Local MP Madeleine Moon is calling on parents to use their Child Trust Fund vouchers to ensure that their children have savings behind them when they reach 18.

The Bridgend MP was speaking during the first-ever Child Trust Fund Week, which ran from January 15th to 20th.

Mrs Moon is calling on local parents to use their £250 vouchers to open an account and ask friends and family to help support their child’s account, to build a nest egg for the child’s future.

New figures published this month show that 3,274 Child Trust Fund vouchers have been issued to parents in Bridgend. 2,320 of those parents have already opened an account. Those remaining accounts will be automatically opened by HM Revenue and Customs if the vouchers are not used after 12 months, so that no child loses out.

Madeleine Moon MP said:

“I want to encourage parents, grandparents and whole families to make the most of the opportunities that the Child Trust Fund presents.

"Over 70% of parents in Bridgend have taken direct responsibility for investment. We need to reach out to the 30% and stress the importance of not only investing in a Child Trust Fund Account but also adding to it. When a Child reaches adulthood, this a good nest egg to have in order to invest in their own future be that further education, equipment for a skills course or entering the world of work.

"I also visited Corneli Children's Centre on Friday to raise awareness of the scheme."

All parents with children born since September 2002 will have received a £250 voucher to get an account started. The Government will add an extra £250 for families on lower incomes, and there will be further top-ups when children reach the age of 7.

ENDS