Overview
- The Share Foundation proposed automatic release of Child Trust Funds at age 21, saying this could send £286 million to young adults immediately and £553 million in total across targeted accounts.
- HMRC data shows about 750,000 to 758,000 young people have not claimed their funds, leaving roughly £1.5 billion unclaimed with an average balance near £2,200.
- HMRC is urging those born between 1 September 2002 and 2 January 2011 to use its online tool to find their Child Trust Fund.
- Only the account holder can withdraw the money once they turn 18, which means pots sit idle when people do not know an account exists or cannot trace it after family changes.
- HMRC says it is sending information and running awareness campaigns, and it warns against paid tracing firms while pointing people to its free tool and the Share Foundation’s service.