Tuesday, 22 June 2010

Say goodbye to Child Trust Funds!!

Since the formulation of the new coalition government, they have decided to scrap Child Trust Funds (CTFs) from next year.

"Why are they doing this, since they only introduced this form of savings 8 years ago?"

The purpose of axing CTFs is to help the government save extra money, to assist Britain in crawling out of their ever expanding debt. In doing so, the government aim to approximately save £520m.

There has been a lot of talks that parents that hold existing CTFs will be able to make further contributions until January 2011, thereafter we are still unsure what the governments plans are.