Parents have been advised to take control of their investments and open up a child trust fund (CTF) as soon as possible.

Although the government opens child trust funds up automatically, it may take some time to do so, thus Bestinvest has urged parents investing in their child's future to open up the account themselves so they can choose the most suitable ones for their financial needs.

Business manager for Bestivest Hugo Shaw comments that parents should avoid rolling into a default investment fund .

You should always take control of your finances, or indeed those of your children via their CTF, he comments.

Mr Shaw adds that the higher risk investment funds may producing the best returns and advises that equity-based trust funds could provide the best option for parents.

Yesterday, MoneyExtra announced that it has improved its online investments websites, making assets, stock markets and investments easier to watch and manage.

Robin Amlot of the firm commented that after the volatility of the stock market over the summer, it is important that investors keep a close eye on their assets.