The child trust fund savings accounts have been a success since their inception, a government official has claimed.
More than three-quarters of parents have taken advantage of the savings options since they were created, according to new figures from HM Treasury .
Furthermore, one-third of children have received an extra payment from the government.
Ed Balls, the Economic Secretary, stated that while the child trust fund savings accounts have exceeded the government's expectation, it still plans to do more to promote them.
"In the run up to Christmas and in the first child trust fund week in January, we want parents, grandparents and whole families to get engaged and make the most of the opportunities the child trust fund presents."
Mr Balls added that he would be working closely with children's minister Beverley Hughes to help to secure the future for many children in care, who may often miss out on the financial opportunities offered to other youngsters.
The Pep and Isa Managers' Association recently stated that the take-up of the savings option has been "encouraging".
Children's savings option a success, Treasury claims
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Children's savings option a success, Treasury claims
Fri, 22 Sep 2006
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