Brits are struggling with savings accounts deposits, says Family Investments source

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Brits are struggling with savings accounts deposits, says Family Investments source

Fri 8th Oct 2010

A Family Investments spokesperson has noted that many people in Britain are finding it hard to regularly put money into their savings accounts.

Kate Moore, head of savings and investments at the organisation, claimed the government's decision to cut child benefits will not help this situation.

In her view, this could make it much harder for parents to put aside money for their offspring's future and the state needs to remedy this by bringing in some form of new incentive.

"Parents can and should continue to use their Child Trust Fund (CTF) and families with new children will receive a £50 voucher up until the end of this year," she added.

Ms Moore highlighted how the CTF scheme is being scrapped from the beginning of 2011 and a replacement product needs to be developed.

These remarks were made in response to research by MyVoucherCodes.co.uk, which showed that 34 per cent of Brits who have savings put aside for their children have had to make withdrawals from these accounts recently.

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