HMRC Urges 827,000 Young Adults to Claim Forgotten Savings

The HM Revenue and Customs is urging adults aged 18 to 24 to check for unclaimed Child Trust Funds, estimating that nearly 827,000 people may have forgotten accounts. These tax-free savings accounts, established for children born between September 1, 2002, and January 2, 2011, began with a minimum government contribution of £250. The average value of these unclaimed accounts is currently £2,310.

While nearly 3 million matured funds have been claimed or transferred to Individual Savings Accounts since September 2020, many eligible individuals remain unaware of their savings. To address this, the government established the Child Trust Fund Taskforce to help young people identify and access their money. Because the funds are held by private banks and building societies rather than the government, the taskforce provides a free locator tool on GOV.UK where users can find their provider using a National Insurance number and date of birth.

Once an account matures at age 18, the holder has the option to withdraw the money, leave it invested, or transfer it to another savings product. Economic Secretary to the Treasury Lucy Rigby is leading the taskforce's efforts to reconnect young adults with these matured accounts.