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01/11/12
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Money advice in increasing demand, says study
31/10/12
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Payment barriers exist for disabled and older people, says study
31/10/12
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Gender differences apparent when financial planning
31/10/12
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Half of Brits shop with a basic credit card, says study
30/10/12
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Number of Brits sitting on forgotten direct debits - 2.68 million
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News
05/11/2009 12:21:19
CTFs 'most popular way to save for the future'
The child trust fund (CTF) is the most popular saving scheme among Britons, it has been suggested.
Analysing figures from Her Majesty's Revenue and Customs, The Children's Mutual points out that just under three-quarters of families opened up a CTF within the first 12 months of their child being born.
This compares to 30 per cent of the eligible adult population who are in possession of an individual saving account, while just two-fifths of people have a private pension.
David White, chief executive of The Children's Mutual, states: "These new figures demonstrate the widespread support of parents towards long-term savings and their commitment to doing the best for their children's futures."
He adds that CTFs have changed the manner in which Britain saves "in a way that adult's savings plans have not".
The Tax Incentivised Saving Association revealed in October that some 640,000 CTFs received a monthly donation during the third quarter of this year, with a total of £14.4 million placed into such accounts.
