§ Mrs. LiddellTo ask the Chancellor of the Exchequer what estimate he has made of the number of families in Airdrie and Shotts constituency who will benefit from the Child Trust Fund. [140378]
§ Ruth KellyAll children born since 1 September 2002 in families awarded Child Benefit will receive a Child Trust Fund (CTF). Based on census data for children under five living in the constituency of Airdrie and Shotts, about 900 children a year will benefit from the initial endowment. As an indication of the eventual position, 9,870 families were receiving Child Benefit for 16,585 children as at 30 November 2002, in the constituency of Airdrie and Shotts
The CTF is intended to encourage parents and children to develop the savings habit. It will ensure that every child, whatever their family background, will have access at the age of 18 when they begin their adult life, to a stock of assets which they can invest in their future.
It will also help children and their parents to understand the benefits of saving and investment and how to engage with financial institutions.