£1.4bn in Forgotten Child Trust Funds – 728,000 Brits Missing Out!
More than £1.4 billion belonging to 728,000 people is gathering dust in unclaimed Child Trust Funds (CTFs). These tax-free accounts, set up by the government for kids born between 1 September 2002 and 2 January 2011, are now maturing as these youngsters turn 18 — but shockingly, many don’t even know they have one.
HMRC Sounds Alarm: Parents, Check Now!
HM Revenue and Customs (HMRC) has taken to X (formerly Twitter) to warn parents:
“Attention parents! If your child has recently turned 18, they may have a #ChildTrustFund, worth an average of £2,200.”
On average, these accounts hold between £2,000 and £2,200, thanks to government starter payments, interest, and family top-ups.
Charity Demands Automatic Cash Payouts at 21
The Share Foundation, a charity that tracks down unclaimed funds, is pressing ministers to introduce automatic payouts at age 21. They want those who haven’t claimed their money by then to get hands on it without hassle.
The charity suggests using National Insurance numbers to trace young people through payslips, student loans, or benefits — making it easier to track down the rightful owners.
How to Snag Your Child Trust Fund Cash
- Check for accounts for free using the Government Gateway service.
- The Share Foundation offers a free search service to help locate lost funds.
- Avoid paying third-party firms. Financial guru Martin Lewis warns not to get ripped off — you can claim your money at no cost.
Child Trust Funds Explained
- Launched in 2002, CTFs gave children a £250 government voucher in their first year, and another £250 at age seven.
- Children in low-income families received £500 vouchers at both stages.
- Family and friends could add extra savings to boost the pot.
- The scheme ended in 2011, replaced by Junior ISAs.
Every month, around 55,000 young Brits turn 18, and can either withdraw their cash or keep saving, says HMRC. Don’t let your hard-earned money slip through your fingers — check your Child Trust Fund today!
