Full Breakdown
Government Launches Child Trust Fund Taskforce to Reconnect Young Adults with £1.6 bn in Unclaimed Savings
6/30/2026, 10:36:41 PM
Background & Context
Child Trust Funds (CTFs) were created for children born between 1 September 2002 and 2 January 2011 to give each a tax-free savings asset at adulthood. Approximately 6.3 million CTFs were opened, mainly by parents or guardians, with the remainder set up by HM Revenue & Customs (HMRC). Initial contributions were typically £250, with an extra £250 for low-income families or children in local-authority care. Over time many accounts have gone dormant because owners could not locate them, forgot they existed, or chose to leave the money invested.
Core Initiative: Taskforce Formation and Objectives
Economic Secretary to the Treasury Rachel Blake MP convened a new Child Trust Fund Taskforce on the day of the announcement. The taskforce brings together government officials and a cross-section of CTF providers—including Nationwide, HSBC UK, Sheffield Mutual, One Family, Coutts, The Coventry (Co-operative), Pilling, Unity Mutual, Forester, Healthy Investments, and The Share Foundation—to improve coordination on tracing and engaging young people. Its aim is to increase the proportion of matured CTFs that are claimed, delivering the funds to the individuals for whom they were intended.
Key Participants
- Rachel Blake MP – Economic Secretary to the Treasury, convenor of the taskforce.
- JP Marks – Chief Executive and First Permanent Secretary, HMRC.
- Jim Islam – Chief Executive Officer, One Family.
- Philip Kurtenbach – Head of Product Management & Governance, Wealth & Private Banking, HSBC UK.
- Richard Stocker – Head of Savings, Nationwide.
- CTF providers – Nationwide, HSBC UK, Sheffield Mutual, One Family, Coutts, The Coventry, Pilling, Unity Mutual, Forester, Healthy Investments, The Share Foundation.
Data & Statistics
- Unclaimed accounts: > 750,000 matured CTFs remain unclaimed.
- Average balance: £2,200 per account.
- Aggregate value: Over £1.6 billion in total unclaimed savings.
- Eligibility: Accounts belong to individuals born between 1 September 2002 and 2 January 2011; those aged 18 or over can access funds immediately.
Official Statements & Responses
The Treasury stressed that many young people are unaware of their entitlements, prompting a coordinated effort to simplify discovery and claim processes. HMRC highlighted its ongoing communications campaign, including direct letters to 21-year-olds whose accounts have not yet been claimed. Provider representatives expressed support for the taskforce, noting that streamlined access to CTFs can provide a meaningful financial boost at a pivotal life stage.
Verbatim Quotes
- “Economic Secretary to the Treasury Rachel Blake said: “Too many young people are missing out simply because they are not aware of where their child trust fund is or how to access it.” — Rachel Blake, Economic Secretary to the Treasury
- “This is their money, and we want to do all we can to help them find and access it.” — JP Marks, HMRC Chief Executive
- “Jim Islam, Chief Executive Officer, OneFamily, said: We welcome the creation of the Child Trust Fund Taskforce to help more young people access their savings.” — Jim Islam, CEO, One Family
- “We know that having a fund to support young people as they start adult life can make a real difference - opening up opportunities at a pivotal moment in their lives.” — Philip Kurtenbach, HSBC UK
- “Richard Stocker, Head of Savings, Nationwide said: Nationwide is pleased to be part of the Child Trust Fund taskforce and fully supports its aims.” — Richard Stocker, Head of Savings, Nationwide
How Young People Can Claim Their Funds
Anyone born within the eligibility window can use the free “Find my Child Trust Fund” tool on GOV.UK, which requires only a National Insurance number and returns results within minutes. The tool links directly to the provider holding the account, enabling immediate access for those aged 18 or over.
What’s Next
The taskforce will test enhanced tracing methods, refine engagement strategies, and monitor claim rates. HMRC will continue sending targeted letters to 21-year-olds, while the government plans periodic reviews of the taskforce’s impact. Stakeholders anticipate that coordinated action will reduce the unclaimed pool and deliver the intended financial benefit to millions of young adults.
