Child trust funds, introduced under the Labour government, were abolished from January, saving the government £500m per year. The accounts were available to all children in the UK and matured when the child reached 18.
The Treasury has now proposed to replace the funds with a voluntary ISA scheme for parents, but charities have warned that this replacement will exclude looked-after children.
Action for Children and Barnardo’s are calling on government to create an account of £250 for any child who enters the care system for a minimum of 13 weeks.
Dame Clare Tickell, chief executive of Action for Children, said: "It adds insult to injury for children who cannot live with their parents to then lose out on a few hundred pounds that would make a huge difference to them and help ease their lives into adulthood.
Register Now to Continue Reading
Thank you for visiting Children & Young People Now and making use of our archive of more than 60,000 expert features, topics hubs, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's Included
-
Free access to 4 subscriber-only articles per month
-
Email newsletter providing advice and guidance across the sector
Already have an account? Sign in here
