Saving money news
Child trust funds recommended for savers
16 December, 2007
Those wanting to help their children to save up for their future should look to child trust funds to do it, Liverpool Victoria has said.
Media relations manager, Lucy Pope, said that one of the ways such a trust could help was that such accounts could build up a nest egg of funds to be made available at 18, which was an ideal time for many.
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She stated: "At the age of 18, those children who are lucky enough to have a child trust fund will get a lump tax-free amount, which hopefully they will use towards their education costs."
As well as saving for university, the advent of the funds had brought the issue of saving "to the forefront".
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In addition to encouraging a good rate of take-up, the funds could be contributed to by many people, enabling relatives to add to a child's savings.
Under the Child Trust Fund Scheme, any child born on or after September 1st 2002 receives a £250 voucher from the government to start the account off, with no withdrawals allowed until the child reaches 18.
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