Since the scheme was implemented, 26,000 Child Trust Fund (CTF) accounts have been opened through Co-operative Insurance, with average monthly direct debits of GBP28 on top of the original GBP250 lump sum provided by the UK government.
Zack Hocking, head of saving and investments at Co-operative Insurance, said: We are delighted with the continued success of the CTF and applaud the fact that the government intends to use the CTF as a tool for teaching financial education in secondary schools.
Initiatives such as this will stimulate children’s interest in saving for the future and encourage them to carry on their savings habit into adulthood.
