Guys, millions of young people have £2k each in trust funds they didn’t even know about

Here’s how you can claim it from the government

Finally, some good news. In what feels like a bizarre sort of national lottery where tonnes of young people are winners, it was revealed this week that millions of 12-21 year olds actually have thousands of pounds each in Child Trust Funds set up for them by the government while Gordon Brown was prime minister.

Anyone with a Child Trust Fund can access the thousands of pounds the government has saved for them as soon as they turn 18. But the National Audit Office has warned everybody is forgetting about the free cash  and instead £394 million has been left unclaimed by 145,000 18-21 year olds across the UK. Horror.

In the era of the Cozzie Livs, this is simply not the time to forget about your trust fund. So, here’s how to channel your inner nepo baby and claim what’s rightfully yours:

How much money is in my Child Trust Fund?

If you were born between 1 September 2002 and 2 January 2011, the government gave your parents a £250 voucher (£500 if you’re from a low-income family) to open a tax free account. If they didn’t remember to do it, then HMRC did it for you. So, no worries.

Your money, £250 or £500, was then invested and, by April 2021, the average amount in a Child Trust Fund reached £1,911. Meaning you could have almost £2k waiting for you. Buzzing.

Right, and how do I know whether I have a child trust fund?

If you have a birthday between 1 September 2002 and 2 January 2011, you almost certainly have a Child Trust Fund. If you don’t know which company your Child Trust Fund is with, the best thing to do is call your mum (classic). But if she doesn’t know, then you can contact HMRC and they’ll find your Child Trust Fund for you.

Ok, but how do I access my Child Trust Fund at 18?

Obv, we all want to see the money. And, if you don’t know who your Child Trust Fund is with to withdraw it, you can contact HMRC using an online form and they’ll find your CFT details.

Once you know who your provider is, you can log into your online account and withdraw the money using a bank transfer or cheque in the post, if that’s your vibe. Then you can decide whether to reinvest the money (sensible), or use it to pay off your ever accumulating over draft (needed).

But the main thing is: Don’t. Forget. About. The. Cash.

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