Over 750,000 young people in the UK may be unaware of significant savings waiting for them in forgotten Child Trust Fund accounts. These accounts, created between 2002 and 2011, were designed to encourage savings for children, with an average of £2,200 now unclaimed by eligible individuals aged 15 to 23.
HM Revenue and Customs (HMRC) has launched a campaign to help these young people trace their accounts, as many have gone unclaimed due to families moving homes or simply not informing their children about the savings. The initiative aims to reconnect individuals with their money, which can be accessed from the age of 18, or even managed from 16.
To facilitate this, HMRC offers a free online service called ‘Find my Child Trust Fund’, which allows account holders to locate their funds quickly. This service requires minimal information and typically provides results within three weeks.
However, HMRC warns against scams and advises that it will only contact individuals via post regarding their Child Trust Funds. The public is encouraged to use the official tracing service to avoid unnecessary fees charged by third-party companies.
Source: GB News
