According to a new statistical report, child trust funds have proven to be a success in the UK, with over three quarters of parents opening an account for their child in the scheme's first year of operation.
The report, which was published by the UK’s economic secretary, Ed Balls, shows that, as well as the positive take-up of funds by parents, over a third of children received an extra payment from the UK government, and early evidence from providers suggests that significant additional contributions to children’s accounts have also been made.
Although this is promising news for child trust funds, Mr Balls said that the government will be doing more to promote the funds in the run-up to Christmas, with a new advertising campaign, followed by a ‘CTF Week’ in January to help raise awareness and promote increased saving.
He also said that the government recognizes that there is a strong case to do more through the child trust fund scheme for children in care. In light of this, Mr Balls has teamed up with Beverley Hughes, UK minister for children, to work together to see how child trust funds can be used to provide more help for children in care.