CTF abolition will lead to debt problems
27/05/2010Parents will need to find £30,000 to pay for their children as they get older, prompting many of them to seek debt advice.
This comes from The Children's Mutual, who reveal that nearly a third (28 per cent) of parents will take on debts to fund their children’s adulthood. This situation is unlikely to improve in the future with the ending of the Child Trust Fund (CTF).
The savings group's Chief Executive David White has said he is "appalled" at the plan to abolish CTFs at the end of the year, saying it will “cost our children dearly in the future".
He goes on to comment that "saving for your child is a necessity" – a view shared by many parents, who may end up needing a Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA) in future after committing more money than they can afford.
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