HMRC is urging hundreds of thousands of young people to check for unclaimed Child Trust Fund savings worth an average of £2,242.
The HM Revenue and Customs call comes during National Apprenticeship Week, with officials warning that 758,000 young people have yet to claim the money sitting in their accounts.
For many, it could mean thousands of pounds ready to withdraw — but only if they take action.
Who could be owed money?
Child Trust Funds were set up for children born between 1 September 2002 and 2 January 2011.
Each eligible child received an initial government deposit of at least £250 into a long-term, tax-free savings account. In some cases, additional payments were also made.
Young people can take control of their account at 16. Once they turn 18, the account matures and they can choose to withdraw the money or reinvest it.
However, hundreds of thousands have not yet claimed what is theirs.
HMRC says check now
Myrtle Lloyd, HMRC’s Chief Customer Officer, said the savings could make a significant difference at a key stage of life.
“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,” she said.
She urged young people to search “find my Child Trust Fund” on GOV.UK to locate their account.
Experts say claiming is easy and free
Financial experts stress that checking for the money takes just minutes — and should not cost anything.
Antonia Medlicott, Founder and Managing Director of Investing Insiders, said:
“If you haven't yet received a Child Trust Fund payment, this could literally be money with your name on it, so it's well worth taking five minutes to check.
“The best news is, getting hold of the money is surprisingly easy — and you should never need to pay anyone to help you do so.
“It’s completely free and you don’t need to have any original paperwork to be paired with the money you're entitled to.”
Why the £2242 matters
With the cost of living still high, £2,242 could cover:
- A rental deposit
- Travel costs to work or college
- Tools or equipment for an apprenticeship
- Course fees or training
- Driving lessons
Kate Underwood, Founder of Kate Underwood HR and Training, warned that employers should help spread the message.
“That ‘lost’ £2,242 could be the difference between your young employee thriving, or cracking under the cost of living,” she said.
“If their child was born between 1 September 2002 and 2 January 2011, it’s worth checking.”
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How to find your Child Trust Fund
- Go to GOV.UK and search “find my Child Trust Fund”
- Request details of your provider
- Contact the provider to access or withdraw the funds
HMRC says the process is free and straightforward.
With 758,000 accounts still unclaimed, officials are urging young people and parents not to ignore the opportunity.
If you were born between September 2002 and January 2011, you could have thousands of pounds waiting — but you need to claim it.
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