Parents Underwhelmed by Baby Bonds
New official figures show parents ignoring CTF vouchers
1st June 2005
New figures from HM Revenue & Customs (HMRC) show that parents are not exactly rushing to open child trust fund accounts.
Of the 1.74m vouchers sent out since the program's announcement, and official launch on April 6th, less than a third had been used to open an account by May 20th.
A spokesperson for the HMRC said that the figures are actually encouraging - as, like all investments, the new accounts feature a 14-31 day 'cooling off' period where investors can change their mind.
This means that many more parents may have begun the process of opening an account, but the official figures haven't yet caught up.
If parents of an eligible child fail to use their voucher within 12 months, it will be cancelled and the government will invest it's value on behalf of the child in a standard 'stakeholder' CTF.
Read More: Money Guardian
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