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Proceeding contribution from Fiona Bruce (Conservative) in the House of Commons on Monday, 22 November 2010. It occurred during Debate on bill on Savings Accounts and Health in Pregnancy Grant Bill.

Savings Accounts and Health in Pregnancy Grant Bill

It is correct that families have engaged in, and benefited from, the improved financial awareness that was one of the stated aims of the child trust fund. However, the evidence given by Dr Samantha Callan, a witness to the Committee, said that of parents who opened child trust funds,"““99%...have not received the maximum funding available. Therefore, it is not those on the lowest income that are actually taking the initiative to open the accounts.””––[Official Report, Savings Accounts and Health in Pregnancy Grant Public Bill Committee, 4 November 2010; c. 102, Q253.]" That means that they are not benefiting from the financial education and engagement that the funds were aimed at providing.

Secondary information

Type
Proceeding contribution
Reference
519 c75 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Disability Children Children in care Child trust fund Eligibility Grants Individual savings accounts Pilot schemes Personal savings Low incomes Northern Ireland Poverty Pregnancy Scotland Wales Saving gateway
Legislation
Savings Accounts and Health in Pregnancy Grant Bill 2010-12
Link
View this Proceeding contribution on www.publications.parliament.uk