Child Trust Fund News - 24th Oct, 2007

The second annual Child Trust Fund (CTF) statistical report shows that 3,409 in Swansea East 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 Swansea East, 2,320 parents and guardians are already topping up their children’s savings.

Sian James MP said:-

“Help is available for children to save for their future through the Child Trust Fund - £250 for children at birth, and an additional £250 at age 7.”

“Already 2,320 parents in Swansea East 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.