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Latonya, 20, is one of 6.3 million people born between September 2002 and January 2011 who had a Child Trust Fund kickstarted by a payment, usually £250, from the government.
In 2010/11, the Child Trust Fund policy was expected to cost around £520m, less than 0.5% of the £84bn UK education budget. [5] Because the scheme allows for family and friends to top up trust funds, it has given a substantial boost to savings rates, particularly among the poor.
The Children's Mutual also provides the Growing Up Bond, a share-based investment plan. In 2008, the company was the recipient of Best Child Trust Fund provider for 2006, 2007 and 2008 from Investment Life & Pensions Moneyfacts Awards.
Under this proposal, the trust would garner a return of 1.5-2% through federally managed investments and would be accessible only once the child turned 18. Darity and Hamilton projected that if three-quarters of newborns were eligible and the average trust amount was $20,000, the program would cost $60 billion annually. [1]
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