Freya Newman

I accessed my Child Trust Fund when I turned 18. My parents and grandparents had paid into it over the years, and because it was invested in stocks and shares, it had grown to around £24,000. I’d always known about the fund because my mum talked about it when I was younger, which helped me understand how important it was. When the time came, I wanted to use it carefully and trusted my mum to guide me in making the right decisions.

I decided to split the money so it could support me both now and in the future. I transferred £11,000 into an ISA and £4,000 into a lifetime ISA – both of which are also invested in stocks and shares. I then took the rest out to help me while I’m studying at university, which covers around £1,000 each term towards my accommodation fees.

Since opening it, my lifetime ISA has already increased from £4,000 to £6,000, due to the £1,000 government bonus plus around another £1,000 in investment growth.

Knowing the savings are there and understanding how it will help me in the future makes me feel more confident about managing my finances. I know some of my friends are worried about money, so I feel very lucky to have had that support.

I think CTFs were a really good idea. Having some financial security when you first leave home can make a huge difference. If the scheme or something similar came back, I think it would really help young people get into the habit of saving. I also think financial education is important, so people know how to make the most of their money rather than spending it all at once.

I’ve always been a saver, even when I was younger, but managing my CTF has made me even more confident. It’s shown me the importance of financial security and how to plan for the future. Once I finish university, I’m planning to use the savings in my ISA to buy a car or help me move somewhere new.

I’m hoping to keep saving into my lifetime ISA over the next 10 years or so, with the aim of eventually buying a home. I’m not sure where yet - I really like Lincoln, but I also love Wales and Scotland, so it could be anywhere.

I didn’t know much about lifetime ISAs before, but now I think they’re a great option, especially with the 25% bonus. It really does feel like free money, and I’d definitely recommend them to other young people who hope to buy a home someday.

After my degree, I’m hoping to do a PGCE so I can become a primary school teacher. I’ve always loved English, History and Art, and I’m really looking forward to the chance to teach those subjects in the future.