Unclaimed Child Trust Funds of £2,212 might be lost by almost 670,000 young people.
unclaimed Child Trust Funds worth £2,212 apiece. The unclaimed Child Trust Funds (CTFs) of almost 670,000 young people between the ages of 18 and 22 are being urged to be claimed; HM Revenue and Customs (HMRC) reports that the average account balance is £2,212.
The government created these savings accounts for children born between September 1, 2002, and January 2, 2011, intending to give young individuals a head start on their finances. But many are still unclaimed.
Every eligible kid can open a kid trust fund, which is a long-term, tax-free savings account. The government sets aside £250 for each account at first. Over time, some guardians or parents may have contributed more money to these accounts. Even though the funds are kept in banks, building societies, or other financial organizations, young people may manage their accounts starting at age 16 and take money out when their account matures, which happens when they reach 18.
Also Read :Is RFK Jr's marriage over after the alleged relationship with Olivia Nuzzi? His wife, Cheryl Hines, was spotted without the wedding ring
The significance of youths retrieving their money was emphasized by Angela MacDonald, Second Permanent Secretary and Deputy Chief Executive at HMRC: Thousands of Child Trust Fund accounts are sitting unclaimed, they want to reunite young people with their money, and they’re making the process as simple as possible. Those uncertain about their Child Trust Fund provider may use the free online tool accessible via GOV.UK to find their
