More than a quarter of parents have opened additional savings accounts for their children after taking advantage of the Government's Child Trust Fund scheme, figures have revealed.

Some 36% of parents said they have opened extra accounts for their children after setting up a CTF, according to financial services group Family Investments.

The group found that parents have paid an average of £283 a year into the funds, and estimates that if the same amount was also paid into an additional savings account, it would mean a lump sum of more than £15,500 would be available when the child reaches 18.

The group found that people had put money aside for their children after certain events had triggered them to think more about saving.

Some 29% of parents said they had considered taking action after they were given a pay rise at work, while 24% said the extra money had been freed up after they paid off outstanding debts.

Once the child becomes an adult, up to half of the 1,300 parents surveyed want the CTF money to be spent on higher education, while 40% believe it should go towards their first home.

Of those questioned, 33% said they wanted the money to be used to buy a car while 19% hoped their children would use the cash to pay for a gap year.

Miles Bingham, marketing director of Family Investments, said: "Family's research shows that CTFs trigger parents to start thinking about their child's financial future, inspiring them to set up other savings accounts."

Child Trust Funds, which operate low charges, were launched by the Government in 2005 for children who were born after September 1, 2002.

Children receive a £250 voucher from the Government, while those from more deprived families receive £500. Parents can also pay up to £1,200 into the accounts each year.

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