Sainsbury's Bank is warning that failing to invest your Child Trust Fund (CTF) voucher in the near future could see your children lose millions of pounds in the future.
The bank estimates that 1.2 million CTF vouchers worth a collective £300 million have still not been invested since April 6th when deposits were opened.
According to Sainsbury's Bank, if all parents delay investing their voucher for six months, they could see collective reduced returns of more than £20.4 million when their child reaches 18.
An individual parent stands to see returns reduced by about £230 after 18 years by failing to invest their CTF vouchers as soon as possible.
"Parents need to make sure that they are maximising the potential returns for their children," said Donald Jarvie, child trust fund manager at Sainsbury's Bank.
"Whilst they should carefully consider which trust fund account is best for them and their child, they should not delay and should retrieve their voucher from behind the clock on the mantlepiece."
Each CTF voucher is worth between £250 and £500 and has been issued to parents of children born on or after September 1st 2002.Click here to find out more about investing in your child's future.
© DeHavilland Information Services plc