HM Revenue and Customs (HMRC) has issued a pressing call to young people across the United Kingdom, urging them to take one crucial action this week: claim their Child Trust Fund. This timely appeal coincides with National Apprenticeship Week, running from 9th to 15th February, and highlights a significant financial opportunity for hundreds of thousands of individuals.
Substantial Sums Awaiting Claim
According to HMRC, an estimated 758,000 young people are potentially missing out on cash because they have not yet accessed the savings held in their Child Trust Fund accounts. The average value of these unclaimed funds is a substantial £2,242, representing a meaningful financial boost for those embarking on adult life, whether through apprenticeships, further education, or entering the workforce.
What is a Child Trust Fund?
Child Trust Funds are long-term, tax-free savings accounts established for children born between 1 September 2002 and 2 January 2011. The government provided an initial deposit of at least £250 to kick-start these accounts. Young people gain control of their fund at age 16, and upon turning 18, the account matures, allowing them to decide whether to withdraw the money or reinvest it for future growth.
Official Guidance and Expert Advice
Myrtle Lloyd, HMRC’s Chief Customer Officer, emphasised the importance of this resource: “Whether young people are on an apprenticeship, starting their first job, or making plans to go to university, a Child Trust Fund can make all the difference. Find yours today by searching ‘find my Child Trust Fund’ on GOV.UK.”
Supporting this message, Antonia Medlicott, Founder and Managing Director of London-based financial firm Investing Insiders, encouraged young people and their families to investigate what might be owed. She described the process as “surprisingly easy” and stressed that no payment should be required to access the funds.
“My message is: If you haven't yet received a Child Trust Fund payment, this could literally be money with your name on it, so it's well worth taking 5 minutes to check,” Medlicott advised. “The best news is, getting hold of the money is surprisingly easy - and you should never need to pay anyone to help you do so. Go to the official site or, alternatively, use a finding service that helps people track down lost trust fund and pension money. It's completely free and you don't need to have any original paperwork to be paired with the money you're entitled to.”
A Call to Action During a Key Week
This appeal is particularly pertinent during National Apprenticeship Week, a period dedicated to celebrating and promoting skills development. Claiming these funds could provide vital financial support for young apprentices or those pursuing other educational and career pathways. HMRC’s initiative aims to ensure that a generation does not overlook this valuable asset, which was specifically designed to aid their transition into adulthood.
