Scores of young people could be owed a slice of millions of pounds from a government scheme. A spending watchdog says that some of the cash, designed to help young people financially in early adulthood, has not been claimed.
The National Audit Office (NAO) said that Child Trust Funds (CTFs) could have been forgotten about or lost track of. It estimated that a quarter of them had not been touched by their owners after they turned 18.
The CTFs can be accessed when a holder turns 18 and they are a tax-free savings account for children born between September 1, 2002, and January 2, 2011. The government paid more than £2 billion into CTFs for 6.3 million children born during this period, reports the Liverpool ECHO. Most holders were handed £250 from the Government when their CTFs started, while some from low-income backgrounds or in care were eligible for an extra £250.
