Thousands of young people missing out on money they don't know about
Summary
Many young people in the UK do not know they have money saved in Child Trust Funds (CTFs), government accounts set up for children born between 2002 and 2011. Over 750,000 accounts remain unclaimed, with an average of about £2,200 each, because owners are often unaware of their existence.Key Facts
- Child Trust Funds were created by the UK government for children born from September 2002 to January 2011.
- Each fund had a government voucher starting at £250 (£500 for low-income families), with extra payments when the child turned seven.
- Around 6.3 million CTFs were set up, but over 750,000 accounts have not been claimed.
- The average amount in each unclaimed fund is about £2,200.
- Young people can manage their CTF from age 16 but cannot withdraw money until they turn 18.
- Many are unaware of their CTF because they were not informed or the funds are held by various private providers.
- The Share Foundation helps young people find their CTFs for free and urges more awareness.
- The UK government says the savings belong to individual account holders and cannot be accessed or transferred by the government directly.
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