Discover Hidden Savings Worth Thousands for 758000 Young People
Over 758,000 Unclaimed Child Trust Fund Accounts: Discover Your Savings Today
Recent statistics reveal that approximately 758,000 young individuals, aged 18 to 23, have yet to claim their matured Child Trust Fund accounts. With the average fund estimated to be worth more than £2,240, the UK government encourages those eligible to locate and claim these savings promptly using the GOV.UK locator tool.
Child Trust Funds: A Financial Opportunity for Young Adults
Child Trust Funds (CTFs) were established for children born between September 1, 2002, and January 2, 2011, featuring an initial government deposit of at least £250. These long-term, tax-free savings accounts are designed to help young people begin their financial journey.
Young account holders are allowed to take charge of their Child Trust Fund upon turning 16. However, they can only access and manage their funds fully once they reach 18. At this age, individuals can choose to withdraw their money or opt for further investment opportunities.
How to Locate Your Child Trust Fund
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, emphasizes the importance of claiming these savings. “If you’re between 18 and 23, you could be sitting on a savings payout and not even realize it,” she said. She urges young people to search ‘find my Child Trust Fund’ on GOV.UK to uncover their financial assets.
September is a significant month for claimants, as it marks the arrival of many eligible 18-year-olds. If you know your Child Trust Fund provider, reach out to them directly. Otherwise, the GOV.UK locator tool makes it easy to identify your account with just a few simple steps:
- Visit the GOV.UK website and navigate to the Child Trust Fund locator tool.
- Provide the young person’s National Insurance number and date of birth.
- Submit your request, which typically takes about 5 minutes.
Most applicants receive a response within three weeks. If you cannot find your National Insurance number, it can be easily accessed via the HMRC app, allowing you to store it conveniently in your digital wallet.
Impact of Child Trust Funds on Young People’s Finances
In the last twelve months, over 563,000 young people utilized the online tool to find their Child Trust Funds, with a peak of over 71,000 searches occurring in September 2024. Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance, praised HMRC’s initiative, stating, “It’s encouraging to see the Government making efforts to reunite people with money they may not even realize was theirs.” This is crucial financial support at a pivotal moment in these young lives.
It’s important to note that Child Trust Funds are maintained by banks, building societies, and other financial institutions, not the government itself. For additional insights and detailed information about Child Trust Funds, visit GOV.UK.
Key Details and Timeline for Child Trust Fund Accounts
| Detail | Information |
|---|---|
| Total Unclaimed Accounts | 758,000 |
| Average Fund Value | £2,242 |
| Eligible Age Range | 18 to 23 years |
| Year Scheme Closed | 2011 |
| Replacement Scheme | Junior Individual Savings Accounts (ISA) |
In conclusion, if you are among the many young individuals with an unclaimed Child Trust Fund, take action today to access your financial resources. Don’t miss out on the potential financial benefits that await you as you navigate the beginning of your adult life.
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