Hundreds of thousands of young adults across Britain are sitting on a hidden fortune worth nearly £400 million, according to startling new government data. The shocking figures reveal that approximately 500,000 matured Child Trust Funds remain unclaimed as their owners reach adulthood unaware of their financial windfall.
The Forgotten Generation's Financial Legacy
Launched between 2002 and 2011, the Child Trust Fund scheme saw the government provide every newborn with a tax-free savings account containing at least £250. Additional contributions were made for children from lower-income households, with families and friends able to add up to £9,000 annually.
Now, as the first wave of these accounts matures - with children born between September 2002 and January 2011 becoming eligible to access their funds at age 18 - a staggering financial oversight is coming to light.
Why So Many Funds Remain Unclaimed
Financial experts point to several key reasons behind this mass oversight:
- Parental amnesia: Many parents have simply forgotten about accounts opened nearly two decades ago
- Address changes: Families moving home without updating contact details
- Lack of awareness: Young adults reaching 18 unaware the accounts even exist
- Administrative challenges: Difficulty tracking down providers after company mergers and name changes
How to Discover Your Hidden Fortune
If you were born between September 2002 and January 2011, you could be sitting on thousands of pounds without even knowing it. The process to check is surprisingly straightforward:
- Use the government's free online CTF tracing service
- Have your National Insurance number ready
- Contact the provider directly once identified
- Provide identification to claim your money
"Many young people are completely unaware they have this money waiting for them," said a financial inclusion campaigner. "With the cost of living crisis, this could be a genuine lifeline for thousands - whether for education costs, housing deposits, or starting a business."
The Scale of the Problem
Recent HMRC data shows the extent of this financial blind spot:
- Over 55,000 CTF accounts matured in October 2023 alone
- An estimated 55,000 accounts reach maturity every month
- The average matured account contains approximately £2,100
- Some accounts have grown to be worth over £5,000 through compound interest
This represents a significant financial opportunity for a generation facing unprecedented economic challenges, from student debt to rising living costs and housing affordability crises.
Don't Let Your Money Gather Dust
With inflation eroding the value of unclaimed savings, financial advisors are urging young adults and their parents to act now. The money is rightfully yours - but you need to take the simple steps to claim what could be a life-changing sum.
