Government uses CTF to create unparalleled oppoertunites for financial education
The Government’s announcement today that it will allocate an additional £11.5 million to increase financial literacy and expand financial education programmes will make a big difference for the future as the first CTF holders enter the classroom for the first time. The combination of extra financial resources and use of the CTF as a real-life example of savings and asset accumulation will do a great deal to help children and their families become more familiar with key financial concepts.
Since its inception, TISA has held the position that the real benefits of CTF extends beyond the value of the underlying assets in the account. TISA is delighted that the Government will now develop a suite of curriculum materials which incorporates this groundbreaking scheme. This will create a wholly new opportunity to extend the learning even beyond the classroom, into homes and across families.
While encouraging new parents to choose their CTF provider, TISA is working with its members and the Government to engage parents to put additional monies into their children’s account. A significant number of parents have already put monies into their children’s accounts through direct debit and one-off top ups. Through education about money and finances in initiatives like the one introduced today, parents and relatives will realise what a great difference even small contributions can make for the future.
Tony Vine-Lott, TISA Director General, said:
‘Once again, the Government has delivered on Child Trust Fund. The incorporation of CTF into the curriculum and pledge of additional money for financial education builds upon an already strong track record of investing in children’s futures. Using a universal asset, like CTF, as a real-life example will bring home concepts of money and finances like few methods could. We look forward to working with the Government on further initiatives to leverage the maximum benefit from CTF.’
For more information:
Tony Vine-Lott, TISA Director-General
07790 006108
Jacob Coy, Cicero Consulting
020 7665 9530
079 0039 2531