Masterclass: How to advise clients saving for children

The concept of saving for children has been thrust into the spotlight in recent years thanks to the launch of child trust funds (CTFs) in 2005 and their subsequent replacement by Junior ISAs (JISAs) two years ago in November 2011. However, these vehicles have failed to excite parents’ imaginations. Many of the six million CTFs automatically opened for qualifying children lay dormant, containing no more than the government’s initial £250 gift, while the uptake of JISAs has been weaker than expected, with just over 360,000 accounts opened to date. Thus, it would seem that these accounts...