UK 18-23s have £1.7bn in unclaimed matured Child Trust Funds

Around three quarters of a million young adults in the UK have not claimed matured Child Trust Fund accounts worth an average of £2,242 each, HM Revenue and Customs said, leaving roughly £1.7 billion potentially unclaimed by people now aged 18 to 23. HMRC published the figures as it urged eligible young people and their families to use the government online locator to find and access their accounts.

Child Trust Funds were government-backed, tax-free savings or investment accounts opened automatically for children born between September 1, 2002 and January 2, 2011 with an initial state deposit of at least £250, and £500 for lower-income families. Account holders can take control at 16 but cannot withdraw funds until they turn 18, when the account matures and the holder may withdraw the money or transfer it into an adult ISA or other savings vehicle. HMRC emphasised that the accounts are held by banks, building societies or other providers, not by the government.

HMRC said 758,000 people aged 18 to 23 had yet to claim their matured accounts and that more than 563,000 young people used the government locator tool in the 12 months to the end of August 2025. Angela MacDonald, HMRC’s...