Overview

• More than 670,000 people aged 18 to 22 have yet to claim their Child Trust Funds, with an average balance of £2,212 per account
• On July 7 and 8, HMRC renewed social media warnings to boost awareness among eligible young adults about their dormant savings
• Claimants can fill out a form on GOV.UK using their National Insurance number and Government Gateway login, and HMRC will identify their account provider within three weeks
• Child Trust Funds were set up for children born between September 2002 and January 2011 with initial vouchers of £250 (£500 for lower-income families) and allowed contributions until the scheme closed in 2011
• HMRC cautions that paid tracing services are unnecessary and emphasizes that its official GOV.UK tool is free and secure