According to research by The Children’s Mutual, a leading Child Trust Fund provider, parents of 18 to 30-year-olds are warning families of younger children to start saving now to fund the future, with nearly 28% saying that they have either re-mortgaged or are planning to re-mortgage to fund their child’s adulthood. The research also revealed that many parents of adult children said that if they had their time again they would have saved more.

As the coalition Government threatens to cut the Child Trust Fund (CTF), The Children’s Mutual is urging parents whose children are eligible for the accounts to make the most of them while they can.

David White, Chief Executive of The Children’s Mutual, said: “Saving for your child is a ‘necessity’ not a ‘nice-to-have’. Parents of today’s 18 to 30-year-olds are having to find an average of GBP30,000 to fund their adult children the hard way – by re-mortgaging or borrowing further. We believe the only way that most families will be able to help fund children to fulfill their potential going forward is by saving regularly over the long term.”

Parents of CTF holding children should not be disheartened or confused by the coalition’s proposal. The Government has confirmed that for existing customers, the accounts will remain as they are; meaning that the families of the five million CTF holding children across the UK can continue to save up to GBP1,200 a year tax efficiently to help give their child a much-needed springboard into adulthood.

David White continued, “We believe that children stand the best chance of fulfilling their potential if money isn’t an insurmountable barrier to their choices and decisions. The CTF has been a phenomenal success with families investing more than GBP5 million every week for their children and we urge parents to make the most of it.”

Launched in 2005, Child Trust Funds were designed to provide a tax efficient, long-term savings vehicle for all eligible children. Eligible newborn children (born on or after 1 September 2002) received a GBP250 Child Trust Fund voucher (GBP500 for low income families) from the government when their parents registered for Child Benefit. The government then makes a second contribution of GBP250 (GBP500 for low income families) when the child reaches seven. Parents, family and friends can all then add to this account up to a maximum value of GBP1,200 each year. The proposed changes to the CTF will mean that for existing customers the accounts remain as before, with an annual tax-efficient top up allowance of GBP1,200, albeit without the Government’s additional contributions from 1 August 2010.

Notes to editors
Research from The Children’s Mutual Cost of Children Report. Figures from TISA, workings available on request.

Further information on the changes to Child Trust Funds can be found on The Children’s Mutual website.

About The Children’s Mutual – Home of the Child Trust Fund
The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfill their hopes for today’s children. The Children’s Mutual is the only UK company that specialises in long term savings for children and is now the choice of one in four parents for their child’s Child Trust Fund, with over 800,000 accounts. This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their stakeholder Child Trust Fund provider.
Website: http://www.thechildrensmutual.co.uk/

Research Shows that 1,407,724,920 People Use the Internet in Any Given Month. Local businesses are in the prime position to use the power of local internet searches to bring business to their establishments. Padma Gonpo, Inc has a new service available to local businesses to bring the people who are searching for local solutions to the businesses who can serve them best.

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In the last Year while attending networking events and through brief conversations – the one problem that came up often was the problem of getting good qualified sales leads. Paul McDowell (the president of Padma Gonpo, Inc.) dug in to the problem and came up with a solution that is both effective and a reasonable value for local businesses. Recognizing that on any given day, there are a number of people who have needs and search the Internet to find answers to their needs. The problem Paul found is that people quickly become overloaded with information in their searches which leads to frustration and in some cases bad buying decisions. When a customer requests access to the information to help solve a problem they have, the service sends the contact information to that local business. It becomes a win – win situation for both the prospective customer and the local business. It is a targeted lead producing system that delivers value to the prospect immediately, while it teaches them about the strongest reason” local company ABC” is the best choice. (“Not a list or a directory – This is a real solution” Paul McDowell president of Padma Gonpo, Inc.)
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Finance departments have been crucial for organisations during the recession, while many have seen their presence and strongholds increase. An ever-growing number of business leaders are also coming from the finance function.

Finance departments have been crucial for businesses during the recession, with many having stepped out of the shadows and boosted their presence and strongholds within their company.

A very real recent trend of the downturn has been the finance department becoming much more of a central point of the organisation. This has had a direct impact on the way all accountants are working, from graduates to Finance Directors and Chief Financial Operators.

Mark Gourley, Executive Business Manager at Reed Accountancy, said: “Having strong people in the accounts department will have been a real asset to businesses as they traded through difficult conditions during the recession.

“Indeed for some companies these individuals may have made the difference between a business surviving or going under. Skills in areas such as risk mitigation and cash-flow/ liquidity management will have been particularly important.

“Part-qualifieds will have been encouraged to add value wherever possible – looking for opportunities to improve efficiencies, reduce costs, provide analysis of sales/profit and so on.

“I believe the finance/accountancy department is seen less now by organisations as ‘just another overhead’, as businesses seek opportunities for the finance function to add value.” Derek Coleman, Regional Manager at Reed Accountancy Central South West Region, added: “Finance/accountancy departments have been crucial for organisations during the recession and they have generally increased their presence and strongholds. They have become central, with many leaders of organisations now coming from the finance function.”

With technical skills often taken as a given by employers, businesses try to differentiate between part-qualified candidates as potential leaders by assessing their skills in other areas, as well as looking for evidence of achievement. Part-qualifieds who develop commercial acumen (e.g., using/ interpreting the numbers to help the business achieve its goals) will be well placed to move into leadership roles in the future.

Strong people skills/communication/ managerial skills (for example the ability to communicate financial information effectively to non-financial management) will also have an advantage.

The future leaders of industry are more likely to currently be studying the ACA route. A recent statistic that suggested around two thirds of qualified accountants of FTSE 100 companies in FD or CEO roles will be ACA qualified.

That said, there are many very capable FDs out there who qualified ACCA or CIMA – and at public sector organisations with CIPFA qualified accountants in leadership roles.

“I’m sure most part-qualifieds will still initially head into traditional accounting roles upon qualification – Financial Accountant, Management Accountant, Financial Analyst, Internal Audit, Company Accountant positions for example, with some choosing to specialise in areas such as taxation, treasury or corporate finance,” added Mark Gourley.

Across the board, new opportunities for all finance staff are on the up as companies begin switching their attention away from the recession towards the future and what the next five years will bring.

Retail banks are just one example of a sector now looking for accountants who are analytical, predictive and forward thinking.

Finance job departments will be heading out of the collective ‘heads down’ survivor mode they were forced to adopt 18 months ago in the wake of the financial crisis.

We are already seeing signs they are beginning to adapt to the ‘new’ realities of the current economic recovery and a more complex and taxing regulatory environment.

Following the recession, partqualified may also find businesses more mindful of costs and that reflected in slightly less generous study packages.

This could mean less time off for study and/or more carefully worded contracts with claw-backs in place if part-qualified employees should leave the business.

After a few years post-qualification, some of today’s part-qualified professionals will find themselves in broader operational or commercial roles, having used accountancy as a platform from which to progress their career in another direction.

Interested in recruiting? For more information on recruitment and jobs offered by Reed Specialist Recruitment, please visit their website www.reedglobal.com.