HM Revenue and Customs is issuing an urgent call to action during National Apprenticeship Week, urging hundreds of thousands of young people to claim money that is rightfully theirs. New data reveals a staggering 758,000 individuals have yet to access their Child Trust Fund savings, with average holdings worth £2,242.
What Are Child Trust Funds?
Child Trust Funds represent long-term, tax-free savings accounts established automatically for children born between September 1, 2002, and January 2, 2011. Each account received an initial government contribution of at least £250, with many accounts growing substantially through additional deposits and investment returns over the years.
Young people gain control of their accounts at age 16, though the funds fully mature when they turn 18. At that point, account holders can choose to withdraw the money or reinvest it for future needs.
The Simple Claiming Process
Financial experts emphasize that accessing these funds requires minimal effort. Antonia Medlicott, founder and managing director of London-based Investing Insiders, confirms the process is "surprisingly easy" and should take no more than five minutes for most claimants.
"If you haven't yet received a Child Trust Fund payment, this could literally be money with your name on it," Medlicott explained. "The best news is getting hold of the money is straightforward, and you should never need to pay anyone to help you do so."
How to Locate Your Funds
Myrtle Lloyd, HMRC's chief customer officer, advises young people to search 'find my Child Trust Fund' on the official GOV.UK website. Alternatively, claimants can use free finding services that specialize in tracking down lost trust fund and pension money without requiring original paperwork.
"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," Lloyd emphasized. "Find yours today."
Life-Changing Potential
Kate Underwood, founder of Southampton-based Kate Underwood HR and Training, highlights the transformative impact these funds could have on young adults navigating financial pressures.
"That 'lost' £2,242 could be the difference between your young employee thriving or cracking under the cost of living," Underwood stated. "Employers should share this information with their teams, especially parents."
She elaborated on the practical applications: "That's not a treat. That's a rent deposit, travel-to-work expenses, tools for an apprenticeship, or 'I can actually afford that course' fund. Loads of young adults are living at home longer because starting life is eye-wateringly expensive."
Relieving Household Pressure
Unclaimed Child Trust Funds represent more than individual opportunity—they could alleviate broader family financial strain. "If a Child Trust Fund is sitting there unclaimed, it can take real pressure off the whole household," Underwood noted. "It can help that young person move into education, training or work without leaning on overdrafts and buy-now-pay-later schemes."
With National Apprenticeship Week running from February 9 to 15, HMRC's campaign aims to connect young people with funds that could support their career development. The revenue service encourages anyone born between September 2002 and January 2011—or their parents—to verify their eligibility for these substantial, overlooked savings.
