Approximately 827,000 young adults currently have matured Child Trust Fund accounts awaiting collection, with an average value of £2,310, according to data from HM Revenue and Customs (HMRC).
The tax authority is actively urging individuals to locate these dormant savings.
Nearly three million accounts belonging to people aged 18 to 24 have already been successfully claimed or moved into an Isa.
Child Trust Funds are tax-free, long-term savings vehicles established for children born between September 1, 2002, and January 2, 2011, which included an initial government contribution of at least £250.
Treasury Lucy Rigby noted that those uncertain about their account status can utilize the gov.uk locator tool.
The Child Trust Fund program was discontinued in January 2011 and subsequently replaced by Junior Isas.
These savings are not managed by the government directly; instead, they are held by building societies, banks, or other <a The oldest matured accounts are now more than six years old and some young people may not know they have savings waiting for them."
“The taskforce has been set up to help those young people who don’t know about their savings.”
“If you’re unsure where your account is, you can find it, quickly, easily and for free using the gov.uk locator tool.”
These savings are not held by government but are with banks, building societies or other saving providers.
