A new Wales-specific 'top-up', designed help tackle child poverty, has been welcomed by Wrexham's Assembly Member, Lesley Griffiths.
The AM was commenting on the announcement that from September, thousands of families in Wales will be able to claim the new Welsh top-up to the Child Trust Fund.
The new Child Trust Fund Cymru will mean eligible children will be entitled to a voucher worth £50 to be paid into their Child Trust Fund account.
Children from families on low incomes will be eligible for a further £50. This will mean that more than 32,000 children in Wales will be eligible to claim the new top-up.
The top-up initiative is designed to help address the consequences of child poverty in Wales by encouraging saving, improve financial literacy and tackling financial exclusion.
Child Trust Fund accounts enable families to start saving for their childrens’ future by providing £250 at birth and again at age seven with additional payments for children from low income households. The Child Trust Fund Cymru will be in addition to this.
Commenting on the news, Lesley Griffiths AM said:
"Child Trust Fund Cymru will be an important new 'tool' in tackling child poverty and financial exclusion in communities across the country. The Welsh Government is
committed to helping children from families on low incomes and this extra boost now will provide much needed help for those children, when they reach adulthood.
"The Government have been keen to develop the ability of Welsh credit unions to offer Child Trust Fund accounts. The good news locally is that Wrexham Credit Union is one such outlet where the account is now more easily available."
