Martin Lewis has highlighted that many individuals born between 2002 and 2011 may have thousands of pounds sitting in forgotten Child Trust Funds. These accounts, the predecessor to Junior ISAs, were established by the state for children born during that period, with initial deposits made from the outset.
Unclaimed Funds Averaging £2,000
According to the MoneySavingExpert founder, the average unclaimed pot is around £2,000, though some accounts are worth significantly more. In a clip shared on his official TikTok from the Martin Lewis Money Show Live on ITV, he explained that HMRC is currently writing to approximately 750,000 21-year-olds about their unclaimed funds.
“There are some who are missing out on thousands of pounds,” Lewis stated. The letters will inform recipients exactly where their Child Trust Fund is held, enabling them to contact the provider directly. However, he urged caution: “Just be careful of scams. Don't use details on there. Go and find the provider's details yourself and be careful of emails, calls, and texts. This is a letter.”
Variation in Amounts
Lewis emphasized that the amounts vary widely. “The average amount is two grand, but it varies vastly depending on if the money was added by parents and whether you saved or invested,” he said. Invested funds have generally grown more over time.
For those who have not received a letter, there is no need to wait. Lewis directed people to the find a child trust fund tool at GOV.UK, making it clear that anyone in the eligible age range can search immediately. “If you were born between September 1st 2002 and 2nd January 2011 and you haven't accessed your Child Trust Fund, you do not need to wait. You can find yours now,” he said.
How to Check
The process is free and takes only a few minutes. Head to GOV.UK and use the find a child trust fund tool, entering your National Insurance number and date of birth. If you are under 16, a parent must do it. If you are 18 or older, you must do it yourself. For those aged 16 to 18, either you or your parent can use the tool.
Once submitted, HMRC should respond within a few weeks confirming which provider holds the fund. From there, simply contact that provider directly to access the money.
Beware of Scams
Lewis warned that some firms advertise on social media offering to trace Child Trust Funds for a fee, charging a significant percentage of whatever they find. However, there is absolutely no need to pay anyone for this service. A spokesperson for Vettory added: “People should know they do not need to pay for this. The government tool at GOV.UK that Martin mentioned is free, takes around five minutes, and could help you get £2,000 or more that is already yours. If the dates apply to you or someone you know, consider making that check today.”
