Child Trust Fund may not be ‘top priority for parents’
Investing in a Child Trust Fund may not be a top priority for parents once their child is born, which may be why so many fail to put money in them, it has been claimed.
According to Skipton Building Society spokesperson Jennifer Holloway, those who are taking the time to take advantage of the government initiative would put money aside for their child regardless.
This means that those who are not exercising the option may be inadvertently pushing their child toward debt in later life.
Ms Holloway added that the scheme is a good way to encourage future saving in offspring, but this is ultimately down to whether parents open them.
"When you have a child, obviously, your world's turned upside down and finding the time to invest … isn't necessarily high on the list of priorities," she said.
The Child Trust Fund is available to children born after September 1st 2002.
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