Thousands of young adults are being encouraged to check if they possess a forgotten or misplaced Child Trust Fund. Recent data from HMRC reveals that 758,000 individuals aged 18 to 23 have not yet claimed their matured Child Trust Fund, averaging £2,242 per account. The balance may vary depending on the contributions made to the fund.
Child Trust Funds were established by the government for children born from September 1, 2002, to January 2, 2011, with an initial deposit of £250, or £500 for children from low-income families. Families could contribute up to £9,000 annually to the account, and individuals can access the funds when they reach 18 years old.
HMRC’s Second Permanent Secretary and Deputy Chief Executive, Angela MacDonald, emphasized the importance of checking for unclaimed savings, stating that individuals can search for their Child Trust Fund on GOV.UK. If aware of their provider, individuals can contact them directly; otherwise, they can utilize the GOV.UK locator tool by providing the account holder’s National Insurance number and date of birth.
Over 563,000 young adults searched for their Child Trust Funds online in the past year, with September 2024 being the busiest month, recording over 71,000 searches. Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance, praised HMRC’s initiative, encouraging young people to claim their funds, noting the average unclaimed amount of £2,242.
A recent story featured an accounting and finance student, Tayo Olutunde, who discovered he had a Child Trust Fund exceeding £2,000. Tayo, 22, residing in Leeds, shared his experience of initially dismissing the fund’s existence but later confirming its presence with his mother’s help.
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