The second annual Child Trust Fund (CTF) statistical report shows that 7830 children in the Sutton and Devonport constituencies in Plymouth have received £250 to start saving for their future. A further 3,220 vouchers have been awarded in South West Devon which includes Plympton and Plymstock.  

The report shows that three quarters of parents have already set up their child’s account and a quarter of children have had additional money saved into their accounts.  

Plymouth Sutton MP Linda Gilroy said “The Labour Government is helping children save for their future through the Child Trust Fund - £250 for children at birth, and an additional £250 at age 7.  “Already parents in Plymouth are topping up the government investment.  Every contribution helps build real savings for children to have when they reach 18 and I hope that all parents, grandparents, friends and family will contribute if they possibly can.”

The CTF was introduced by the Labour Government for all children born in the UK on or after 1 September 2002, with a £250 voucher from the Government to start off each child's account, and a further £250 paid into the account at age 7. Children from lower-income households receive an extra £250 top-up at birth and at age 7.  

Plymouth Devonport MP Alison Seabeck echoed Linda Gilroy’s comments “The Child Trust Fund is an ideal way to get children and their families to start saving for the future, and with Christmas coming, if there is a youngster in your family why not make an investment in their future with a top up to their Child Trust Fund.” 

The latest figures show that for vouchers issued to 15 September 2007, a total of 3.02 million accounts were opened: 2.36 million by the parents themselves and the remainder opened by the Government on behalf of eligible children. Areas that have shown low take-up are now being targeted for extra marketing and voluntary and community organisations are helping to reach parents who are less financially confident.