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Investments News
Investing in CTFs 'not a priority for parents' - 30/05/2007
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Parents do not prioritise opening a child trust fund (CTF) when coping with a new baby, one expert has claimed.
Jennifer Holloway, spokesperson for Skipton Building Society, has said that opening a CTF is not a priority for new parents, which she says explains why some people fail to invest the vouchers.
"There's a number of factors, one of the things being that when you have a child, obviously, your world's turned upside down and finding the time the to invest . . . something that's been sent through the post isn't necessarily high on the list of priorities," she explained.
"People don't necessarily realise that they are meant to invest them," Ms Holloway added, suggesting that those parents who do open a CTF "are the people who would be saving for their children anyway".
Recent research from the Children's Mutual revealed that children do expect financial help from their parents in later life.
Some 73 per cent of 11 to 15-year-olds expect their parents to help cover the cost of going to university, while a further 60 per cent intend to turn to mum and dad when buying their first home.
The savings provider claimed that CTFs offer a "fantastic opportunity" for parents to put money aside to help their teenage offspring.
© Adfero
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