HMRC’s new campaign aims to reconnect young people with over £1.5 billion in unclaimed Child Trust Funds. This initiative targets 21-year-olds who may not know they have these savings accounts.
As of early Tuesday, HMRC reported approximately 750,000 unclaimed Child Trust Fund accounts across the UK. Each account averages around £2,200, a significant amount that many young people are missing out on.
Child Trust Funds were introduced by the UK Government in 2005 for children born between September 2002 and January 2011. Eligible children received at least £250 upon opening their account, with an additional £250 for those from low-income families.
Account holders can access their funds once they turn 18. However, many remain unaware of their existence. Lucy Rigby, the Economic Secretary to the Treasury, stated, “Hundreds of thousands of young people in this country don’t know they have a CTF, let alone how to access it.” She emphasized her determination to ensure these funds reach those entitled to them.
The Government encourages young people to utilize the free ‘find my child trust fund’ service available on GOV.UK. This service requires their National Insurance number and date of birth to locate their account without any cost.
Additionally, the Share Foundation provides a free tool that assists individuals in locating their Child Trust Fund accounts. Yet, no specific timeline for when all eligible individuals will be contacted has been shared.
This campaign could significantly impact financial awareness among youth savings in the UK. Accessing these funds can help provide a better start to adult life for many young individuals.
As developments unfold, officials will likely continue their outreach efforts. For now, young people are encouraged to check if they have unclaimed Child Trust Funds waiting for them.