According to a report issued by the government, 98% of parents who are eligible to take part in the government scheme are aware of the benefits of opening a Child Trust Fund account.? Yet, around a quarter of those families have still to open an account and invest their child?s voucher.?
The Child Trust Fund initiative was launched by the government in 2005 to kick-start the savings of all children regardless of their family background.? Babies born from September 2002 onwards will receive a voucher of either ?250 or ?500 at birth and another of the same amount at age seven.? Parents can top up the account with up to ?1200 each year completely tax-free.
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