Cared for children get CTF boost

The announcement from the DfES, that cared for children will receive an extra £100 each year into their Child Trust Fund account, has been welcomed by The Children’s Mutual.

The UK’s only specialist provider of long-term savings for children has calculated that those who remain in care throughout their childhood, could receive a Child Trust Fund payout of £5,260 when they reach 18 if they receive the £100 each year in addition to government top ups of £500 at birth and age seven.

David White, Chief Executive of The Children’s Mutual, said: “For those children who spend at least part of their lives growing up in care, this financial boost could make a real difference when they reach adulthood. The Government’s announcement should also act as a reminder to all parents that topping up their children’s CTF accounts on a regular basis, even with small amounts, could make a huge difference to their financial future. And, because grandparents, other family members and friends can all put money into a child’s CTF parents don’t have to carry the burden on their own.”