Over 750,000 Young People Miss Out on Child Trust Fund Savings Worth Over £2,200 Each
HM Revenue and Customs( HMRC) has revealed that roughly 758,000 young grown-ups in the UK have yet to claim their progressed Child Trust Fund( CTF) accounts, with an average value of£ 2,242 each.
These long-term, duty-free savings accounts were established for children born between 1 September 2002 and 2 January 2011, with an original government donation of at least£ 250. The scheme aimed to encourage saving and investing among young people.
The unclaimed finances total roughly£ 1.7 billion, leaving a significant number of young adults ignorant of their annuity.
Numerous of these accounts remain dormant due to a lack of mindfulness, with some individuals not realizing they’ve a CTF or forgetting about it over time.
The accounts are managed by colorful fiscal institutions, and once the account holder turns 18, they can access the finances.
How to Locate and Claim Your Child’s Trust Fund?
HMRC encourages individuals aged 18 to 23 to check if they have a mature CTF account. The process is straightforward and can be done online through the GOV.UK locator tool.
Aspirants need to give their National Insurance number and date of birth. Once the request is submitted, HMRC generally responds within three weeks, furnishing details about the account provider.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, stated: “If you’re between 18 and 23, you could be sat on a savings payout and not even realise it. Just search ‘find my Child Trust Fund’ on GOV.UK to find your savings account today.”
In the 12 months leading up to August 2025, over 563,000 young people utilised the online tool to detect their CTF accounts, with September 2024 marking the busiest month on record.
This swell indicates a growing mindfulness among youthful adults about their unclaimed savings.
Options Upon Claiming
Once an individual claims their CTF, they have several options:
- Withdraw the funds: Use the money for immediate needs or future plans.
- Transfer to a Junior ISA: For those under 18, transferring the finances to a Junior ISA can continue the duty-free growth.
- Reinvest in an adult ISA: Upon turning 18, transferring the finances to an adult ISA can offer better interest rates and investment options.
It’s important to note that the process of locating and claiming a CTF is free. Individuals should be cautious of third-party services that charge freights for this service. The sanctioned GOV.UK tool is the safest and most dependable system to find a lost CTF.
The Child Trust Fund scheme was designed to give young people a financial head launch. With a significant number of accounts remaining unclaimed, it’s pivotal for youthful adults to check if they’ve an account waiting for them.
Utilising the free online tool can help unleash these forgotten savings, furnishing a precious resource for future fiscal requirements.
