Nov 28 2008
Despite the economic turmoil currently affecting the UK, many parents are still saving for children in child trust funds (CTFs), research published this month suggests.
According to figures cited by the Children's Mutual, which were taken from the government's annual update on the progress of the scheme, 75 per cent of adults with children are actively investing in such funds.
Chief executive of the organisation David White said: "Even in these times of economic difficulty, it is encouraging to see that parents remain committed to saving for their children and view the CTF as a crucial part of providing a more stable financial future for them."
http://www.savingforchildren.co.uk/Three-quarter-of-parents-investing-in-CTFs,-report-shows--181_1_18864897.html
Indeed, research conducted by Family Investments supported the suggestion that parents are committed to building up a nest egg for their offspring.
It found that 71 per cent of adults questioned revealed that they would cut back on spending over the upcoming festive season as they would prefer any spare money to go towards saving for their children.
Family Investments also found that 36 per cent of respondents said they were willing to ask grandparents to donate towards their youngsters' savings this Christmas.
http://www.savingforchildren.co.uk/Parents-would-prefer-to-save-than-spend-over-Christmas--181_1_18886496.html
Such people may have been listening to advice issued by the Children's Mutual, which said that parents should consider investing in savings for children rather than buying potentially unwanted presents to hand over on December 25th.
It stated that around £1.2 billion is wasted each year, with 37 per cent of festive toys and presents being broken or discarded by youngsters before the end of January.
http://www.savingforchildren.co.uk/Parents-advised-to-invest-in-CTFs-181_1_18879174.html
The organisation also reported this month that the introduction of CTFs has altered the savings habits of British consumers.
According to a recent statement made by the firm, around half of its consumers are saving for children on a regular basis from the time they open such a fund.
Mr White described CTFs as a "fantastic catalyst" to restart the savings culture in the UK.
He added that, by saving for children from the time they are born, parents can help youngsters to grasp the importance of having money stored away when they reach adulthood.
http://www.savingforchildren.co.uk/CTFs-changing-UK-s-saving-habits--181_1_18899314.html
People looking to follow the advice of experts such as Mr White may be interested in a guide which was recently published by F&C.
Entitled Guide to Investing for Children, the resource contains information on a variety of issues, such as potential costs, product options and useful websites.
The guide can be obtained either online or by contacting F&C by telephone.
http://www.savingforchildren.co.uk/Guide-to-investing-for-children-published--181_1_18891399.html
