Child Trust Funds were set up by the Government for children born between September 1, 2002 and January 2, 2011
Thousands of young people are being urged to check if they have a forgotten or lost Child Trust Fund.
The latest figures from HMRC show 758,000 people aged between 18 and 23 have yet to claim their matured Child Trust Fund, with the average account worth £2,242.
Some people may have more or less than this amount, depending how much was saved into the account.
Child Trust Funds were set up by the Government for children born between September 1, 2002 and January 2, 2011. These accounts were opened with an initial deposit of £250, or £500 for children from low income families.
Families could then add up to £9,000 into the account every tax year. Young people can withdraw money from their Child Trust Fund when they turn 18.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said: “If you’re between 18 and 23, you could be sat on a savings payout and not even realise it.
“Just search ‘find my Child Trust Fund’ on GOV.UK to find your savings account today.”
If young people, or their parents or guardians already know who their Child Trust Fund provider is, they can contact them directly. If you don’t know where your account is, you can use the GOV.UK locator tool to find it.
You will need the National Insurance number and date of birth of the account holder. The savings accounts are not held by government but are held in banks, building societies or other saving providers.
More than 563,000 young people went online to find their Child Trust Fund in the 12 months to the end of August 2025. September 2024 was the busiest month when over 71,000 searches were submitted.
Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance said: “As a committed member of the YFCG (Youth Financial Capability Group), the London Foundation for Banking & Finance welcomes HMRC’s call for young people to claim their Child Trust Fund savings.
“It’s encouraging to see the Government making efforts to reunite people with money they may not even realise was theirs. With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time, that can help young people right at the start of their financial lives.”
The Mirror recently reported on how accounting and finance student Tayo Olutunde discovered he had a Child Trust Fund worth more than £2,000.
Tayo, aged 22 and living in Leeds, told The Mirror: “I found out about Child Trust Funds on TikTok… this was about two years ago. I was quite interested and I looked into it, but I thought, lets just leave it, as it sounded too good to be true.
“Fast forward to now, and I spoke to my mum and she said, yeah, I do have an account.”