The Tax Incentivised Savings Association (Tisa) has welcomed the decision by the government to boost the take-up of child trust funds (CTFs).
According to the association, the government is aiming to improve opening rates for the savings vehicle, while promoting the scheme to both children and their parents.
Commenting the on the development, Tony Vine-Lott, director general of Tisa, said that a "key aspect" of the CTF initiative is the connection between offering young people a significant asset and encouraging children and their families to engage with financial products.
"Tisa is delighted that the government has reaffirmed the need not just to get more CTFs opened, but to increase parental contributions once the fund is opened," he remarked.
The organisation suggested that providers which offer such savings accounts have a "key role to play" to encourage parents to contribute towards their children's CTFs.
Earlier this month, Tisa welcomed the news that a Savings Gateway Bill will be included in the next Queen's Speech.
Government plans for CTFs welcomed
Government plans for CTFs welcomed
Mon, 19 May 2008
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