Thousands of young adults missing out on savings stash

Young adults have been urged to check if they’re missing out on thousands of pounds in savings.

According to HM Revenue & Customs, 758,000 18 to 23-year-olds have yet to claim their matured child trust fund.

That’s despite the average child trust fund being worth £2,242.

What are child trust funds?  

Child trust funds are long-term, tax-free savings that were set up for every child born between 1 September 2002 and 2 January 2011.  

The government initially contributed £250 to each account, with children from low-income families or those in local authority care receiving an extra £250. 

The funds can be withdrawn when the child turns 18.  

Parents, guardians and other family members can pay up to £9,000 a year into their child’s account. 

Even without additional payments, most funds are worth much more than when they were set up, thanks to interest.  

How can I find my child trust fund?

You can find your matured child trust fund for free using the GOV.UK locator tool. 

Just search ‘find my Child Trust Fund’ on GOV.UK to find your account, and make sure you have your national insurance number on hand.

If you or your parents already know who your child trust provider is, you can contact them directly.

Submitting a request should take about five minutes and you can expect a response in less than three weeks.