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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Thursday 25th October 2007
The government is starting a new push to get parents to start a Child Trust Fund (CTF) for their offspring, following the news that as many as one in four parents are still not taking up the initiative.
If the vouchers have not been used within eight months, the government will send out letters to parents to remind them to make the most of the opportunity.
A CTF voucher worth £250 is available to all children born after September 2002, to get them on the savings ladder and provide them with a little something put away for when they turn 18.
Figures also showed only a quarter of children have saved extra money in their CTF accounts.
Economic secretary, Kitty Ussher, commented on the statistics: "I am today calling on all parents, grandparents, friends and family of children born after September 1st 2002 to contribute to that child's Child Trust Fund if they possibly can.
"Every small contribution can make a big difference to the options open to children when they reach 18, whether it's for education, housing or simply to see the world."
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