Welsh Child Trust Fund top-up to begin in September

Labour Neath AM Gwenda Thomas has today welcomed the announcement by the Minister for Social Justice and Local Government Dr Brian Gibbons, that from September, thousands of families across Wales will be able to claim the new Welsh top-up to the Child Trust Fund.

The Child Trust Fund Cymru will mean eligible children will be entitled to a voucher worth £50 to be paid into their Child Trust Fund account. Children from families on low incomes will be eligible for a further £50. More than 32,000 children in Wales will be eligible to claim the top-up.
The top-up is a key One Wales initiative to help address the consequences of child poverty in Wales and will encourage saving, improve financial literacy and tackle financial exclusion.
Child Trust Fund accounts enable families to start saving for their childrens’ future by providing £250 at birth and again at age seven with additional payments for children from low income households. The Child Trust Fund Cymru will be in addition to this.

Gwenda Thomas AM said: ‘One of the priorities of the Labour led Welsh Assembly Government is to tackle child poverty and financial exclusion, giving a whole generation of children a better future. The Child Trust Fund Cymru will help to achieve this aim’.
‘This Child Trust Fund Cymru means that Welsh teenagers will have extra in their bank accounts when they turn eighteen, and act as an incentive to save more. They will have savings as they move into adulthood, and managing an account will also improve their financial capabilities. Hopefully the accounts will also encourage family and friends to invest in the future of Welsh children.’
The announcement is the first in a series of 24 events and engagements to mark the second anniversary of the One Wales agreement. The 24 events – one for every month since the One Wales agreement was signed - have been chosen to highlight progress made in delivering the ambitious programme of commitments.