Tayo Olutunde stumbled upon a TikTok video discussing Child Trust Funds two years ago, initially skeptical about its authenticity due to the prevalence of misinformation on social media. However, following some investigation, the accounting and finance student found himself over £2,000 richer upon discovering an undisclosed Child Trust Fund in his name.
Child Trust Funds were established as savings accounts for children born between September 1, 2002, and January 2, 2011. Each child received a voucher valued at £250, or £500 for those from lower-income families. In cases where parents failed to open the fund, HMRC would do so on the child’s behalf, leading to many individuals being unaware of their account’s existence.
An estimated 670,000 unclaimed Child Trust Funds are held by young adults, with an average balance of £2,200. Tayo, residing in Leeds at 22 years old, shared with The Mirror his journey of discovery, stating, “I found out about Child Trust Funds on TikTok about two years ago. I was intrigued but hesitant due to its seeming incredibility.”
Locating a Child Trust Fund typically proves uncomplicated, although frequent address changes may necessitate additional paperwork, as Tayo experienced. Despite the administrative hurdles, he emphasized the value of persistence, recounting his efforts to access his account and the subsequent benefits of his diligence.
Upon accessing his fund, Tayo revealed a balance exceeding £2,000. He utilized a portion for a memorable holiday in Milan and invested the remainder wisely. Encouraging others to explore their own accounts, Tayo highlighted the importance of seizing opportunities to maximize financial gains.
Accessing a Child Trust Fund becomes possible upon reaching 18 years old. While new funds cannot be opened, contributions to existing accounts remain permissible. For those seeking guidance on locating their Child Trust Fund, direct contact with the provider or assistance from HMRC through an online form submission on GOV.UK is recommended.
Advocacy for an automated scheme to reunite unclaimed funds with rightful owners is gaining momentum, spearheaded by The Share Foundation. With a track record of aiding over 95,000 individuals in retrieving nearly £200 million from dormant accounts, the foundation’s chairman, Gavin Oldham, OBE, underlined the initiative’s potential to empower young people from underprivileged backgrounds and disrupt cycles of deprivation.