Delyn MP David Hanson has welcomed the second annual Child Trust Fund (CTF) statistical report that shows that 2,206 children in Delyn have received £250 to start saving for their future.
The report shows that three quarters of parents have already set up their child’s account and a quarter of children have had additional money saved into their accounts. In Delyn over 2,000 parents and guardians are already topping up their children’s savings.
David Hanson said
“The Government is helping children save for their future through the Child Trust Fund – £250 for children at birth, and an additional £250 at age 7.”
“Already 2,004 parents in Delyn are topping up the government investment. Every contribution helps build real savings for children to invest in their aspirations when they reach 18 and I hope that all parents, grandparents, friends and family will contribute if they possibly can.”
The CTF was introduced for all children born in the UK on or after 1 September 2002, with a £250 voucher from the Government to start off each child’s account, and a further £250 paid into the account at age 7. Children from lower-income households receive an extra £250 top-up at birth and at age 7.
The latest figures show that for vouchers issued to 15 September 2007, a total of 3.02 million accounts were opened: 2.36 million by the parents themselves and the remainder opened by HMRC on behalf of eligible children. HMRC are targeting marketing at areas that have shown low take-up and are furthering their work with voluntary and community organisations to reach parents who are less financially confident.