Asset-based welfare has recently attracted interest across the globe. This approach insists that the assets that a person owns are an important part of well-being. The UK's Child Trust Fund (CTF) is one of the most prominent examples of this approach. It provides a capital endowment to all new babies and the policy has generated international interest. However, the CTF does not command universal support in the UK. One of the main political parties is committed to abolishing it. This article examines the debate about the CTF in the UK. I suggest that criticisms of the Fund are part of wider concerns about the future direction of asset-based welfare. The article is important for highlighting some of the dilemmas associated with the new agenda on asset-based welfare.