Thousands of young individuals are being encouraged to verify if they possess a forgotten or misplaced Child Trust Fund account.
Recent data from HMRC reveals that 758,000 individuals aged 18 to 23 have not yet claimed their matured Child Trust Fund, with an average account holding a value of £2,242.
The amount in these accounts may vary depending on the contributions made over time. Child Trust Funds were established by the Government for children born between September 1, 2002, and January 2, 2011, with an initial deposit starting at £250, or £500 for children from low-income families.
Families had the opportunity to contribute up to £9,000 annually into these accounts, and individuals can access the funds once they reach 18 years of age.
To help young people locate their Child Trust Fund, they can search ‘find my Child Trust Fund’ on GOV.UK or directly contact their fund provider if known. The National Insurance number and date of birth of the account holder are required for account retrieval.
Over 563,000 individuals searched for their Child Trust Fund online in the previous year, with September 2024 being the busiest month with over 71,000 searches.
HMRC’s Angela MacDonald emphasized the importance of claiming these savings, urging eligible individuals to check for their accounts promptly. With an average of £2,242 waiting in unclaimed accounts, this money can provide significant financial support to young people at a crucial stage in their lives.
Reports from the London Foundation for Banking & Finance applaud HMRC’s efforts to reunite individuals with their unclaimed funds, emphasizing the financial impact this money can have on young individuals.
One such account holder, Tayo Olutunde, a 22-year-old accounting and finance student living in Leeds, discovered his Child Trust Fund worth over £2,000. Tayo shared his experience of initially finding out about the fund and eventually confirming its existence with his mother.
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