- Approximately 758,000 young adults in the UK, aged 18 to 23, have yet to claim their matured Child Trust Funds.
- Each unclaimed fund holds an average of £2,242, representing a significant sum for young people starting their financial lives.
- These tax-free savings accounts were established for children born between September 2002 and January 2011, with an initial government deposit.
- HM Revenue and Customs (HMRC) encourages eligible individuals to use the 'find my child trust fund' tool on gov.uk to locate their savings.
- Once located, the funds can be withdrawn or transferred into an adult ISA without impacting the annual ISA allowance.
IN FULL
Over 750,000 people could be owed thousands of pounds and not know about it
