Child Trust Funds: Everything you need to know as £130m goes unclaimed in Yorkshire - how to find yours
Young people across Yorkshire are missing out on hidden pots of money that could be worth thousands of pounds - but many don’t even realise they exists.
Child Trust Funds (CTFs), launched by the government two decades ago, were designed to give every child a financial head start in life.
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But with an estimated £130m still going unclaimed in the Yorkshire and Humber region alone, campaigners have said that far too many young people are being left in the dark.
One of those was Tayo Olutunde, a 21-year-old student from Leeds - until a chance TikTok video changed everything.
“When I first heard about people realising they had thousands in their accounts, I thought: this can’t be real,” said Tayo. He was stunned to discover he was entitled to more than £2,000.
What is a Child Trust Fund?
A Child Trust Fund is a tax-free savings account set up by the government for every child born in the UK between September 1, 2002, and January 2, 2011.
Each account was kickstarted with a payment of £250 or £500, depending on family income, with some children receiving top-ups from their parents or carers. The money is locked away until the child turns 18 - when it can be withdrawn or reinvested.
Around 6,000,000 of these accounts were created - and more than one million are still unclaimed across the UK.
How do I know if I have one - and how do I get it?
If you were born in the eligible window, there’s a good chance you have a Child Trust Fund - even if you’ve never heard of it.
Accounts have often been forgotten if families moved house, changed contact details, or weren’t aware one had been opened in their child’s name. To check whether you have one, you can use The Share Foundation’s free search tool, developed in partnership with HMRC via www.sharefound.org/ctf.
You’ll need your National Insurance number and some basic personal details. If an account exists, you’ll be matched with the provider who holds it - and can then claim the money.
I can’t get access to my Child Trust Fund – is there anyone who can help?
Yes - The Share Foundation, a registered charity, works with HMRC and account providers to help people track down and unlock their funds. It also manages savings schemes for children in care on behalf of the Department for Education.
To date, the charity has reunited over 85,000 young people with their Child Trust Funds, recovering more than £165m in the process.
Gavin Oldham OBE, Chair of Trustees at The Share Foundation, is calling on the government to go further - by automatically releasing funds to young people when they turn 21, particularly in cases where the accounts were set up by HMRC and have had no contact.
He said: “Today, child poverty is becoming an increasingly pressing issue. To attempt to break the cycle of deprivation, we have spent the last 12 years creating starter capital accounts for young people in care and helping those from low-income backgrounds access Child Trust Funds they weren’t even aware existed.
“There is still much work to be done, but these efforts are a starting point in providing essential support at the time families need it most.”
How has it affected people in Leeds?
For Leeds student Tayo Olutunde, it all started with a TikTok. He said: “When I first heard about people realising they had thousands in their accounts, I thought: this can’t be real. Immediately after that I did a bit of research online.”
Eventually, Tayo came across The Share Foundation - a charity that helps young people locate and unlock their funds through a free HMRC-linked search tool - and was able to access the account.
“I was blown away,” he said. “I was thinking about all the things I’d be able to do with the money. I thought I might as well go away with my friends, so we had this crazy holiday in Milan. That never would have happened if I hadn’t found out about the CTF.”
Tayo had around £2,400 in his account – and used the leftover cash from his holiday for investments.
Currently on a university placement year working as an analyst and statistician, he said that the funds could be life-changing for people at a time when many are struggling with the rising cost of living.
“If your parents have put in that much effort, it’s really important to get access to it,” explained Tayo. “Especially in today’s age when it's getting harder and harder to buy a house.”
How much money is still unclaimed in Yorkshire?
According to The Share Foundation, over 65,000 young people in Yorkshire and the Humber still haven’t claimed their Child Trust Funds - with a staggering £130m going untouched.
Of those, nearly half are from low-income backgrounds, meaning the money could be especially valuable at a time when many young people are facing rising rent, student debt and the cost of living crisis.