UK Government Launches Massive Nationwide Hunt as HMRC Tracks Down Thousands of Young Adults to Recover Forgotten Child Trust Funds Across the United Kingdom

A renewed push from the UK Government is underway to help young adults track down forgotten Child Trust Funds (CTFs), with officials saying thousands of people could be sitting on savings they don’t even know exist.

The drive is being led by HM Revenue and Customs (HMRC) alongside the Treasury, as part of a wider effort to reconnect young savers with their financial assets.

Thousands of forgotten accounts and average £2,200 waiting

More than 750,000 Child Trust Fund accounts remain unclaimed, with the average pot estimated at around £2,200.

Many of the account holders are unaware the savings exist at all.

The scheme was originally launched in 2005 to give children born between 1 September 2002 and 2 January 2011 a financial head start into adulthood.

Each eligible child was given a savings account that could grow over time and be accessed once they turned 18.

Now, years later, a significant number of these accounts are still untouched.

How HMRC plans to contact 21-year-olds

To close the awareness gap, HMRC is preparing to directly contact all 21-year-olds whose Child Trust Fund accounts have not yet been claimed.

Officials believe this age group is easier to reach because many will have already interacted with government systems such as PAYE or student finance, making their contact details more up to date.

The aim is simple: make sure no one misses out on money that legally belongs to them.

Awareness drive and free GOV.UK tool

Alongside direct mail campaigns, the Government is expanding its awareness push through media, social platforms, and partnerships.

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Young people and parents are being encouraged to use the free “Find My Child Trust Fund” service on GOV.UK, which helps users locate their provider and access their account.

Despite previous outreach efforts, large numbers still haven’t checked whether they have a fund waiting for them.

Industry roundtable pushes for better coordination

The Economic Secretary to the Treasury, Lucy Rigby, recently brought together leading figures from banks, mutual societies, and financial organisations to discuss how to improve the system.

The roundtable focused on how government and the financial sector can better work together to reconnect young savers with their accounts and improve outreach strategies.

Representatives from institutions such as Nationwide, HSBC, Royal Bank of Scotland, and several mutual providers were present to explore coordinated solutions.

What officials are saying

Lucy Rigby stressed that too many young adults are unaware of money that could help them at a crucial stage of life.

She highlighted that some individuals may have “a couple of thousand pounds sitting there” that could support them as they start adulthood.

Her message was clear: the government wants every eligible young person to know about and access their savings without unnecessary barriers.

Impact and Consequences

The initiative could have a meaningful financial impact for hundreds of thousands of young adults, especially those navigating rising living costs, education expenses, or early career challenges.

If successful, the campaign may also reduce the number of dormant financial accounts across the UK and strengthen trust in long-term government savings schemes.

On the downside, the scale of unclaimed accounts suggests that awareness gaps have persisted for years, raising questions about how effectively the original scheme was communicated to families.

What’s next?

HMRC is expected to continue its direct outreach campaign over the coming months, starting with targeted letters to 21-year-olds.

Further collaboration with financial institutions is also likely, with a focus on improving data sharing and account tracing systems.

Public awareness campaigns on digital platforms and traditional media are expected to continue as the government attempts to close the gap on unclaimed funds.

Summary

The UK Government is intensifying efforts to reconnect young adults with forgotten Child Trust Funds, with more than 750,000 accounts still unclaimed.

Through direct mail, public awareness campaigns, and collaboration with financial providers, officials aim to ensure eligible individuals can access savings intended to support their transition into adulthood.

Bulleted Takeaways

• Over 750,000 Child Trust Fund accounts remain unclaimed
• Average value of accounts is around £2,200
• Scheme applied to children born between 1 September 2002 and 2 January 2011
• HMRC will write directly to affected 21-year-olds
• Free GOV.UK “Find My Child Trust Fund” tool is available
• Government is working with banks and financial providers to improve tracing
• Campaign aims to reduce forgotten assets and support young adults financially