Children from poorer families – whose parents may be struggling with debt management issues – are not being offered the same government assistance given to young people in wealthier areas.
This is according to figures from the Conservatives, which revealed that the Child Trust Funds are only being claimed by two-thirds of parents in the very poorest regions of the country.
David Willetts of the party noted that the trend for those in greatest need proving to be the least likely to take advantage of the scheme is “deeply worrying”.
Such statistics indicate that children in less well-off districts do not have the same amount of savings as those in richer ones, with the average London fund being worth nearly 25 per cent more than those in poorer places.
This comes after Ed Bowsher of lovemoney.com recently observed that those trying to save money in the next 12 months may find it increasingly difficult.
He said this was likely because the base rate could stay at 0.5 per cent for some time.
By Sarah Adie