THOUSANDS of kids are missing out on an average of £2,100 in free cash, a major spending watchdog has warned. Hundreds of millions of pounds in child trust funds (CTFs) to help young people financi…
By April 2021, around 320,000 CTFs had matured in the seven months since the first CTF account holders reached 18 in September 2020.
Some £394million was, by April 2021, yet to be claimed in matured CTFs belonging to young adults who had reached the age of 18, the NAO said. Gareth Davies, head of the NAO, said: "At a time of economic hardship for millions of people across the country, it is important the government does enough to make sure young people are aware of, and can access, their child trust funds."At this point, the child automatically takes over the account and no more money can be added.
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