Tayo Olutunde, a student studying accounting and finance, stumbled upon a TikTok video discussing Child Trust Funds two years ago. Initially skeptical, he decided to investigate further. To his surprise, he uncovered a forgotten Child Trust Fund, leading to a windfall of over £2,000 in his pocket.
Child Trust Funds, established for children born between September 1, 2002, and January 2, 2011, provided each child with a voucher valued at £250 or £500 for those from lower-income families. In cases where parents did not initiate the fund, HMRC would step in, creating accounts on behalf of the children, potentially leaving many unaware of the funds.
An estimated 670,000 Child Trust Funds belonging to young adults remain unclaimed, with an average balance of £2,200. Tayo, now 22 and residing in Leeds, shared his experience with The Mirror, recalling his initial skepticism about the funds but eventually confirming its existence with his mother’s help.
Locating a dormant Child Trust Fund is usually manageable, although frequent address changes may necessitate additional paperwork. Tayo, having moved several times, endured a month-long process involving emails and mail to access his fund, which he utilized for a holiday and investments.
Encouraging others to seize the opportunity, Tayo emphasized the importance of claiming what is rightfully theirs. Individuals can only access their Child Trust Fund upon turning 18, with the option to continue contributions but not open new accounts.
For those seeking to trace their Child Trust Fund, direct contact with the provider or assistance from HMRC is advised. HMRC offers support in locating lost accounts through an online form submission or postal request, requiring essential details such as National Insurance number and Government Gateway ID.
Advocating for automatic fund release, The Share Foundation, a prominent charity, has facilitated the recovery of nearly £200 million across 95,000 unclaimed Child Trust Funds. Gavin Oldham, OBE from The Share Foundation, highlighted the significance of empowering young individuals from low-income backgrounds for a smoother transition into adulthood.
