Official figures show that 3,949 children in Dudley North have received the £250 Child Trust Fund to start saving for their future, however only 2,805 parents and guardians have activated their child’s accounts. The report shows that nationally three quarters of parents have already set up their child’s account and a quarter of children have had additional money saved into their accounts.   

In Dudley North, 2,805 parents and guardians are already topping up their children’s savings, meaning that 71% of eligible children here in Dudley North have savings for their future. The new baby bond was introduced by the current government for all children born in the UK on or after 1 September 2002, with a £250 voucher from the Government to start off each child’s account, and a further £250 paid into the account at age 7. 

Children from lower-income households receive an extra £250 top-up at birth and at age 7. The latest figures show that for vouchers issued to 15 September 2007, a total of 3.02 million accounts were opened: 2.36 million by the parents themselves and the remainder opened by Her Majesty’s Revenues and Customs on behalf of eligible children. 

HMRC are focusing their marketing at areas that have shown low take-up and are furthering their work with voluntary and community organisations to reach parent who are less financially confident. A Child Trust Fund voucher for £250 is sent to parents automatically once they have been awarded Child Benefits. 

If parents wish to know more about their eligibility they can contact the Child Trust Fund helpline on 0845 302 1470, as well as, visiting www.childtrustfund.gov.uk. 

Ian Austin said: 

“I am delighted that so many people here in Dudley North have opened their accounts and are planning to give their children a secure financial future.” 

“But there are still 1,144 children here in Dudley North whose parents have not started the account and claimed the money they are due.  I am urging all parents who are eligible to make sure that they open these accounts and add to them whenever possible.  I also think it is important that parents who think they maybe eligible, check to make sure they are not missing any entitlements that could help shape their child’s future.  This investment can make a major difference to a young persons start in life.” 

“It's really important we give every young person a great start in life and I want every parent to claim their child’s money.”