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Child trust funds turn three

The third anniversary of the introduction of child trust funds has been marked by financial website Moneyfacts.co.uk.

Every child born after August 2002 now receives a £250 voucher from the government - which is then invested.

The scheme then works by the investment sum growing as the child grows up - and funds can only be withdrawn when the child reaches the age of 18.

Analyst at Moneyfacts.co.uk, Michelle Slade, welcomed the anniversary.

"The 'bank of mum and dad' has become a well known phrase over recent years as many children rely more and more on their parents to help them get on the property ladder," she added.

"Recent events have shown that in order to get the cheapest mortgage deal you need to have a decent sized deposit; what better gift to give you child at 18 than a nest egg to help them buy their first home?"

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