Thousands Available for Children Born 2002-2011, Claims Process Urged
- Children born between September 1, 2002, and January 2, 2011, automatically received a Child Trust Fund from the government.
- The state contributed a minimum of £250 to each fund, and many eligible individuals are now over 18 and can access their savings.
- Martin Lewis emphasized the importance of checking these accounts to avoid missing out on potential savings.
In the UK, Martin Lewis highlighted a significant financial opportunity for young individuals aged 13 to 22 during an appearance on This Morning on October 15, 2024. He pointed out that children born between September 1, 2002, and January 2, 2011, automatically had a Child Trust Fund established for them by the government. This initiative was designed to encourage savings among young people, with the state contributing a minimum of £250 to each fund. As many of these individuals have now reached the age of 18, they are eligible to access these funds. However, a staggering 671,000 young people aged 18 to 21 have yet to claim their savings. This situation raises concerns about financial literacy and awareness among the youth regarding their entitlements. Lewis urged those eligible to check their accounts on the government website to ensure they do not miss out on this tax-free savings opportunity, which could amount to thousands of pounds. The Child Trust Fund scheme was introduced in 2005 and aimed to provide a financial foundation for children, but many beneficiaries remain unaware of their funds, highlighting a gap in communication and education about financial resources available to them.