An estimated 145,000 18 to 21-year-olds have an average unclaimed savings pot of £1,911 in the UK Government account
The National Audit Office has warned hundreds of millions of pounds in Child Trust Funds aimed at helping young people to grow their finances in early adulthood have not yet been claimed. The spending watchdog raised concerns that accounts are at risk of becoming forgotten or lost track of by those holding them - but the money will remain safe until claimed.
Most children received around £250 each, however those from low-income families or in local authority care received an additional £250. A couple of members of the Daily Record Money Saving Scotland Facebook group said their children received £850 and £950. Top Money Stories Today Gareth Davies, the 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.”
If a parent or guardian was not able to set up an account for their child, HMRC opened a savings account on the child’s behalf.You can either:You can also do it by post, full details are on the dedicated pages on GOV.UK here. They can either withdraw the funds from the matured Child Trust Fund account or reinvest it into another savings account.
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