UK Government to Contact Young Adults About Unclaimed Savings Accounts
Introduction
The UK government will contact many young adults. These young adults have savings accounts. They did not take the money from the accounts. The average amount in each account is £2,200.
Main Body
A Child Trust Fund is a savings account. The government made these accounts for children. The children were born between September 2002 and January 2011. More than 750,000 accounts are still not claimed. The government office HMRC will send letters to 21-year-olds. The letters tell them about their accounts. There is a free online service called 'find my child trust fund'. It helps people find their accounts. When a person turns 18, they can take the money out. They can also keep the money in the account. Banks and other companies hold the accounts. The government does not hold them. At the start, the government put about £250 into each account. Some children from poor families or in care got an extra £250. People who know their account provider can call them directly. The Economic Secretary Lucy Rigby met with account providers. She said many young people do not know about their accounts. She wants them to know. Child Trust Funds are now replaced by Junior ISAs. Junior ISAs are similar but the government does not put money in them.
Conclusion
The government wants to help young adults find their money. This can help them when they start their adult life. The government and account providers work together to find the unclaimed accounts.