Tisa: Child trust funds attracting larger contributions

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Tisa: Child trust funds attracting larger contributions

The Tax Incentivised Savings Association (Tisa) has released data which shows that on average, people are contributing larger amounts to child trust funds, despite the recession.

According to the association, the average direct debit contribution to child trust fund accounts rose to £22.10 per month in the third quarter of 2008, compared to £21.99 a year earlier.

Tony Vine-Lott, Tisa director general, said that child trust fund accounts seem to be "bucking the savings trend".

He added: "At the current average direct debit subscription level the child trust fund should amass in excess of £5,000 after 18 years. This will be a tremendous boost to a young person beginning their adult life."

Child trust fund accounts are opened automatically by the government for every child for whom benefits are claimed, if their parents don't do it first.

Recently, the Treasury announced that the scheme had seen four million savings accounts opened for children so far.

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