HMRC’s new campaign aims to reconnect young people with over £1.5 billion in unclaimed Child Trust Funds. As of early Tuesday, officials announced they are contacting 21-year-olds with these unclaimed accounts.
Approximately 750,000 Child Trust Fund accounts remain unclaimed across the UK. Each account holds an average of £2,200, which many young people do not realize they possess.
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 when their account was opened, with an additional £250 for those from low-income families.
Account holders can access their funds once they turn 18. However, many are unaware of how to locate their accounts. 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 the importance of financial awareness among youth.
The government urges young people to utilize the free “find my child trust fund” service available on GOV.UK. People can locate their account for free by searching using their National Insurance number and date of birth.
Additionally, the Share Foundation provides a free tool designed to assist individuals in locating their Child Trust Fund accounts. Rigby expressed determination: “I’m determined that those who have CTFs are made aware they have this money.”
Still, uncertainties linger regarding how many will respond to this initiative or if it will significantly increase awareness. No timeline has been shared for when all outreach efforts will conclude.
