The Co-operative Insurance Society would like the Government to expand the child trust fund scheme to older children, so siblings have an equal opportunity to build their savings. Over half of the society’s customers that were questioned, were already making additional contributions to their eligible childs’ account by an average of £30 per month. However, the same customers had no provisions in place for their older children who were not entitled to child trust fund vouchers.
Our view
We believe that the Child Trust Fund is an utter waste of tax payers money. It has been a flop and it will continue to be. The only way forward is to educate children not try and bribe non-saving parents into contributing to a plan they do not understand.
Have you got a CTF voucher? Not sure what to do? Contact us for help.