New research has revealed that the government's child trust fund (CTF) initiative is encouraging parents to take additional steps to contribute towards their children's future.
A survey of 1,200 parents conducted by Family Investments revealed that 36 per cent of parents have opened an additional savings account for their children after investing money in a CTF.
Miles Bingham, marketing director of Family Investments, said that the company's research showed that CTFs have been a "trigger" for parents to think about their child's financial future.
"Nonetheless, there is still much work to do to ensure that parents maintain momentum and continue to maximise the final value of their child's CTF account," he remarked.
The latest quarterly figures published by the Tax Incentivised Savings Association revealed that over a million CTF accounts are receiving additional contributions.
Carol Knight, head of member services at the association, said that the results were "encouraging".
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