Savings stash worth thousands waiting for 758,000 young people

It is absolutely vital for young people to check what they are entitled to. From a financial planning perspective, these “forgotten” pots – can play a meaningful role in building early financial resilience. For someone just starting out in adult life, a few thousand pounds can make a huge difference, whether that’s used for further education, housing costs, or building an emergency savings buffer. My other thought is that unclaimed entitlements highlight a broader issue: financial disengagement. If over 700,000 young people are unaware of a savings account in their name, it raises questions about how we encourage ownership and confidence in personal finance. Checking what you are owed is not just about the immediate cash, but about developing the habit of keeping track of your financial affairs.

Forgotten Fortunes: Three-Quarters of a Million Young Adults Missing Out on Free CTF Cash The Child Trust Fund was one of the most generous savings schemes ever offered, with up to £1,000 from government for low-income families and far more when parents topped it up. With investment growth, some pots are now worth over £30,000, though for poorer households it may only be a few thousand. Yet 758,000 young people still haven’t claimed theirs. With an average of £2,200, this is free money that could help with housing, education, or simply a financial buffer, unclaimed not because of value, but a lack of awareness.

The small amount of effort it takes to claim a lost Child Trust Fund could be well worth it, especially for a young person facing the mounting costs that come with starting out on adult life.

And they may be surprised by how much even a small amount can grow over 20 years. The £250, £500 or, in some cases, £1000 that the government originally invested on their behalf, could have doubled or tripled in that time, if it was put into a well-managed fund.

One our team members recently attempted to claim a Child Trust Fund payout for her daughter. She discovered that the original CTF provider no longer existed. Even in that circumstance, it was still a relatively easy job to track the money down thanks to HMRC's Child Trust Fund finder service, which only requires a National Insurance number. It means that even if paperwork has been lost and you don't know which provider holds your savings, it's still possible to be reunited with money that has your name on it.