HM Revenue and Customs (HMRC) has issued an urgent warning to hundreds of thousands of UK households, alerting them to a potential financial windfall they may have completely forgotten exists.
Substantial Sums Left Unclaimed
Official data from the tax authority reveals that a staggering 758,000 people aged between 18 and 23 have not yet claimed their matured Child Trust Fund. The average amount sitting unclaimed in these accounts is a significant £2,242.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, stated: "If you’re between 18 and 23, you could be sat on a savings payout and not even realise it." She directed young people to take immediate action, advising: "Just search ‘find my Child Trust Fund’ on GOV.UK to find your savings account today."
The Legacy of the Child Trust Fund
Child Trust Funds were a savings initiative established by the Labour government for every child born between 1 September 2002 and 2 January 2011. The scheme provided a solid financial head start with an initial government deposit.
- Children received an initial £250 to open the account.
- Children from lower-income families received a more substantial £500 to begin their savings journey.
Families were then permitted to add up to £9,000 into the account every tax year, allowing the funds to grow over time. The money legally becomes accessible to the young person when they turn 18.
A Growing Awareness and Crucial Financial Boost
Public awareness of these dormant accounts is increasing. In the 12 months leading up to the end of August 2025, more than 563,000 young people went online to locate their Child Trust Fund. September 2024 marked the busiest period, with over 71,000 searches submitted in that month alone.
The call to action has been welcomed by financial experts. Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance, emphasised the importance of this initiative.
"As a committed member of the YFCG (Youth Financial Capability Group), the London Foundation for Banking & Finance welcomes HMRC’s call for young people to claim their Child Trust Fund savings," she said. "It’s encouraging to see the Government making efforts to reunite people with money they may not even realise was theirs."
She went on to highlight the real-world impact of this money, noting: "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."
