There are thousands of teenagers in the UK who could be owed an average of £2,100, according to HM Revenue and Customs. The government department is reminding people to collect their Child Trust Funds savings.
Child Trust Funds are long-term savings accounts that were opened for every child born between September 1 2002 and January 2 2011. Each account was provided with an initial deposit of £250 or £500 by the government, depending on household income, to encourage future saving.
An estimated 6.3 million Child Trust Fund accounts were set up throughout the duration of the scheme, containing about £9 billion. If a parent or guardian didn’t set up an account for their child, HMRC opened a savings account on the child’s behalf.
