Money & Pensions Service
Julian Knight MP, Chair of the APPG on Financial Education for Young People and the APPG Secretariat met in early July 2020 (delayed due to Covid-19) with John Glen MP, the Economic Secretary (HM Treasury) and City Minister. At the meeting the discussion focussed on the issues and policy recommendations outlined in the latest APPG Report ‘Care to talk about money – the importance of financial education for children in care’.
A meeting is also being organised to discuss the report with Education Minister Vicky Ford MP, Parliamentary Under Secretary of State for Children and Families at the Department for Education.
The MaPS Challenge Groups produced an independent report in mid October on the UK’s financial wellbeing in the light of Covid-19. MaPS is due to respond to the recommendations in the report. The Challenge Groups will now return to focus on the delivery plans and how to enact the goals set out in the UK Strategy for Financial Wellbeing.
Child Trust Funds (CTFs) are long-term tax-free savings account for children, set up by the government for all children born between 1 September 2002 and 2 January 2011. The aims were to ensure every child had savings by the age of 18, to help young people to get into the habit of saving and teach them the benefits of saving – helping them to understand personal finance. HMRC sent initial cash vouchers of up to £250 (£500 for children in low income families and children in care) to parents/guardians. From 1 September 2020, between 50,000 and 60,000 18-year-olds per month for the next 8.5 years will gain access to the accumulated money in their CTF. Around 700,000 CTFs are dormant.
Two meetings have been held of a Roundtable on Child Trust Funds and Financial Education with youth organisations, organised by MaPS together with HM Treasury and HMRC. The aim is to discuss how youth organisations, CTF providers, government departments, and MaPS can collaborate to ensure good quality and consistent support, messaging, and information for young people – to support them going forward with awareness and financial education messages.
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