Article: Saving For Your Child?s Financial Future ? UK Parents Inactivity Harming Their Children?s University And Mortgage Savings
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Saving For Your Child?s Financial Future ? UK Parents Inactivity Harming Their Children?s University And Mortgage Savings
The British government at the beginning of this year officially launched its Child Trust Fund (CTF) initiative in an effort to encourage parents and children to develop the savings habit and to teach children the value of saving their own money.
Chancellor, Gordon Brown said, "The Child Trust Fund is designed to ensure that every child in our country has assets and wealth and that no child is left out and all children in Britain have a stake in the wealth of the nation".
The basis of the CTF scheme is that every child born in the UK on or after 1 September 2002, will receive an initial Government payment of £250-£500 (depending on family income), which must be placed into a tax-free CTF savings account which cannot be accessed for withdrawals until the child r...
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