Rise in investment of CTF vouchers

Friday, November 18, 2005

There has been a significant rise in investment of Child Trust Fund (CTF) vouchers following a mail reminder about the child savings opportunity.

Family Investments, the market leader in CTF investment accounts, has announced that applications for its investment account have increased by 48 per cent since the Revenue reminders were mailed a fortnight ago.

"More parents are now aware of the scheme as a result of the Revenue's ongoing campaigns and it is particularly encouraging that we have seen a 48 per cent increase in applicants," said John Reeve, chief executive of Family Investments.

"However, as an estimated 700,000 parents from the original group still have vouchers to place, more work needs to be done to educate parents and to help them make the right financial decisions for their children."

If parents do not make an investment with the CTF vouchers they have received by the end of the year, savings accounts will be opened on their behalf and the investment vouchers deposited within.

Over a third of parents who have made an investment with the CTF vouchers say they would now be more likely to think about further investment opportunities, with 37 per cent of women and 35 per cent of men feeling this was the case.

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