HMRC is launching a campaign to reunite young people with forgotten Child Trust Funds (CTFs), long-term tax-free savings accounts established for children born between September 2002 and January 2011. An estimated £1.5 billion across 750,000 accounts remains unclaimed, even though two-thirds of the six million recipients are now over 18 and eligible to access their funds.
Government letter campaign
As part of a new awareness drive, the government will write to all 21-year-olds who have an unclaimed account, helping them access their savings, which average £2,200. The letters will guide recipients on how to locate and claim their funds via the official Gov.uk website or the free Share Foundation tool.
How to claim
Young people are advised to search 'find your child trust fund' on Gov.uk or use the Share Foundation's free service. They are warned to avoid third-party agents who charge high fees for what can be done for free. Martin Lewis previously highlighted that many Britons could be missing out on CTFs worth up to £2,000.
Call for automatic release
While welcoming the move, the Share Foundation has urged the government to go further by automatically releasing funds to owners when they turn 21. They note that CTFs have been replaced by Junior ISAs, and automatic release would ensure no one misses out on their savings.
