750,000 young people have an average of almost $3,000 sitting unclaimed, and most have no idea it’s even theirs

Around 750,000 young people in Britain are sitting on an average of $2,975 in savings they likely have no idea exists. The money is held in Child Trust Funds, long-term tax-free savings accounts set up by the government for children born between September 1, 2002, and January 2, 2011. As first highlighted by LADbible, a total of around $2 billions remains unclaimed across these accounts, largely because parents either forgot they set them up or never realized how much the original contributions had grown.

When these accounts were created, the government issued a voucher worth $338 to kickstart each one, with up to $675 available for families on lower incomes. Parents could then contribute up to $12,150 annually into the account. The money belongs entirely to the child and becomes fully accessible once they turn 18.

Personal finance expert Laura Pomfret recently discussed the issue on BBC Morning Live, explaining that many parents simply moved on and forgot about the accounts after the initial setup. The funds were left to grow quietly in the background while families got on with their lives, which is precisely why so many of them have gone unclaimed for years.

The process to find your account is free, and it takes just a few minutes

HMRC is now sending letters to individuals aged 21 and over to notify them about their accounts, but those currently between 18 and 24 are advised not to wait. The official GOV.UK search tool is free to use, and Angela MacDonald, Second Permanent Secretary and Deputy Chief Executive at HMRC, has been direct about one key warning: “You don’t need to pay anyone to find your Child Trust Fund for you.” The same generation of young people is already on the government’s radar amid new UK legislation targeting those born after 2008, making this another instance of the state taking active steps that directly affect that age group.

To begin a search, individuals will need their National Insurance number. Parents or guardians searching on behalf of a child under 18 will need the child’s full name, address, date of birth, and any previous names. The online form must be completed in a single session, as the system does not allow progress to be saved.

Once submitted through the GOV.UK tool, HMRC will provide the name of the account provider within approximately three weeks for online applications. The tool does not display the account balance, so claimants will need to contact the provider directly for that information. The story is part of a broader pattern of money being returned to people who had no idea they were owed it, not entirely unlike customers receiving unexpected tariff refunds following a court ruling earlier this year.

If no response is received within six weeks, applicants are advised to write to HMRC and include their reference number. Free assistance is also available through the Share Foundation for those who need help identifying their provider.