A TikTok video sparked Tayo Olutunde’s curiosity about Child Trust Funds two years ago. After some investigation, the accounting and finance student discovered an unclaimed fund, making him over £2,000 richer today. Child Trust Funds, established for children born between September 1, 2002, and January 2, 2011, provided accounts with a voucher value of £250 or £500 for those in lower-income families.
Many individuals are unaware of their Child Trust Funds, as around 670,000 accounts remain unclaimed, holding an average of £2,200 in savings. Despite facing some paperwork challenges due to frequent address changes, Tayo’s persistence paid off when he accessed his account, leading to a windfall that he wisely invested.
Accessing a Child Trust Fund is only possible upon turning 18, and while new accounts cannot be opened, contributions can continue to existing ones. For assistance in locating a lost account, individuals can contact HMRC or visit GOV.UK. The Share Foundation is advocating for a scheme to automatically reunite unclaimed funds with their rightful owners to support young people from low-income backgrounds in transitioning to adulthood.