Twenty year old Jazmine Harman, now in her first year studying English and Journalism at the University of Stirling, was one of the 6.3million people who received a Child Trust Fund (CTF) when she was born. As it grew over the years, it gave her a financial head start, helped her prepare for university and encouraged positive money habits that now shape how she manages her finances.
Having this money gave me a real head start at a time in my life when the next steps can be expensive.
Jazmine Harman - Child Trust Fund customer
My OneFamily Child Trust Fund was set up by the government when I was born. Like everyone else my age, I received a voucher that was paid directly into my account, for me it was £250, with the idea was that it would grow over the years so I’d have some support when I turned 18.
When I accessed my account, the money had grown to almost £1,000 thanks to being invested in stocks and shares. I moved around £500 into savings so I had a safety net for university and used some to support myself during my gap year.
Having this money gave me a real head start at a time in my life when the next steps can be expensive. It helped me feel more secure as I started figuring out my gap year and getting ready for university. Having that bit of money behind me gave me independence and confidence, without worrying about how I’d pay for everything.
As I saved half, I had a small emergency fund to rely on during my gap year and when I moved to university. The first semester can be overwhelming and expenses add up quickly, having that money behind me made the transition far less stressful.
Knowing I had something to fall back on meant I could settle in. It also helped cover the cost of flights home from university at Christmas, which eased the pressure during an already expensive time for students.
Now that I’m 19, looking back, receiving my Child Trust Fund was a helpful start to managing my own finances. It also encouraged me to build better habits with money. I still try to save whatever I don’t spend from my monthly budget and I’m much more aware of how quickly money can go if you’re not careful.
Having something set up for you that grows over time can make a huge difference when you’re starting out as an adult. If a similar scheme existed today, I think it would help young people feel more secure and confident about their future. It gives you the space to think about what you want to do, rather than feeling rushed or worried about the costs of your next steps. I’d definitely support something like it for future generations.
