5 million children benefiting from Trust Funds

The latest figures show that between the introduction of the scheme in April 2005 and 15 March 2010, a total of 5.005 million accounts have been opened.

Exchequer Secretary to the Treasury, Sarah McCarthy-Fry MP said:

"Child Trust Funds are supporting families to save for their children’s future and will ensure that every child in the country has a financial asset on entering adult life. This April marks the 5th anniversary of the introduction of the CTF, and the accounts continue to be a great success.

"No child misses out on a Child Trust Fund, and today's figures show that over 5 million children now have savings set aside for their future, thanks to the CTF."

The Government set up the Child Trust Fund account in 2005 to support parents to save and invest in their children’s future, so that at the age of 18 they will have access to an important financial asset.

Additionally, from April 2010, disabled children will also receive extra support, with an extra £100 a year payment from the Government into their CTF account, and £200 for severely disabled children.