HM Revenue and Customs (HMRC) has launched a new national campaign aimed at reuniting young adults with forgotten Child Trust Funds (CTFs). Child Trust Funds were introduced for children born between 1st September 2002 and 2nd January 2011 to help boost their finances once they reached adulthood.
Funds become accessible when a child reaches the age of 18, but over 750,000 accounts that have matured remain unclaimed. In total, more than £1.5 billion is waiting to be accessed by young adults across the UK. To help close this gap, HMRC is specifically targeting 21-year-olds whose accounts remain dormant. The government is targeting this specific group as most 21-year-olds will have recently interacted with HMRC through the PAYE tax system or student finance, meaning their home address details are more likely to be up to date. With the average unclaimed fund currently estimated at around £2,200, discovering a lost account could provide a welcome financial boost for those navigating their early twenties.
Economic Secretary to the Treasury, Lucy Rigby KC MP, recently convened a roundtable with fund providers to coordinate industry efforts. Discussing the new drive, she stated: "Hundreds of thousands of young people in this country don't know they have a CTF, let alone how to access it. Some will have a couple of thousand pounds sat there that would really help them as they begin adult life. I'm determined that those who have CTFs are made aware they have this money. Together, we will ensure funds from these Child Trust Funds can be accessed by young people to help give them the best start to adult life."
How to locate a lost Child Trust Fund
You do not need to wait for a letter to find out whether you have a Child Trust Fund. Tracking down a lost account is straightforward and completely free.
How to find a forgotten Child Trust Fund account:
- Go to GOV.UK - Search for the free 'Find My Child Trust Fund' tool on the official government website.
- Provide your details - You will need to sign in using a Government Gateway ID or GOV.UK One Login. You must also provide your National Insurance number and date of birth.
- Wait for a response - HMRC typically responds within three weeks to confirm which provider holds the account.
- Contact the provider - Once you have the provider's details, you can contact them directly to access or transfer your funds.
Parents or guardians can also use the tool to search on behalf of a child who is still under 18. We explain this in more detail, including how you can transfer a Child Trust Fund into a Junior ISA in our article 'How to transfer a Child Trust Fund to a Junior ISA'.
Child Trust Fund scam warning
Whenever the government launches a large-scale communication campaign, criminals often try to take advantage. Experts have warned that scammers are likely to attempt to replicate these HMRC letters or use digital methods to target young people and their parents, so you should take the time to ensure that any contact you receive is genuine.
How to protect yourself and your money:
- Watch out for digital communication - HMRC will only ever send a physical hard-copy letter about your Child Trust Fund. If you receive an email, text message, or phone call claiming to be from HMRC about this issue, it is a scam.
- Never pay to access your money - The government tool to locate a Child Trust Fund is entirely free. If you are asked to make a payment or provide financial details to release the money, it is a fraudulent request.
- Check the links - If you receive correspondence that includes QR codes or website links, ensure they direct you strictly to official GOV.UK web pages or the official HMRC app.
What to do if you suspect a scam
If you receive a suspicious text message, you can report it by forwarding it to 60599. Suspicious emails can be forwarded directly to [email protected].
If you believe you have already handed over personal or financial details to a scammer, take immediate action. Call the 159 hotline to be connected directly to your bank, or find your bank's official contact number on the back of your debit card. You should also report the incident to Action Fraud if you are in England, Wales, or Northern Ireland, or to Police Scotland via 101 if you live in Scotland.
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