More than £1.4 billion belonging to 728,000 people is sitting in unclaimed Child Trust Funds (CTFs), according to new figures.
The tax-free savings accounts, set up by the government for children born between 1 September 2002 and 2 January 2011, are now maturing as account holders turn 18. But many young people are unaware they even have one.
HMRC warning to parents
In a post on X (formerly Twitter), HM Revenue and Customs (HMRC) urged parents to check:
“Attention parents! If your child has recently turned 18, they may have a #ChildTrustFund, worth an average of £2,200.”
HMRC estimates that on average, accounts hold around £2,000–£2,200, thanks to government starter payments, interest, and family contributions.
Calls for automatic payouts
The Share Foundation, a charity that helps locate unclaimed funds, is urging ministers to allow automatic payouts at age 21 for accounts where no action was taken by parents to set them up.
