Teen: Tearaway or Trustworthy

edited 30 November -1 at 1:00AM in Money Saving Polls
5 replies 2.4K views
Former_MSE_ArchnaFormer_MSE_Archna Former MSE
1.9K Posts
MSE Staff
edited 30 November -1 at 1:00AM in Money Saving Polls
Poll Title: The Child Trust Fund is three months old. Parents of young children have received £250-£500 vouchers from the State to start it off. The Government is encouraging parents to use it as a 'college fund' as you can add £1,200 a year, tax free - yet when your child is 18, they'll get absolute control over the cash. Which of this is right for you?

Don't have kids/not eligible for a voucher.
Not deposited voucher.
Voucher deposited. Won't add to it. 18 year olds aren't responsible enough.
Voucher deposited. Already added to it.
Voucher deposited. Will add to it. The tax advantages outweight the risks.

Vote here or click reply to discuss.

Replies

  • does the fact that they say save for a college fund means fees are likely to rise again in the future?
    'What's poignancy grandad?'

    'It's the cordon bleu of emotions sonny'
  • saver_samsaver_sam Forumite
    607 Posts
    Part of the Furniture 500 Posts
    ✭✭
    It's an unfair system. I understand the government needing a date to qualify for the voucher, but without that voucher you cannot open one of these accounts.:( They should have considered allowing those with children outside their date the opportunity to open one anyway and benefit too.
  • zodiaczodiac Forumite
    1.3K Posts
    Does the voucher mean that young children won't get a pension? Or less of a state pension than someone aged 18 now?
    You can see it now.....
    2055 "The goverment reports that due to the lack of money going into the state pension fund any person who recieved the child trust fund voucher at birth will not qualifiy for a full state pension as they have alread recieved money."
    I remember when this was just a little website! :money:
  • SpendlessSpendless Forumite
    22K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    saver_sam wrote:
    It's an unfair system. I understand the government needing a date to qualify for the voucher, but without that voucher you cannot open one of these accounts.:( They should have considered allowing those with children outside their date the opportunity to open one anyway and benefit too.
    I have 2 children one qualifies, the other doesn't.

    I am not adding to the youngest CTF voucher. She might grow up to be totally responsible and spend the money on something I approve of, on the other hand she may not. I'm not prepared to take the risk.

    I have opened a seperate savings account for her, like I have her brother and will save money in there instead.

    And yes I also think that the year these kids come of age, will be the year they put up student fees etc. -Thought it was just me thinking cynically!
  • Former_MSE_ArchnaFormer_MSE_Archna Former MSE
    1.9K Posts
    MSE Staff
    Poll Title: The Child Trust Fund is three months old. Parents of young children have received £250-£500 vouchers from the State to start it off. The Government is encouraging parents to use it as a 'college fund' as you can add £1,200 a year, tax free - yet when your child is 18, they'll get absolute control over the cash. Which of this is right for you?

    A. Don't have kids/not eligible for a voucher. 54.8% (829 Votes)
    B. Voucher deposited. Won't add to it. 18 year olds aren't responsible enough. 20.3% (307 Votes)
    C. Not deposited voucher. 12.7% (192 Votes)
    D. Voucher deposited. Already added to it. 7.3% (111 Votes)
    E. Voucher deposited. Will add to it. The tax advantages outweight the risks. 4.7% (72 Votes)

    Total Votes: 1511
This discussion has been closed.
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