Thousands of Young Adults Overlook Substantial Savings
HM Revenue and Customs has issued an urgent warning to hundreds of thousands of UK households regarding substantial sums of money sitting unclaimed in matured Child Trust Funds.
According to official HMRC data, an astonishing 758,000 people aged between 18 and 23 have failed to claim savings that are rightfully theirs, with the average account containing approximately £2,200.
What Are Child Trust Funds?
Child Trust Funds were established by the Government for every child born between 1 September 2002 and 2 January 2011. These government-initiated savings accounts began with an initial deposit of £250, or £500 for children from low-income households.
Families were then permitted to contribute up to £9,000 into the account each tax year, creating potential for significant growth by the time the child reached adulthood.
How to Claim Your Money
Young people become eligible to withdraw money from their Child Trust Fund once they turn 18. The process for locating and accessing these funds is straightforward.
Angela MacDonald, HMRC's Second Permanent Secretary and Deputy Chief Executive, emphasised the simplicity of the process: "If you're between 18 and 23, you could be sat on a savings payout and not even realise it. Just search 'find my Child Trust Fund' on GOV.UK to find your savings account today."
For those who already know their Child Trust Fund provider, contacting them directly is the quickest route to accessing the money. Otherwise, the GOV.UK locator tool can help track down the account using the account holder's National Insurance number and date of birth.
Growing Awareness and Success Stories
Public awareness of these unclaimed funds appears to be increasing. More than 563,000 young people searched for their Child Trust Fund online in the year up to August 2025, with September 2024 proving the most popular month as over 71,000 conducted searches.
The initiative has received support from financial education advocates. Shelley Doorey-Williams, CEO of the London Foundation for Banking and Finance, welcomed HMRC's campaign, stating: "It's encouraging to see the Government making efforts to reunite people with money they may not even realise was theirs."
She added: "With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time that can help young people right at the start of their financial lives."
Real-Life Success Story
Tayo Olutunde, a 22-year-old accounting and finance student from Leeds, recently discovered he had a Child Trust Fund valued at more than £2,000.
Tayo revealed: "I found out about Child Trust Funds on TikTok... this was about two years ago. I was quite interested and I looked into it, but I thought, let's just leave it, as it sounded too good to be true."
He continued: "Fast forward to now, and I spoke to my mum and she said, yeah, I do have an account." His experience demonstrates how many young people remain unaware of these significant savings.
Important Details to Remember
It's crucial to understand that these savings accounts are not held by the government but are managed by banks, building societies, or other savings providers.
The money has been legally accessible to account holders since their 18th birthday, meaning some individuals in the 18-23 age bracket may have had access to these funds for several years without realising.
HMRC's campaign aims to ensure that young adults across the UK don't miss out on financial resources that could significantly impact their early adult lives, whether for education costs, housing deposits, or other important expenses.
