HMRC is issuing an urgent call to young adults across the UK to claim their matured Child Trust Funds, with new figures revealing a staggering 758,000 accounts remain unclaimed. The average value of these government-backed savings pots is £2,242, representing a significant financial boost for individuals embarking on apprenticeships, higher education, or their first careers.
National Apprenticeship Week Campaign
Coinciding with National Apprenticeship Week, HMRC is actively encouraging young people to locate and access their funds quickly and free of charge using the official GOV.UK online locator tool. For those starting an apprenticeship, the HMRC App provides essential information required by employers, streamlining the process of entering the workforce.
A Personal Success Story
Hope Kerr-Williams, a 22-year-old apprentice from Nottingham, serves as a powerful example. She claimed her Child Trust Fund upon turning 18, discovering it had grown to £5,000. This substantial sum proved instrumental in funding her transition to university life in Sheffield.
"I used it to put a deposit down on my flat, pay the first month's rent, and buy essentials for my accommodation," Hope explained. "Having my Child Trust Fund account saved me from going into an overdraft or borrowing money when I had a lot of expenses at the start of university. It gave me independence and a great start to adult life."
How Child Trust Funds Work
Established for children born between 1 September 2002 and 2 January 2011, Child Trust Funds are long-term savings accounts designed to build a financial foundation. Young people gain control of their account at age 16, and upon reaching 18, the account matures, allowing them to decide whether to withdraw the funds or reinvest them for future growth.
Official Guidance and Next Steps
Myrtle Lloyd, HMRC's Chief Customer Officer, emphasised the importance of taking action: "Whether young people are on an apprenticeship, starting their first job, or making plans to go to university, a Child Trust Fund can make all the difference. Find yours today by searching 'find my Child Trust Fund' on GOV.UK."
With hundreds of thousands potentially missing out on this vital financial resource, HMRC's campaign highlights a critical opportunity for young adults to secure funds that could alleviate early financial pressures and support their educational and professional aspirations.
