Sylvia Heal

Labour Party | Halesowen and Rowley Regis

Three and half thousand children in Halesowen and Rowley Regis benefit from Child Trust Funds

Sylvia Heal has today welcomed a new report that shows that 3414 of children in Halesowen and Rowley Regis have received £250 to start saving for their future.

The Child Trust Fund was introduced by the Labour Government for all children born in the UK on or after the 1st September 2002. Every child receives a £250 voucher from the government to start saving and another £250 paid into their account when they reach seven. Children from lower-income household receive an extra £250 at birth and when they reach seven. Sylvia is encouraging all parents to use the child's voucher to open an account and consider making additional contributions to make the most of the opportunities that the Child Trust Fund represents.

Sylvia Heal MP said: “Child Trust Funds help parents and children save for the future, giving everyone a nest egg for when they reach eighteen. I am particularly pleased that the number of parents opening Child Trust Funds for their children has increased from 71% in January this year to over 75% this month. Even if parents don’t open an account children don’t go without as the government opens an account for them.

“Every contribution helps build real savings for children to invest in their aspirations when they reach 18 and I hope that all parents, grandparents, friends and family will contribute if they possibly can.”