In the realm of social media, skepticism is key as not all content is trustworthy. Tayo Olutunde stumbled upon a TikTok video discussing Child Trust Funds two years ago, sparking uncertainty in his mind about its validity.
After diligent investigation, the accounting and finance student, Tayo, found himself over £2,000 wealthier upon the revelation of an undisclosed Child Trust Fund.
Child Trust Funds, established for children born between September 1, 2002, and January 2, 2011, granted a voucher of £250 per account, or £500 for those from lower-income households.
In cases where parents failed to open a Child Trust Fund, HMRC would have initiated the process on the child’s behalf, potentially leaving many unaware of their account’s existence.
Approximately 670,000 unclaimed Child Trust Funds are held by young adults, with an average balance of £2,200 in savings.
Reflecting on his experience, Tayo, a 22-year-old residing in Leeds, shared with The Mirror: “I was introduced to Child Trust Funds through TikTok about two years ago. Initially skeptical, I decided to explore further but remained hesitant, deeming it too good to be true.”
“Now, having conversed with my mother, it turns out that indeed, I possess such an account.”
While locating a Child Trust Fund is generally straightforward, frequent address changes may entail additional paperwork, as Tayo experienced, yet proving worthwhile in the end.
He elaborated: “My childhood involved numerous relocations, including a stint in Nigeria. However, with persistence, I managed to retrieve the account details after a month or two of correspondence.”
“The account contained slightly over £2,000. I utilized £500 for a holiday trip to Milan with friends last year, while the remainder was invested.”
Tayo emphasized: “Why miss out on free funds? Discover your entitlement. Even if unused, consider more beneficial investment avenues.”
Access to a Child Trust Fund is only granted upon reaching 18 years old. Though initiating a new account is impossible, contributions can continue into an existing one.
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