In its draft budget, the assembly government promised to launch a Children's Bond that will be paid into Child Trust Funds. Children entering full-time education will get £50 and there will be an additional £50 for children from low-income households.
But Raymond Ciborowski, director of Barnardo's Cymru, said the money could be better spent. "There are numerous ways in which £5m could achieve a greater impact in delivering on the commitment to eradicate child poverty by 2020.
"For example, investment in childcare beyond the early years is urgently needed to build capacity and support for parental employment," he said.
The draft budget also saw a boost for early years and education with an increase in funding for the Flying Start programme to £32m in 2008/09 and an extra £13.5m allocated over the next three years to introduce the Welsh Baccalaureate.
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