A call has been made to remind thousands of young individuals to verify if they possess an overlooked or misplaced Child Trust Fund.
Recent data from HMRC reveals that 758,000 individuals aged 18 to 23 have not yet claimed their matured Child Trust Fund, with an average account valued at £2,242.
The savings in these accounts vary, depending on the total amount deposited into them.
Child Trust Funds were established by the Government for children born between September 1, 2002, and January 2, 2011. These accounts were initiated with an initial contribution of £250, or £500 for children from low-income families.
Families had the opportunity to add up to £9,000 annually into these accounts. Upon turning 18, young individuals can access the funds in their Child Trust Fund.
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Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, emphasized, “If you are between 18 and 23 years old, you may have unclaimed savings without even realizing it.
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