Hundreds of thousands of young adults across Britain are unaware they have access to substantial savings that rightfully belong to them.
New figures from HM Revenue and Customs reveal that 758,000 people between the ages of 18 and 23 have failed to access their matured child trust fund accounts, which contain an average sum of £2,242 per person.
These unclaimed funds represent a collective pot worth approximately £1.7billion that remains untouched by eligible young adults who may not realise the money exists or understand how to access it.
Child trust funds were tax-free savings schemes established by the Government for every child born from September 1 2002 to January 2 2011.
Some 758,000 Britons are eligible for a savings windfall worth more than £2,000
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Each eligible child received a minimum Government contribution of £250 to start their account.
These long-term savings vehicles were designed to provide young people with a financial foundation upon reaching adulthood.
Account holders gain the ability to manage their funds from age 16, though the money becomes fully accessible when they turn 18.
At maturity, beneficiaries face a choice regarding their accumulated savings. They can either withdraw the entire sum or reinvest it for continued growth.
Money left ‘untouched’ in child trust funds is waiting to be claimed
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PAThe funds are held by various banks, building societies and financial providers rather than the Government itself.
Those who know their provider can make direct contact to access their money.
For the majority who are unsure where their account is held, HMRC offers a free online search service.
Young people can locate their funds by searching “find my child trust fund” on the gov.uk website.
The tool has proved increasingly popular, with over 563,000 people using it to track down their accounts in the year ending August 2025.
“If you’re between 18 and 23, you could be sat on a savings payout and not even realise it,” said Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive.
She noted that transferring to an adult ISA carries an additional advantage: “Anything you transfer to an adult Isa at maturity will not count towards your annual Isa allowance, which is £20,000 for over-18s.”
Shelley Doorey-Williams, the chief executive of the London Foundation for Banking and Finance, said: “With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time, that can help young people right at the start of their financial lives.”
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Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “Child trust funds were meant to sow the seeds for a lifetime of saving and investing, but while investments have flourished, in far too many cases, these grown-up children are yet to reap the rewards.
“Over three quarters of a million have yet to claim their matured child trust fund, worth £2,242 on average each. It’s not a huge shock. Of the total 6.3 million accounts, 1.8 million of them were opened by HMRC, so some parents never knew where the money went, and over the years an awful lot of people have lost track of them too.
“In the intervening years, the stock market investments have grown impressively but this money risks just sitting untouched, while young people struggle along without it.
“If you qualified for a CTF, you can track it down through the Government website after the age of 18. More than half a million young people did this in the 12 months to August. No young person loves financial admin like this, but the chance of unearthing over £2,000 could be enough to persuade even the most reluctant to give it a go.”