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Child Trust Fund
Hi, what’s the best advice to give my som when he receives his CTF money upon turning 18? (Approx £12k) Was thinking of a lifetime ISA, cash ISA or stocks and shares ISA. Or a combination or something else ? Any thought appreciated
Comments
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The starting point is what he will need the money for and when. If he is in employment his priorities may be very different to him being in education.
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good point ! Thank you. He’ll take a gap year and then hopefully go to uni. I’m hoping he won’t need the money for either
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A excellent time to start investing but that is often far from thoughts at that age!
I would try to encourage him not to splurge the lot and waste years of saving in the CTF but do use a small fraction to get a bit of enjoyment. Going to Uni is not cheap and in the coming few years there will no doubt be lots of financial demands. Having a cash pile or longer term investment will be welcome whenever it is useful.
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