HMRC Calls on Young Adults to Reclaim Hidden Savings During Apprenticeship Week
HM Revenue and Customs is making a concerted push for thousands of young adults to locate and claim their forgotten Child Trust Fund accounts. This initiative coincides with National Apprenticeship Week, which runs from February 9 to 15, 2026. Officials estimate that a staggering 758,000 individuals have yet to access these matured savings, potentially missing out on substantial financial support as they embark on their professional journeys.
Substantial Financial Boost for Apprentices
The average unclaimed Child Trust Fund holds approximately £2,242, providing a significant financial head start for those entering the workforce. For many apprentices, this capital can be instrumental in covering essential costs such as transportation, necessary equipment, or deposits for their first independent living arrangements. These long-term, tax-free savings accounts were originally established for children born between September 2002 and January 2011, with an initial government deposit. Although the scheme officially closed in 2011, the funds remain securely held in banks and building societies until the account holder decides to withdraw or reinvest them.
Easy Steps to Locate Your Savings
If individuals are uncertain about where their money is held, they can utilise the free GOV.UK locator tool to quickly find their provider. To initiate a search, young adults simply need to provide their date of birth and National Insurance number. Additionally, the HMRC app is being promoted as a crucial resource for young workers to manage their professional and financial information. This app allows users to conveniently view their National Insurance number, tax codes, and employment history, details often required by new employers.
Automatic Account Setup Means Many Are Unaware
It is important to note that even if parents did not actively set up an account at the time, the government automatically opened savings pots on behalf of eligible children. Therefore, young people are strongly encouraged to check for an account even if they believe they do not have one, as the funds rightfully belong to them. This proactive approach during National Apprenticeship Week aims to ensure that these valuable resources are not left unclaimed, supporting the next generation as they build their careers.
