HMRC is urging young people who have yet to claim their Child Trust Fund (CTF) to do so during National Apprenticeship Week.
HMRC’s figures show 758,000 young people could be missing out on cash as they have yet to claim the savings in their CTF account.
CTFs are long term, tax-free savings accounts which were set up for children born between 1 September 2002 and 2 January 2011 with an initial government deposit of at least £250.
Young people can take control of their account at 16, but once they turn 18 years old the account matures and they can decide whether they want to withdraw the money or re-invest it.
With hundreds of thousands of apprentices under the age of 24 across the UK, a CTF worth on average £2,242 each will give them a financial head start.
Myrtle Lloyd, HMRC’s Chief Customer Officer said:
‘Whether young people are on an apprenticeship, starting their first job, or making plans to go to university, a CTF can make all the difference.
Find yours today by searching “find my Child Trust Fund” on GOV.UK.’
Internet link: HMRC press release
