"Hundreds of thousands of young people in this country don't know they have a CTF, let alone how to access it. Some will have a couple of thousand pounds sat there that would really help them as they begin adult life."
"The initial government stake was invested in the stock market, and the average account balance is put at £2,200. Once the account holder turns 18 the CTF matures, and its owner can decide whether they want to withdraw the money or reinvest it."
HMRC is launching a campaign to help young Britons access forgotten Child Trust Funds (CTFs), which were established for children born between September 2002 and January 2011. Many young people are unaware of their CTFs, which typically contain around £2,200. The initiative aims to reunite individuals with their savings, as over 750,000 CTFs remain unclaimed. Stakeholders, including banks, are collaborating to facilitate access to these funds, which can be withdrawn or reinvested once the account holder turns 18.
Read at www.theguardian.com
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