Thousands of young people urged to check for missing savings worth £2,000
It is free to check for a Child Trust Fund(Image: GETTY)
TL;DR
- Hundreds of thousands of young adults are urged to check for forgotten Child Trust Funds.
- These accounts, set up for children born between 2002 and 2011, have an average value of £2,000.
- Around 760,000 accounts remain unclaimed.
- The FCA and HMRC advise using free online tools on GOV.UK to trace accounts, warning against paid services that can charge significant fees.
- HMRC has been sending letters to remind people, but warns that any texts or emails requesting financial details are scams.
- The FCA is conducting a review into Child Trust Funds, focusing on issues like young adults losing contact with their savings.