Thursday 30th November 2006
Child trust funds are "going in the right direction", according to an investments advice company.
Family Investments, a mutual organisation which helps families to save for their future, claimed that initial confusion has now been overcome and child trust funds are achieving their original aim.
Miles Bingham, a spokesperson for Family Investments, said: "I think it is all going in the right direction from when it launched."
"At the beginning there was a lot of confusion and doubt because customers didnt seem to know what to do with their vouchers," he added.
However, Mr Bingham recognised that child trust funds are becoming "embedded in the financial culture" for new parents.
The comments come in opposition to Throgmorton Financial Services, a company with investments in information technology.
Colin Rothery, regional manager for Throgmorton Financial Services, admitted that the market for child trust funds is developing very slowly.
He added that many younger parents believe their bank to be the place to go for financial advice, rather than an independent adviser, resulting in some new parents being unaware of the correct way to use their child trust funds.
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Family Investments provide straightforward Child Trust Fund stakeholder accounts.
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