Family Investments points to benefits of child trust funds

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Family Investments points to benefits of child trust funds

Fri 16th Apr 2010

Child trust funds (CTFs) have many benefits for young people aside from the opportunity to save up money, according to Family Investments.

John Reeve, chief executive of the firm, made his remarks as it celebrated reaching 1.59 million members during 2009, which indicates growth of more than 50 per cent for that time period.

He described the statistics as a tremendous achievement and claimed that there are further initiatives in the offing for the coming year, but also pointed out that CTF's could aid youngsters in improving their financial literacy and raising their prospects in the future.

"The CTF is a core part of our business so the opening of our one millionth account in July was a significant milestone. Our oldest CTF customers turn 8 this year," added Mr Reeve.

According to recent HM Revenue and Customs figures, there are now five million children with CTF accounts in the UK, which Family Investments' head of savings and investments Kate Moore commented is "extremely encouraging".

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