Why 1st September 2020 Is An Important Date For Millions

Today (1st September 2020) marks a significant and symbolic day for many of teenagers across the UK.

Today, the first few thousand teenagers will gain access to their Child Trust Fund, money which has been accruing interest for eighteen years. Child Trust Funds (CTFs) were a government scheme in which provided two £250 or £500 deposits (dependent on parental income) in a government approved bank or investment account for the child.

Children born between 1st September 2002 and 2nd January 2011 were eligible for the scheme and the money only be accessed when the child turned 18.

Today (1st September 2020), the first set of children with Child Trust Funds turn 18. However, despite this important day, many teenagers are unfortunately set to miss out on their Child Trust Fund money.

HMRC estimates that nearly one million Child Trust Fund accounts originally set up have been ‘lost’ or forgotten about, meaning a significant amount of the money provided by the government will remain unclaimed.

The Just Finance Foundation have been drawing attention to this issue since 12th August and we finally grabbed the attention of the mainstream media sources last week, with the Guardian, Sun, Mirror and local papers highlighting the story.

However, many thousands, if not millions are still unaware of the £1,000+ in their CTF.

At the Just Finance Foundation, we recognise that a time of much uncertainty for teenagers, the money provided by the CTF scheme could help transform an individual’s life. That is why we are on a mission to:

1)      Ensure everyone is reunited with the money in their CTF

2)      Ensure that CTFs are used wisely in this difficult financial climate

To achieve this, we have a quick ‘5 Step Guide’ to checking if you have a CTF and how you can claim your money. We also have our ‘Fund my Future’ quiz – perfect for helping you decide what to do with your CTF.