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Unclaimed Child Trust Fund accounts leave young Britons without access
More than three quarters of a million UK Child Trust Fund accounts are accessible but unclaimed, and the typical balance is over £2,000.
BBC Business highlights that people aged 18 to 23 may have thousands of pounds sitting in unclaimed government Child Trust Fund accounts.
The program covers children born in the UK between 1 September 2002 and 2 January 2011, with each account funded using a government voucher of £250 or £500 for low-income families, plus additional government payments when children reached age seven and, in some cases, small Welsh government top-ups.
More than three quarters of a million accessible accounts remain unclaimed, with the average balance reported as more than £2,000. BBC Business also cites an estimate of £83 million held unclaimed in Wales alone, according to The Share Foundation.
The outlet reports that the Share Foundation says accounts go unclaimed mainly because some young people have never been told about the funds, and it is calling for an automatic release scheme for CTFs created by the UK government if they are not found by age 21. The UK government said savings belong to the account holders and are held by private sector providers.