The UK Government has issued an alert, calling on many people born before 2012 to claim pots of cash.
An update on Thursday from the official GOV.UK X account explains that more than 750,000 people have yet to claim what is rightfully theirs.
The post reads: “If you were born between 1 September 2002 and 2 January 2011, you might have money saved in a Child Trust Fund.” It adds: “More than 750k young adults are missing out on an average of £2.2k each in their Child Trust Fund account”.
Child Trust Funds are long-term tax-free savings accounts set up for every child born between September 1, 2002, and January 2, 2011.
The scheme was set up by a former Labour administration, and the government contributed £250 for each eligible child, with parents and caregivers then able to top up the account if they so wished.
The funds are only accessible once the child reaches 18. Savings are managed by banks, building societies or alternative savings providers, with the money remaining in the account until withdrawal or reinvestment occurs.
Where young people or their parents and guardians are already aware of their Child Trust Fund provider, they can make direct contact. Otherwise, an online Gov.uk tool can be used to identify their Child Trust Fund provider.
You’ll need your National Insurance number, as well as any adoption details if this applies.
If you’re a parent or guardian looking for a child’s trust fund, you’ll need the child’s full name, address and date of birth, as well as any previous names you or the child have used.