HMRC’s new campaign aims to reconnect young people with over £1.5 billion in unclaimed Child Trust Funds. This initiative is not just about money—it’s about raising financial awareness among youth who may be unaware of their savings accounts. With approximately 750,000 unclaimed accounts scattered across the UK, the stakes are high.
Child Trust Funds (CTFs) were introduced by the UK Government in 2005, designed as a means to encourage savings for children born between September 2002 and January 2011. Eligible children received at least £250 when their account was opened, with an additional £250 for those from low-income families. Yet many young adults don’t even know these funds exist.
Lucy Rigby, the Economic Secretary to the Treasury, highlighted this gap: “Hundreds of thousands of young people in this country don’t know they have a CTF, let alone how to access it.” This lack of awareness is alarming—especially considering that the average unclaimed fund is worth around £2,200. For many young adults, this money could provide crucial support as they transition into adulthood.
Account holders can access their funds once they turn 18, yet many remain oblivious to their existence until now. HMRC is actively reaching out to those who are now 21 years old, aiming to inform them about their potential assets. The government urges young people to utilize the free ‘find my child trust fund’ service on GOV.UK—a straightforward tool that requires only a National Insurance number and date of birth.
The Share Foundation also offers a free tool for locating Child Trust Fund accounts. Still, the question remains: will these efforts be enough? No timeline has been shared regarding how long this campaign will run or how effectively it will reach all eligible individuals.
As Rigby asserts, “I’m determined that those who have CTFs are made aware they have this money.” This determination reflects a broader commitment to ensuring that young people can access funds that could significantly impact their lives—helping them get a better start as they step into adult responsibilities.
Ultimately, this initiative from HMRC serves as a reminder of the importance of financial literacy and awareness. As we navigate an increasingly complex economic landscape, understanding what resources are available can empower individuals and foster greater financial health across generations.