todays top savings providers
<% Randomize: ord=int(rnd*1000000000) %>
 %>?)
| savings news |
|---|
| Scarborough Building Society announces new guaranteed savings rates - Thu, 28 Aug 2008 |
| Saving rates reach 3.3 per cent - Thu, 21 Aug 2008 |
| Holidaymakers dipping into savings, expert claims - Wed, 20 Aug 2008 |
| More News |
