Could You Have £2,000 Waiting For You? Uk Youth Urged To Check For Hidden Savings

Could You Be Sitting on a Secret Stash?

Imagine stumbling across a small fortune you didn’t even know you had! That's the reality for many young people in the UK born between September 1, 2002, and January 2, 2011. These individuals might have a Child Trust Fund (CTF) account, potentially worth an average of £2,242 – or even more! These accounts were established by the government with an initial deposit, and they’ve been quietly growing ever since.

“I was counting down the days until I could claim my Child Trust Fund," shares Hope Kerr-Williams, a 22-year-old apprentice, recalling how she used her £5,000 fund to secure her first flat and university essentials.

Unlocking Hidden Treasure

Child Trust Funds are tax-free savings accounts designed to give young people a financial boost as they enter adulthood. At 16, you can take the reins of your account, but the real fun begins at 18 when you have the choice to withdraw or reinvest your funds. Despite their potential benefits, many remain unaware of these accounts, with around 758,000 young people possibly missing out on this hidden treasure.

Perhaps you’re wondering if you have a dormant CTF waiting for you? The good news is, there’s a handy Government locator tool available on GOV.Uk to help you find your fund. While these accounts aren’t directly held by the government, they are safely stored in banks, building societies, or other saving providers.

Seize the Opportunity

As National Apprenticeship Week approaches (February 9-15), HMRC is encouraging young adults to check if they’ve got cash ready to fuel their future endeavors. Whether it's kick-starting your career or assisting with university expenses, this unexpected windfall could be just the leg up you need.

For those curious to learn more about managing personal finances or exploring new opportunities, subscribing to updates from sources like MyLondon could keep you in the loop with the latest tips and tricks to make the most of your money.