The Government's Child Trust Fund initiative is designed to strengthen the saving habit and ensure that at age 18 every young person will have access to a financial asset. The scheme will also help bring financial education to life for children, providing a practical and real life example of saving.
The latest Child Trust Fund account opening figures, published on 4 January, highlight the continuing success of the Child Trust Fund, with three-quarters of parents opening an account for their child. There are also early indications that more parents are now regularly saving for their children. However, there is more to do to reach new parents and to encourage the further involvement of parents whose child has an account. The Government will be launching Child Trust Fund Week on Monday 15 January to encourage parents and families to engage with their child's account, by saving for their child's future and by using the Child Trust Fund to help teach children about money and saving.
I will write to all MPs later this week with details of new Child Trust Fund account opening figures for their constituencies, in order to consider what more can be done locally to encourage parents to make the most of the opportunities the Child Trust Fund represents.