HM Revenue and Customs (HMRC) has launched an important campaign aimed at reconnecting young people with over £1.5 billion in unclaimed Child Trust Funds (CTFs). This initiative targets approximately 750,000 accounts that remain untouched, with an average value of around £2,200 each. For many young adults turning 21, this could mean a significant boost to their financial independence.
Child Trust Funds were introduced by the UK Government in 2005 as a means to encourage savings among children born between September 2002 and January 2011. Eligible children received at least £250 when their account was opened, and those from low-income families received an additional £250. However, it seems that hundreds of thousands of young people in this country don’t know they have a CTF, let alone how to access it.
Lucy Rigby, the Economic Secretary to the Treasury, emphasized the urgency of this situation. “I’m determined that those who have CTFs are made aware they have this money,” she stated. The government is not just hoping for awareness; they are actively urging young people to utilize the free ‘find my child trust fund’ service available on GOV.UK.
To locate their accounts, individuals can search using their National Insurance number and date of birth—an easy step that could unlock vital funds for education or starting a business. The funds are managed by banks and building societies rather than the government itself, which means accessing them requires some initiative from the account holders.
The Share Foundation also offers a free tool to help locate Child Trust Fund accounts, making it easier for young people to reclaim what is rightfully theirs. As Rigby noted, “Together, we will ensure funds from these child trust funds can be accessed by young people to help give them the best start to adult life.” This proactive approach highlights a growing awareness of financial literacy among youth.
Despite these efforts, uncertainties linger regarding how many young adults will take action and seek out their funds. With financial awareness still lacking among many in this age group, HMRC’s outreach will be crucial in bridging this gap.
As April 2026 approaches—the date when HMRC aims to fully engage these account holders—there’s hope that more young people will learn about their savings options and take control of their financial futures. The campaign not only stands as a reminder of what is available but also serves as a call to action for financial empowerment among the youth.
