According to The Children's Mutual, child trust funds (CTF) have helped to revolutionise the concept of long-term savings for children .
The child trust fund provider has claimed the scheme has been instrumental in revitalising the savings market.
In 2005, interest rates were rising and the UK savings ratio was headed for its lowest point in almost 50 years.
However, there are presently more than ten million children with a CTF account and The Children's Mutual has estimated that £2.74 billion will be available to young adults each year.
David White, chief executive of The Children's Mutual, believes the savings scheme has helped make the British public aware of the value of long-term saving for children .
He said: "We're delighted that parents have engaged with the first universal savings scheme, realising that the only realistic way to fund their adult children's futures is to start saving now."
The Children's Mutual's report is supported by statistics from HM Revenue and Customs which show that almost three quarters of all child trust funds are proactively opened by parents.
Child trust funds are successfully engaging parents
Child trust funds are successfully engaging parents
Tue, 19 Jan 2010
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