Child Trust Fund top-ups reach record levels
Published On 2 October 2006
Top-ups into Child Trust Fund accounts reached record levels in August, according to new figures.New figures from The Children's Mutual have shown that there were a record number of direct debits being set up on Child Trust Funds in August.
In fact, David White, the chief executive of The Children's Mutual said 50 per cent of all new Child Trust Fund accounts opened up with the provider in August are being topped up by direct debit.
This figure is in stark contrast to the days before Child Trust Funds when just one in five parents were regularly saving money for their children.
Mr White said: "Not only did we see a record level of parents topping up Child Trust Fund accounts, it was also a great month for us for account openings.
"While in a pre-Child Trust Fund world August was a traditionally quiet month, the Child Trust Fund has changed all that. Parents seem keen to get their vouchers invested quickly and start saving regularly for their children. In a nutshell, the Child Trust Fund is changing the nation's savings habits."
"We believe that every child deserves a financial springboard into adult life and the fact that so many youngsters are having their Child Trust Fund accounts topped up is fantastic news, particularly when you consider it was launched just 18 months ago."
