The Child Trust Fund scheme is seeing increased success among parents, with uptake continuing to increase according to the latest official statistics.

Government figures for the three-month period between April and June last year show that more than three quarters (76 per cent) of vouchers issued to new parents were used to open accounts.

The economic secretary to the treasury Ed Balls, who is responsible for overseeing the scheme, welcomed the news, saying that the increased uptake ensured that more children than ever before would be able to benefit from owning their own assets once they reach adulthood.

"The Child Trust Fund is a vital element in the government's saving strategy ensuring that at age 18 every child will have access to a financial asset," he said.

"These figures show that parents are making the most of the opportunities the Child Trust Fund presents to give their child their own stake in the wealth of the nation."

All children born in the UK on or after September 1st are entitled to a £250 voucher enabling them to open a Child Trust Fund account, with the funds made available when they reach 18.

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