Child Trust Fund News: Are You Owed £2,200?

Child Trust Fund Claims: What You Need to Know

Are you eligible for a Child Trust Fund (CTF)? Established for children born between September 1, 2002, and January 2, 2011, these accounts were funded with an initial £250 by the British government. Many young adults may be unaware that they have an unclaimed pot of money waiting for them.

Potential Windfalls Await

According to HM Revenue and Customs (HMRC), over 670,000 young individuals need to check their status regarding unclaimed CTFs, each potentially worth approximately £2,200. Gavin Oldham, of The Share Foundation, emphasizes the importance of young adults understanding these assets. If unsure of the CTF provider, they can easily locate it by searching 'find your Child Trust Fund' on GOV.UK.

How the Child Trust Fund Works

• CTFs are long-term savings accounts.
• Parents or guardians could receive vouchers to set up accounts.
• Additional government contributions were made at age seven.

Claiming Your Child Trust Fund

If you're aged between 18 and 21, it is crucial to determine if a CTF exists in your name. Don't miss the chance to claim your savings, as this could provide significant assistance in managing your finances.

Check now: If you don’t know where your Child Trust Fund is held, there’s no need to pay for help. Simply use the online tools available to claim what’s rightfully yours!

Current Financial Context

With rising costs of living and financial pressures on young adults today, claiming these funds can provide much-needed relief. The Department for Work and Pensions continues to encourage young people to secure their financial futures.