Child Trust Fund provider The Children's Mutual has launched a new cashback scheme to encourage more parents to start saving for their child's future.
By making purchases through The Children's Mutual's online shopping portal, parents can earn cashback, which can then be placed directly into a Child Trust Fund (CTF) or bank account.
A CTF, which is available to all children born on or after 1st September 2002 in receipt of child benefit, can be opened by parents, relative and friends to build a savings pot which can be withdrawn when the child turns 18.
Research by the CTF provider has suggested that on average expectant parents spend more than £3,300 on decorating and furnishing a nursery, while a further £600 can be spent buying prams and car seats, which in total could earn up to £215 in cashback if these items were bought through the new online store.
Explaining the reasons behind the launch of the new incentive, Tony Anderson, marketing director at The Children's Mutual said that buying everything a child needs can be an "expensive business".
"We created our CTF Cashback site to assist parents in getting great value for money on all their purchases, whilst being able to save towards their child's future.
"When questioning expectant and new parents through our monthly poll, nearly 90 per cent suggested that they would like to receive ‘money back' for their nursery shopping," he said.
With many parents in favour of the cashback plan, Mr Anderson added the online store offers a "practical way of helping families to be savvy with their money and encourage them to save towards their children's futures".
© Fair Investment Company Ltd