HMRC Launches Campaign to Reunite Young People With Unclaimed Child Trust Funds
In Brief
The campaign aims to help young adults access forgotten savings accounts, potentially providing a financial boost as they reach adulthood.
Key Facts
- HMRC is contacting 21-year-olds as part of an awareness drive around lost child trust funds.
- More than 750,000 child trust fund accounts remain unclaimed, according to the Government.
- The average balance in these unclaimed accounts is typically £2,200.
- Child trust funds are tax-free savings accounts set up for children born between specified dates.
- The Government is undertaking an awareness campaign to help people unlock these savings.
What Happened
HM Revenue and Customs has begun contacting young adults, particularly 21-year-olds, to inform them about unclaimed child trust fund accounts and encourage them to access their savings.
Why It Matters
Many young people may be unaware of savings set aside for them, and accessing these funds could provide significant financial support as they transition into adulthood.
What's Next
The awareness campaign will continue as HMRC seeks to reach more eligible individuals. Recipients are expected to follow instructions to claim their funds.
Sources
- The Independent — HMRC to contact 750k young Brits over unclaimed savings worth thousands(5h ago)
- The Guardian — Campaign launched to reunite young Britons with forgotten savings accounts(1h ago)
- The Independent — Young people set to be contacted about forgotten accounts worth £2,200 typically(6h ago)