Customers of Engage Mutual are more willing to pay into their Child Trust Fund (CTF) by monthly direct debit because of lower minimum top-up levels of £5.

That is the reason being cited by the insurer why more of its customers - 28 per cent compared to the industry average of 28.2 per cent - pay by this method.

Research carried out by Engage shows that contrary to popular belief, poorer families are paying a greater proportion of their incomes into CTFs than the better off.

It was thought that lower-income families would not be prepared to contribute so much to an account they could not access at short notice (CTF's do not pay out until the child reaches the age of 18).

Karl Elliott, from Engage, said: "Enabling parents to pay as little as £5 per month by direct debit into their child’s CTF makes it more affordable to all families."

CTFs were introduced by the government as a way of encouraging people to save for their children's future.

However, some critics have voiced concerns that, upon reaching 18 when kids can get their hands on the money, they were more likely to spend it on a holiday than something 'responsible' like a deposit for a house.

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