There is a call for thousands of young individuals 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 collected their matured Child Trust Fund, averaging £2,242 per account.
The amount in the account may vary based on the total savings contributed.
The Government initiated Child Trust Funds for children born between September 1, 2002, and January 2, 2011, with an initial deposit of £250, or £500 for children from low-income families.
Subsequently, families could add up to £9,000 annually to the account. Individuals can access their Child Trust Fund funds once they reach the age of 18.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, emphasized the importance of checking for potential savings, urging those between 18 and 23 to search ‘find my Child Trust Fund’ on GOV.UK to locate their savings account.
If the account provider is known, individuals or their parents/guardians can contact them directly. For those unaware of their account details, the GOV.UK locator tool can be utilized by providing the National Insurance number and date of birth of the account holder. These accounts are not government-held but are managed by banks, building societies, or other financial institutions.
Over 563,000 young individuals searched online for their Child Trust Fund in the year leading up to August 2025, with September 2024 being the busiest month with over 71,000 searches.
Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance, commended HMRC’s initiative, emphasizing the potential financial benefit for young individuals reclaiming their Child Trust Fund savings.
The Mirror recently featured the story of Tayo Olutunde, a 22-year-old accounting and finance student in Leeds, who discovered a Child Trust Fund worth more than £2,000. Tayo recounted how he learned about Child Trust Funds and eventually found out about his own account.