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Families on all incomes 'are struggling to save for children's futures'

Families on all incomes 'are struggling to save for children's futures'

- Thursday, 7 October 2010

Families on all incomes are going to find it hard to save for their children's futures, which may have helped them avoid debt problems, following cuts by the government.

Chancellor George Osborne announced at the Conservative party conference in Birmingham this week that child benefit will be scrapped for high earners as well as the child trust fund (CTF) for all.

Kate Moore, head of savings and investments at Family Investments, states that many families rely on these benefits to pay for school uniform, for childcare or they use it to start saving.

She advised: "Parents can and should continue to use their CTF and families with new children will receive a £50 voucher up until the end of this year."

Myvouchercodes.co.uk revealed on October 5th that 34 per cent of parents had dipped into their children's savings and one in ten do so regularly.

It also found that 54 per cent of adults wanted their children to use the savings to pay for university, which may help them avoid debt problems.
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