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Parents urged to invest CTFs

23 February 2006
Many British children are losing out because their parents have not yet invested their Child Trust Fund (CTF) vouchers, new research reveals.

One in four mums and dads are yet to invest their government vouchers and a further quarter are oblivious to the fact that their vouchers will be invested by default a year after they are issued.

Around 38 per cent of parents said they had not yet invested the vouchers because they were not sure where to invest them.

Of those who have not yet taken action with the CTFs, half said they simply had not "found the time" to do so, a survey by the Post Office in collaboration with parenting website revealed.

This month, the government has started investing the unclaimed assets – a process which a quarter of parents were unaware of.

Richard Norman, head of savings and investments at Post Office, said: "It's great that three quarters of parents have taken the initiative on behalf of their child.

"However, with vouchers starting to expire, those parents who haven't invested yet need to realise that by failing to take action now, the Inland Revenue will invest the funds on their behalf without any guarantee that they will end up in the account of their choice."

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