Could Your Child Be Sitting on £2,000 Without Knowing It?
Could Your Child Be Sitting on £2,000 Without Knowing It?
New figures from HMRC reveal that more than 750,000 young people across the UK have yet to claim their matured Child Trust Funds (CTFs) – savings pots worth an average of £2,242 each.
If your children, apprentices, or employees are aged between 18 and 23, there’s a good chance some of them could be sitting on money they don’t know about.
What is a Child Trust Fund?
Child Trust Funds were introduced by the Government for children born between 1 September 2002 and 2 January 2011. Each account began with a government contribution of at least £250, with many families choosing to add more over time.
These accounts are tax-free, and once the child turns 18, the money becomes theirs. They can choose to withdraw it or reinvest it into another savings or investment account.
Why So Many Accounts Are Still Unclaimed
When the scheme was running, if parents didn’t open an account, the government did it automatically on their behalf.
Now, HMRC reports that 758,000 accounts remain unclaimed — with many young adults unaware they even have one.
Interestingly, September is the most common birth month, meaning there’s a new wave of 18-year-olds who have just become eligible to claim their funds this autumn.
How to Find Out if You’ve Got One
If you know which provider holds the account, you can contact them directly.
If not, the Government provides a Child Trust Fund tracing tool on GOV.UK.
It only takes a few minutes to complete the request, and you’ll typically hear back within three weeks.
You’ll need:
- The young person’s National Insurance number
- Their date of birth
A Quick Reminder for Employers and Business Owners
If your business employs young people aged 18–23, it’s worth sharing this information with them. Many may not realise they have a CTF waiting to be claimed — and a quick mention could make a real difference to their financial future.
Not only could you help someone access over £2,000, but you’ll also be showing genuine care for your team’s wellbeing — something they’re sure to remember.
Final Thoughts
This is a simple but meaningful opportunity to help the next generation make the most of money that’s already theirs.
You can read the full HMRC announcement here: Savings stash worth thousands waiting for 758,000 young people – GOV.UK