Many young individuals are being encouraged to verify if they have misplaced or forgotten their Child Trust Fund.
The most recent data from HMRC reveals that 758,000 individuals aged 18 to 23 have not yet claimed their matured Child Trust Fund, with an average account value of £2,242.
The amount in these accounts varies depending on the contributions made into them.
Child Trust Funds were established by the Government for children born between September 1, 2002, and January 2, 2011. These accounts were initiated with an initial deposit of £250, or £500 for children from low-income families.
Families could then contribute up to £9,000 annually to the account. Individuals can access the funds in their Child Trust Fund once they reach 18 years old.
HMRC’s Second Permanent Secretary and Deputy Chief Executive, Angela MacDonald, emphasized: “If you’re between 18 and 23, you could be sitting on a savings payout without realizing it. Simply search ‘find my Child Trust Fund’ on GOV.UK to locate your savings account.”
If young individuals, or their parents or guardians, know their Child Trust Fund provider, they can contact them directly. For those unaware of their account location, the GOV.UK locator tool can be utilized.
To locate the account, the National Insurance number and date of birth of the account holder are required. These savings accounts are not government-held but are managed by banks, building societies, or other saving providers.
Over 563,000 young individuals searched online for their Child Trust Fund in the 12 months leading up to August 2025. September 2024 saw the highest activity with over 71,000 searches submitted.
Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance, expressed support for HMRC’s initiative, stating: “It’s heartening to witness the Government’s efforts to reunite individuals with funds they may be unaware of. With an average of £2,242 awaiting in unclaimed accounts, this money can significantly benefit young people at a critical financial juncture.”
The Mirror recently featured the story of Tayo Olutunde, an accounting and finance student, who discovered a Child Trust Fund worth over £2,000. Tayo, 22 years old and residing in Leeds, shared his experience, noting how he initially learned about Child Trust Funds through social media and later confirmed the existence of his account with his mother’s help.