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Child Trust Fund could act as debt solution

Child Trust Fund could act as debt solution

- Thursday, 8 October 2009

The Child Trust Fund has the potential to alleviate debt problems for large numbers of young adults.

This is according to David White, chief executive of The Children's Mutual, who warned that many young adults "are drowning in a sea of debt".

He went on to say that, unless a debt solution is sought, this can have implications for affording education, getting on the property ladder or advancing oneself.

"We predict that if, on average, £0.5 billion is being invested each year in Child Trust Funds this would result in an anticipated £2.4 billion being available to young adults which would make a huge difference to the nation's level of indebtedness," he commented.

Over two million parents currently use the Child Trust Fund to make monthly contributions, with these having risen by 60 per cent from £15 to £24 in recent months.

Children born on or after September 1st 2002 are eligible to receive a £250 voucher to start their Child Trust Fund account, which belongs to them and cannot be touched until they are 18.ADNFCR-2300-ID-19399361-ADNFCR
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