MP urges Hull parents to make the most of the Child Trust Fund

Diana Johnson MP today urged Hull parents to use their Child Trust Fund vouchers to ensure that their children have savings behind them when they reach 18.

Speaking during the first-ever Child Trust Fund Week, which runs until 20 January, the Hull North MP called on parents to use their £250 vouchers to open an account, while asking friends and family to get engaged with Child Trust Fund accounts to build a nest egg for the future of the children they know.

New figures published this month show that in the Hull North constituency, 4,592 Child Trust Fund vouchers have been issued to parents. 2,710 savings accounts have already been opened by parents themselves. The remaining 1,882 are still to be opened or will be automatically opened by HM Revenue and Customs if the vouchers are not used after 12 months, so that no child loses out.

Hull North MP Diana Johnson said: "Just as credit unions provide an excellent way for parents to save for Christmas, avoiding the pitfalls of schemes such as Farepak and the grip of loan sharks, the Child Trust Fund is an excellent, safe way to save for the longer term future of children.

"All parents with children born since September 2002 will have received a £250 voucher to get an account started. The Government will add an extra £250 for families on lower incomes, and there will be further top-ups when children reach the age of 7.

"I'm pleased that 2,710 parents in the Hull North constituency - and 7,772 across Hull - have already opened an account for their child. I want to encourage all eligible parents to open an account and get friends, family, grandparents and the whole family involved. For example, there's no better birthday present for a child than to put some money into their Child Trust Fund year by year and build for their future.

"I want to raise awareness of the Child Trust Fund and defend it from the mean-minded attacks of those, such as the Lib Dems, who would scrap it." Launching Child Trust Fund Week, Treasury Minister Ed Balls said: "The Child Trust Fund's success has exceeded our expectations. Nearly 2.5 million accounts have now been opened across the country.

"Working with Diana Johnson and other MPs I want to do more to encourage parents, grandparents and whole families to get engaged and make the most of the opportunities the Child Trust Fund presents."