Deputy minister Huw Lewis said: "Earlier this year the UK coalition government made a decision to end the child trust fund. We have worked hard to find a way of continuing with our top-up but after much consideration it has become clear that it would not be feasible.
"This is very disappointing but we have found new ways to achieve some of the benefits of the child trust fund."
A transition to adulthood grant will be introduced offering a one-off grant of £500 to care leavers. Each care leaver's personal adviser will advise them on investment opportunities and how to spend the money.
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