Abbey: Parents "haven't got round" to opening Child Trust Funds

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Abbey: Parents "haven't got round" to opening Child Trust Funds

New research from Abbey shows that most of the parents who haven't opened a Child Trust Fund say they simply haven't got round to it yet.

While 499,000 accounts have been opened so far, a further 1.2 million vouchers have yet to be invested.

Of those surveyed by Abbey who had not invested the Child Trust Fund voucher, 62 per cent said they hadn't got round to it yet.

Only 23 per cent had held back due to a lack of certainty about the best supplier to choose.

The reasons for choosing a particular supplier were given as a trusted name (48 per cent), research on the internet (37 per cent) and research into the best interest rates (33 per cent).

Abbey claims it holds a 15 per cent share of the market so far, with 77,000 accounts opened.

The average additional annual contribution to the Child Trust Fund account is estimated at £325, meaning that parents should ensure they have made the right choice when investing the money.

Most parents view the account as a way of saving money for their child for university or college (79 per cent) while 72 per cent hope it will help them with a deposit for their first property.

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