Co-operative Insurance helps make saving for the future childsplay
Co-operative Insurance has experienced a very positive response to the Child Trust Fund initiative.Since the launch of the scheme in 2002, the number of ethical CTF accounts opened through Co-operative Insurance has reached over 26,000, with average monthly direct debits of £28 on top of the original £250 lump sum provided by the Government.
Zack Hocking, Head of Saving and Investments at Co-operative Insurance said: “We are delighted with the continued success of the Child Trust Fund 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.”
As a responsible insurer, Co-operative Insurance believes that the teaching of financial education should begin in the home as early as possible. With this in mind, we have put together a list of fun activities that parents can engage children in to understand finances in a practical way:
Supermarket Sweep
Take them to the supermarket and get them involved in choosing different varieties and brands. Set them a task to see if they can buy food to make a balanced meal for your household - but only allow them a budget of £5.
Saving for a ‘Rainy Day’
Ask your child to keep a diary and add up all the money you spend on them for things like after school activities and clubs, presents for friends’ birthdays, sweets etc. This will help them to realise the true value of money and understand about saving and budgeting.
Footballers Legs
Do your kids know what insurance is and why we need it? Talk about it in terms of something they can understand – eg. What if David Beckham couldn’t play football any more – does he have his legs insured?
Castles in the Sky
Have a look in the window of your local estate agency, look at the difference in prices and types of houses that are available – discuss the type of house that you would like to live in and the importance of saving for the future.
Value for Money
Look out for money-saving offers in magazines and newspapers – if they can work out how to save you money on family trips and shopping, perhaps they have earned a treat?
Stars in Their Eyes? What do the kids want to be when they grow up? What do they want to do or buy with the money they receive from their Child Trust Fund? This can be a bit of fun but is also a chance for you to explain how much things like babies, weddings, and fast cars cost!!!
The UK’s first ethical stakeholder Child Trust Fund account, provided by The Children’s Mutual and distributed by Co-operative Insurance, has been developed in full support of Government efforts to ‘kick-start’ the savings of a new generation. Co-operative Insurance has joined forces with The Children’s Mutual, the UK’s only specialist in savings for children to offer a CTF stakeholder account which invests funds in the Co-operative Insurance FTSE4Good® Tracker Trust.