Developing kids money management skills at an early age is critical. It not only sets them up for adult life, if done early enough, it can also help develop a considerable sum of money for the future. The government introduced a Child Trust Fund voucher to help boost children's savings. With property prices not currently affordable for first-time buyers, the introduction of CFT's couldn't come soon enough.
What Are Child Trust Fund Vouchers?
Any child born after 1st September 2002 is given a Child Trust Fund (CTF) voucher worth £250. Furthermore, should parents on a low income qualify for full tax credit, they will be given a Child Trust Fund voucher worth £500. It must be invested within 12 months and forms a useful source of children's savings for their future. The government hopes that it will help in the future in terms of buying a house.
How do Child Trust Fund Vouchers Work?
A Child Trust Fund (CTF) can be topped-up with up to £1,200 per annum through either family gifts, pocket money or an income from suitable jobs for children, including paper rounds and household chores. As a child cannot spend the money until the age of 18, it really helps develop kids money management skills. This is further assisted by the fact that children receive a further Child Trust Fund voucher for £250 at age seven.
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