The National Audit Office has raised concerns that child trust funds account are at risk of becoming forgotten or lost track of
Child Trust Funds have been labelled a 'vital lifeline' during the cost of living crisis and can help young people financially in early adulthood. However, it's been revealed that huge sums of money have not yet been claimed, according to the National Audit Office, with concerns raised that accounts are at risk of becoming forgotten or lost track of by those holding them.
Some of this belonged to young people aged 18 and over who had not unlocked their accounts. By April 2021, around 320,000 CTFs had matured in the seven months since the first CTF account holders reached 18 in September 2020. It is unclear how many children and young adults are either unaware of, or unable to locate, their CTF, the NAO said. It added that HM Revenue and Customs intends to incorporate CTFs into a communications campaign in 2023.
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