Friendly societies have opened a further 300,000 Child Trust Funds (CTFs) in the past year, bringing the total to 1.6 million investment accounts within the sector of the market.
The friendly societies sector has earned £250 million from CTF investment premiums in 2008, proving its commitment to the government schemes, which account for 20 per cent of the market.
Speaking about CTFs, the Association of Friendly Societies (AFS) has said it works hard to encourage the use of Child Trust Funds to make investments in future finance for children and supermarkets and high street chains now offer the service.
Martin Shaw, general secretary of the AFS, said: "As a result we have seen that even at a time when the level of savings is generally very low, 40 per cent of parents or guardians or grandparents who open a CTF have topped it up, and by an average of nearly £280. It is clear that they see the account as a great way to build up a nest egg for their children."
Recent research by Child Trust Fund provider Engage Mutual recently found that half of low income British adults were not aware of the £250 bonus available through the accounts .
300,000 more Child Trust Funds opened in 2008
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300,000 more Child Trust Funds opened in 2008
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