Child Trust Funds
This week is the first-ever Child Trust Fund Week, which runs from January 15th to 20th.
Parents in Bridgend are using their £250 vouchers to open an account and ask friends and family to get engaged with their child’s account to build a nest egg for the child’s future.
New figures published this month show that in Bridgend, 3274 Child Trust Fund vouchers have been issued to parents. 2320 savings accounts have already been opened by parents themselves. The remaining 954 are still to be opened or will be automatically opened by HM Revenue & Customs if the vouchers are not used after 12 months so that no child loses out.
The Child Trust Fund is a great way of saving for a child’s future. All parents with children born since September 2002 will have received a £250 voucher to get an account started. The Government will add an extra £250 for families on lower incomes, and there will be further top-ups when children reach the age of 7.
I am very pleased that here in Wales we have gone further than the rest of the UK in ensuring that all children in care also benefit from the trust fund.
I’m pleased that so many parents in Bridgend have already opened an account for their child, but I want to encourage all eligible parents to open an account and get friends, family, grandparents and the whole family involved.
Welsh Labour is committed to tackling child poverty in Wales. This scheme proves our commitment to ensuring a fair start for all children in Wales, whether they live at home or in care.
For more information on Child Trust Funds please visit http://www.childtrustfund.gov.uk/