New figures show that although 91 per cent of parents have now received child trust fund (CTF) vouchers, 70 per cent still haven't set them up.
As part of a six monthly index of industry trends, 72 per cent of parents revealed they have delayed setting up child savings since they "simply haven't got around to it yet".
In addition some claim that the brochure on CTFs is not helpful and three per cent stated that they did not understand the scheme at all.
Statistics show that by delaying an account by 12 months people could be cutting end values by as much as £640.
The industry and the Revenue are planning to work together to encourage parents if uptake still remains slow.
Research was conducted by Family Investments.To read more about child savings click here.
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