Child ISAs could ward off future debt
07/07/2010A finance expert has called for Child ISAs to be introduced to replace Child Trust Funds (CTFs) in order to prevent youngsters having future debt problems.
George Ladds, head of savings and investment research at the Fair Investment Company, believes that the introduction of tax-free saving accounts would "demonstrate the government's commitment to encourage saving for children".
He hopes that such a scheme will help keep people debt free in the future, otherwise they could face the same debt problems as many people at present.
According to Credit Action's most recent stats, the average unsecured debt in the UK for households using credit is over £18,000 and someone is entering bankruptcy or personal insolvency, like an IVA or a Debt Relief Order, every 51 seconds.
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