As more and more young people turn 18 and gain access to their Child Trust Fund, Torfaen MP Rt Hon Nick Thomas-Symonds, and MS Lynne Neagle, are encouraging young people to claim money that is rightfully theirs.
Under the scheme set up by the then-Labour Government, every child born from 1 September 2002 until the programme was closed in 2011 received a £250 voucher, or £500 for those on low income, for parents to open a Child Trust Fund with a financial services provider. For children whose parents did not use the voucher, the Government set up an account for them.
The Welsh Government also made an additional contribution when children reached primary school age as well as providing extra support for children with disabilities.
Unfortunately, latest figures published by HMRC suggest that many of the funds that have been set up for young people have been forgotten. While there are currently 6.1m Child Trust Funds open, over 5.1m accounts had no money paid into them at all from April 2019 to April 2020.
In a joint statement, Mr Thomas-Symonds and Ms Neagle said: ‘Child Trust Funds were an investment in our children to give them a good start to their adult life, whether that be buying a car, starting a business, or saving for the future. It is so important that young people are made aware of these funds and can access the money that they are entitled to.
‘The UK Government need to step up efforts to ensure no young person is prevented from receiving their fund because they are not aware these exist.’