12 March 2010 :
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Experts 'concerned' at Tory child savings plans
05 February 2010 17:20:33
Child Trust Funds have proved popular with families.
Shadow chancellor George Osborne recently revealed his intention to restore the country's savings culture if the Tories win the election, but also admitted that he would cut CTFs for those who are better-off.
John Reeve, chief executive of CTF provider Family Investments, said that while he welcomed Mr Osborne's desire to encourage savings, rationing of the fund would affect many families.
"The CTF is clearly creating a culture where parents save more for their children," he claimed.
"Nearly a third of all CTF accounts receive regular top-ups, with an estimated 2 million parents and relations adding £22m a month to CTFs."
Mr Reeve said that 96% of respondents to a recent poll by Family Investments thought CTFs were "a good thing" and provided "encouragement" for parents to save for their children.
He warned that, without this motivation, "there is a danger these positive trends will be reversed".
However, Mr Osborne believes that ending the CTF for families with an income of more than £16,040 would raise £300m a year.
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