Thousands of young adults are being encouraged to check for any forgotten or misplaced Child Trust Funds. Recent data from HMRC reveals that 758,000 individuals aged 18 to 23 have not yet claimed their matured Child Trust Fund, with an average account value of £2,242. The actual amount in each account varies based on contributions made over the years.
Child Trust Funds were established by the Government for children born between September 1, 2002, and January 2, 2011. These accounts were initiated with an initial deposit of £250, or £500 for children from low-income households. Families could then contribute up to £9,000 annually into the account, and young adults can access the funds when they reach 18 years old.
To locate their Child Trust Fund, individuals can search on GOV.UK or contact their provider directly if known. The accounts are not overseen by the government but are managed by banks, building societies, or other financial institutions. Over 563,000 young adults searched for their accounts in the past year, with September 2024 being the busiest month, recording over 71,000 searches.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, emphasized the importance of claiming these savings, urging eligible individuals to check for their Child Trust Fund. Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance, praised the initiative, highlighting the potential financial support these funds could provide to young people.
A recent story shared by the Mirror featured Tayo Olutunde, an accounting and finance student from Leeds, who discovered a Child Trust Fund worth over £2,000. Tayo, 22 years old, initially learned about Child Trust Funds on social media and later confirmed with his mother that he indeed had an account waiting to be claimed.
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