UK Money News
17th January 2007
CTFs 'encouraging increased saving'
Child Trust Funds (CTFs) have led to a savings culture whereby children's accounts are regularly topped up by direct debits from parents and other relatives.
On average around £121 is debited into CTFs each year and there has also been an increase in one-off lump sum payments, according to the Tax Incentivised Savings Association (Tisa).
The average contributions for monthly direct debits and lump sums are increasing each quarter and this trend is expected to continue, said the organisation, which is encouraged by the fact that the next generation will have help with money.
Tisa director general Tony Vine-Lott said welcomed the figures and said this additional money will make a "big difference in the outcomes of children's CTFs".
He added: "We look forward to working with the government, the industry and mainstream media to ensure that awareness of CTF continues to rise."
The figures follow Engage Mutual's recent revelation that January is the most popular month of the year for parents to open CTFs.
However, when it comes to CTF top-ups, June is the most popular month.
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