Child Trust Fund recovery campaign
Helping young people claim what’s theirs
Between 2002 and 2011, the Government opened a savings account for almost every eligible child born in the UK. These are called Child Trust Funds (CTFs).
There are over 6 million accounts in total.
But many young people don’t know their account exists - especially those whose account may have been opened by HMRC ( HMRC-allocated accounts) – these are the most likely to have lost touch with their account or did not even know they had one.
If you are looking to find your Child Trust Fund account, we can help with the journey to locating your account today. Our search facility is free of charge and supported by HMRC and the tracing group CTF register.
We believe every young person should be able to access money that belongs to them and have the opportunity to use it to support their future.
Find your account
If you are looking to find your Child Trust Fund account, we can help with the journey to locating your account today.
The challenge
A significant number of Child Trust Funds have become “disconnected”, meaning the young person has lost contact with their account, or did not even know they had one!
Around 1.8 million accounts were opened automatically by HMRC when families didn’t choose a provider.
A large proportion of accounts remain unclaimed when young people turn 18.
Many of these HMRC allocated accounts are held by young people from lower-income households.
In total, around £1.5 billion may be sitting in accounts that young people have not yet accessed.
Many young people have money waiting for them, but don’t know how to find it.
What we’re doing about it? The Share Foundation launched a national campaign to help young people reconnect with their Child Trust Funds.
How we help
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We created findCTF.sharefound.org, a simple FREE online search tool for young people aged 16+ to help locate their account.
This is designed for young people aged 16+ because:
Most receive their National Insurance number around this time, helping with identification
At 16, young people can start taking control of their account (even though they cannot withdraw money until 18)
WATCH THE VIDEO: What is a Child Trust Fund - and why does it matter to me?
For information on helping young people with limited mental capacity, please access the Ministry of Justice toolkit or visit the charity Contact.
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We developed a secure matching system called The CTF Register, working with The Tracing Group and account providers.
This helps match young people with ‘lost’ and unclaimed accounts across the UK.
So far, providers are covering over 4 million accounts as part of this initiative.
The Share Foundation has been also been active in national discussions about Child Trust Funds, including working with Government departments such as HMRC, The National Audit Office (NAO) and Parliamentary committees and policy discussions.
Following the public accounts committee hearing into Child Trust Funds the NAO report was published on the scheme - Investigation into Child Trust Funds - NAO report.
Our goal is to make sure no young person misses out on money that is rightfully theirs.
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We also work to make sure young people actually know this support exists by:
Working with schools, local authorities and youth organisations
Running social media campaigns
Creating resources for events and workshops
Please get in contact if you, or someone you know would like to work with us to raise awareness about CTF Recovery Campaign.
Get invovled
If you are a young person, carer, professional or organisation supporting young people, you can help by:
Encouraging young people to check if they have a Child Trust Fund
Sharing the search tool
Supporting awareness in schools and communities
Helping young people feel confident managing their future finances
Together, we can help every young person access what is rightfully theirs and take their next steps with confidence. Find out more information, statistics and ideas via our CTF Ambassador’s page.
Talk CTF
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Almost everyone born in the UK between 1 September 2002 and 2 January 2011 had a Government-funded Child Trust Fund (CTF) savings account opened for them, yet an astonishing 42% of young people who are now eligible (that is, aged 18 or over) to access their savings account have not done so.
The Share Foundation is a registered charity which works with the Department for Education, and it also ensures that young people aged 16-21 are informed about their CTF accounts (which are already open in their name) providing information, help and support in claiming what is rightfully theirs.
The combined value of unclaimed accounts is currently estimated at around £1.5 BILLION, all of this money is waiting for the rightful owners to come forward and access their funds. Due to this huge level of unclaimed accounts, we have extended our service to work on behalf of all holders of these CTF accounts.
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Anyone teaching, working with, or in any way supporting 16 to 21 year-olds can play a vital role in getting the message across. Those aged 16 or 17 are allowed to find and take control of their account; those aged 18 or over can access their money. And, if you’re a young person who’s found your own account and want to help others, visit www.CTFAmbassadors.org.uk/young-adults.
or share this video with young people in your community - Find My Child Trust Fund - YouTube
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A Child Trust Fund event is quick and easy to deliver.
Start with a short introduction, then play two brief videos (each just over one minute long). Between the videos, take a moment to recap the key messages or ask a few simple questions to find out what young people already know about Child Trust Funds.
Please refer to our facilitator guide containing everything you need, including a presentation script, frequently asked questions and additional background information.
Videos
After the videos, encourage questions and discussion before finishing with a final short video: