Kids urged to save this Christmas

www.moneynews.co.uk > General finance > Kids urged to save this Christmas

Kids urged to save this Christmas

Wed 15th Nov 2006

Bearing in mind the rising cost associated with education, marriage and buying a house, parents are looking towards their kids long-term futures by encouraging saving from a young age according to Cooperative Insurance (CIS).

CIS Child Trust Fund (CTF) account holders were surveyed as to their spending habits in relation to their children and 62 per cent of parents stated that they believed it was in their child's best interests that family and friends give them money rather than expensive gifts.

With Christmas fast approaching CIS is urging people to take advantage of a Child Trust Fund for their children by putting Christmas money away for the future and the time to save with a trust could not be better as the government has recently announced that CTF accounts can be incorporated into an ISA when the youngsters turn 18.

Zack Hocking, head of savings and investments at Cooperative Insurance, said: "A contribution to a young child's CTF account is an ideal Christmas gift and is a great alternative to the hassle of the shopping, wrapping and the usual clutter of traditional gifts.

"As a result of the government's announcement, children will be able to move seamlessly from a CTF into a tax-free ISA."

If an application for a CIS Child Trust Fund is made and monthly payments for at least £10 a month are initiated into the fund, then a £20 amazon.co.uk gift certificate can be claimed.

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued

Related News : Cooperative
	Co-op announces banking improvements to premier accounts
	Platform launches innovative let-to-buy mortgage product
	Mortgage lending increased in June, according to CML
	Co-op closes older pension schemes but promises increase in contributions
	Co-operative announces reductions to mortgage rates
	Co-operative Bank and Britannia reduce mortgage rates
	Platform says remortgage deals set to be a focus
	Co-operative Bank wants fixed rate mortgage customers to make further payments
	Platform hopes to develop its buy to let mortgage presence
	Savings account provider Co-operative highlights ethical success