Menu
09/01/2009
Four Millionth Child Trust Fund Milestone Reached
Over four million Child Trust Fund accounts have been opened since they were introduced in 2005, supporting the savings habit and providing children across the UK with a lump sum when they reach 18, the Economic Secretary, Ian Pearson, announced today.
The latest figures show that, between the introduction of the scheme in April 2005 and 15 December 2008, a total of 4.01 million accounts have been opened, with 3.07 million opened by parents themselves.
"The introduction of Child Trust Funds is a great achievement that will ensure that every child in our country has their own financial asset when they reach 18. These long-term investments will provide a generation of children with an understanding of and an education in the benefits of saving for the future, while reinforcing the savings habit," Ian Pearson said.
"The figures released today show that over four million children now have savings put aside for their future, thanks to the Child Trust Fund. We are continuing to work to build on this success and 2009 will see the first Government payments to seven-year-olds, as well as the roll-out of new financial education resources for schools, as part of the My Money programme."
Child Trust Fund (CTF) is a savings and investment account for children. Children born on or after 1 September 2002 will receive a £250 voucher to start their account.
Further payments from the government are made when the child turns seven and parents, relations and friends can put up to £1,200 a year into the funds - which mature when the child turns 18.
(JM/BMcC)
The latest figures show that, between the introduction of the scheme in April 2005 and 15 December 2008, a total of 4.01 million accounts have been opened, with 3.07 million opened by parents themselves.
"The introduction of Child Trust Funds is a great achievement that will ensure that every child in our country has their own financial asset when they reach 18. These long-term investments will provide a generation of children with an understanding of and an education in the benefits of saving for the future, while reinforcing the savings habit," Ian Pearson said.
"The figures released today show that over four million children now have savings put aside for their future, thanks to the Child Trust Fund. We are continuing to work to build on this success and 2009 will see the first Government payments to seven-year-olds, as well as the roll-out of new financial education resources for schools, as part of the My Money programme."
Child Trust Fund (CTF) is a savings and investment account for children. Children born on or after 1 September 2002 will receive a £250 voucher to start their account.
Further payments from the government are made when the child turns seven and parents, relations and friends can put up to £1,200 a year into the funds - which mature when the child turns 18.
(JM/BMcC)
Related UK National News Stories
Click here for the latest headlines.
28 January 2009
Consultation To End Child Poverty, Launched
The Government has today set out plans to make sure every child gets the best start in life by tackling child poverty, which can unfairly hold children back and prevent them reaching their full potential.
Consultation To End Child Poverty, Launched
The Government has today set out plans to make sure every child gets the best start in life by tackling child poverty, which can unfairly hold children back and prevent them reaching their full potential.
11 January 2005
Government launch Child Trust Fund savings plan
The Chancellor of the Exchequer, Gordon Brown and Minister for Children, Margaret Hodge, have officially launched the Child Trust Fund (CTF). The Child Trust Fund, which was announced in the 2003 Budget, is a long-term savings and investment account, which will be available to all children born since September 2002.
Government launch Child Trust Fund savings plan
The Chancellor of the Exchequer, Gordon Brown and Minister for Children, Margaret Hodge, have officially launched the Child Trust Fund (CTF). The Child Trust Fund, which was announced in the 2003 Budget, is a long-term savings and investment account, which will be available to all children born since September 2002.
15 October 2003
Government 'on course' to meet short-term poverty goals
The government is on course to meet its short-term target for reducing child poverty, according to projections for the Joseph Rowntree Foundation. The foundation has said that around one million children will have been taken out of poverty by the spring of 2004, compared with 1997.
Government 'on course' to meet short-term poverty goals
The government is on course to meet its short-term target for reducing child poverty, according to projections for the Joseph Rowntree Foundation. The foundation has said that around one million children will have been taken out of poverty by the spring of 2004, compared with 1997.
01 April 2005
Home Office launches crack down on Net paedophiles
The Home Office has announced new measures to protect children from being 'groomed' by internet paedophiles. As part of the plans new Centre for Child Protection on the Internet will be set up to provide support for the police and child protection agencies.
Home Office launches crack down on Net paedophiles
The Home Office has announced new measures to protect children from being 'groomed' by internet paedophiles. As part of the plans new Centre for Child Protection on the Internet will be set up to provide support for the police and child protection agencies.
10 December 2009
Child Obesity 'Levelling Off'
New figures have suggested escalating child obesity in the UK is beginning to level off, however, rates are still too high, according to the government. The National Child Measurement Programme suggested families are benefiting from knowing the facts about their child's weight.
Child Obesity 'Levelling Off'
New figures have suggested escalating child obesity in the UK is beginning to level off, however, rates are still too high, according to the government. The National Child Measurement Programme suggested families are benefiting from knowing the facts about their child's weight.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
