{"id":27311,"date":"2024-10-11T10:36:49","date_gmt":"2024-10-11T09:36:49","guid":{"rendered":"https:\/\/smh.group\/?p=27311"},"modified":"2024-10-11T11:26:01","modified_gmt":"2024-10-11T10:26:01","slug":"670000-child-trust-fund-accounts-unclaimed","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/670000-child-trust-fund-accounts-unclaimed\/","title":{"rendered":"670,000 Child Trust Fund Accounts Unclaimed"},"content":{"rendered":"

Around 670,000 Child Trust Fund (CTF) accounts are currently unclaimed by Generation Z adults aged 18 to 22, raising concerns for HMRC.<\/strong><\/p>\n

CTFs were opened for every child born between 1 September 2002 and 2 January 2011, with each account started off with a \u00a3250 voucher (\u00a3500 for low-income families). A similar amount was added for any child who turned seven by 31 July 2010. That means all CTFs hold some money; in fact, each unclaimed account has an average of \u00a32,200.<\/p>\n

Given that nearly 30% of CTFs were set up without any parental involvement, it\u2019s no surprise so many account holders are unaware of a CTF\u2019s existence.<\/p>\n

Tracing a CTF<\/strong><\/p>\n

A CTF will be held by a bank, building society or other savings provider. The number of providers has shrunk, with some merging and others exiting the market, meaning many CTFs will now have a different provider to when the account was set up. There are two free tracing options for anyone who does not know their CFT provider:<\/p>\n