The majority of parents investing in their child's future through child trust funds (CTFs) are continuing to choose the cash option, figures have revealed.
According to data from the Building Societies Association (BSA), just under 70 per cent of the 35,000 CTFs opened in July were cash funds.
The new accounts opened at the ten providers of both the cash and stakeholder CTF options brought the total CTF accounts held in the UK to 214,000, with a total value of just under £60 million, the BSA stated.
Adrian Coles, director-general of the BSA, said: "Cash CTFs clearly continue to be popular, although a large number of vouchers have not yet been deposited."
A significant number of parents are still to cash in on their CTF potential, with net CTF deposits at their lowest level in July since the scheme was introduced.To read more about child investment, click here.
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