Some may want to spend it, and others may want to invest it to make more money for their futures. How much pocket money should we give our kids? Teenagers risk missing out on savings pots. What are Child Trust Funds? What happens now?
Image source, Kerry McWalter. Kerry McWalter was surprised about the windfall. How much are they worth? Where is the money? Tracing services. Related Topics. Savings Personal investment Money Personal finance.
Published 3 July Published 31 August The key question that remains open is how well those accessing their funds for the first time will spend their CTFs. The use of the ONS statistical data in this work does not imply the endorsement of the ONS in relation to the interpretation or analysis of the statistical data. This work uses research data sets which may not exactly reproduce National Statistics aggregates. What are Child Trust Funds? Parents — and others — could contribute to the accounts up to annual limits.
The accumulated funds, including any returns, cannot usually be accessed until the child reaches age 18, but at that point the young adult is free to use the funds, tax free, however they wish. What difference will Child Trust Funds make to the finances of year-olds? Figure 2. What effects might Child Trust Funds have?
Related Information. When you have successfully discovered the identity of your account provider, you will need to contact them directly to have your registered contact details brought up to date.
Click here to find the customer service telephone numbers of the main account providers - if your provider is not shown, please search on the internet to find them, or contact us for further assistance.
Action does need to be taken by your 18th birthday! Click on the graphic below to see your choices, or what will happen if you take no action:. All Looked After children within this age range had CTFs established: where there was no-one in a position of parental responsibility the Official Solicitor , or the Accountant of Court in Scotland, was originally appointed as their Registered Contact.
As from October this responsibility was transferred to The Share Foundation. The transfer and reconciliation process is detailed here , with progress reported at local authority level here.
During the period The Share Foundation made additional contributions via the Official Solicitor for many of the accounts held for Looked-After children. Stepladder of Achievement. Your age: General CTF recovery. CTF Events. Explaining Money. Getting Access. How it works.
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