Making sure that young people in care take active control of their Child Trust Funds or Junior ISAs

Almost all looked-after children and young people have either a Child Trust Fund or a Junior ISA. The Share Foundation is appointed by the Department for Education to make sure these schemes work properly. Handing over the accounts effectively as they approach 18 is critical to ensuring care leavers see the benefit of these schemes (see annex for details).

Because The Share Foundation has no direct contact details for young people, this depends on Local Authorities getting the message to them!

Child Trust Fund 

Born in UK between 1/9/2002 and 2/1/2011.

The Share Foundation is registered contact, having taken over from the Official Solicitor in October 2017.

Without a responsible adult

There are three types of scheme - which one applies to each young person in your care?

With a responsible adult

Born in UK between 1/9/2002 and 2/1/2011.

The responsible adult should be the registered contact, although it is estimated that 80% are lost to these children.

Junior ISA

Born in UK before 1/9/2002 (but not before 3/1/94) or after 2/1/2011, or settled in UK since birth. Must have been continuously in care for at least one year.

The Share Foundation is the registered contact (or was, if they've already left care)

Although we don't have direct contact details, we do have the identities of young people in all three types of scheme - we will therefore send you this information

(typical value £1,000 +)

(typical value £200 +)

Child Trust Fund

Tell the young person to visit https://MyCTF.sharefound.org

when they reach 17 1/2. We'll then tell their CTF account provider how to get in touch with them to take over control, and keep track of progress. More help here ..

Without a responsible adult

As young people approach leaving care, there's a different registration process for each type of scheme  

With a responsible adult

Tell the young person to visit https://findCTF.sharefound.org anytime after their 16th birthday. When they send back the printed form, we'll find their CTF account provider via HMRC and keep track of progress. More help here ..

Junior ISA

Tell the young person to visit https://MyJISA.sharefound.org

when they reach 17 1/2, and for those who've left care but not yet claimed the account. We'll then tell their Junior ISA account provider how to get in touch with them to take over control, and keep track of progress. More help here ..

We'll give you individual letters for young people in each type of scheme in order to tell them which URL to use.

Plus, we'll give you regular reports on progress with each type of scheme

If you need to contact us:

• 01296-310400
• ctf@sharefound.org
• https://www.sharefound.org

.. and two other aspects to bear in mind:

• We provide a really good life skills course for young people in care, the Stepladder of Achievement, which can be incentivised for young people in care.
• Our https://findCTF.sharefound.org simplied CTF search facility can be used by any 16/17 year-old, and our life skills course 'Managing My Money' is available for them. Both are free to use. 

Annex: 18+ questionnaire results from those leaving care with Junior ISAs

This survey has been collated by The Share Foundation as a result of questionnaires given to young people leaving care with a Junior ISA at the time they are invited to take control of their account.

Total Responses to date:  1,566

 Collation up to 20th April 2020

Q1: Were you aware of your savings accounts before you received the Maturity Option letter?

Answered: 1,566    Skipped: 0

Q2: If yes, who informed you of your account in the first place?

Answered: 853    Skipped: 713

Q3: Are you aware of where the money for your savings account has come from?

Answered: 1,536    Skipped: 30

Q4: How will the money make a difference to you?

Answered: 1,536    Skipped: 30

Q5: Have you been informed about the Stepladder of Achievement Programme?

Answered: 1,541    Skipped: 25

Q6: If you have heard of the Stepladder Programme but not registered, is this because...

Answered: 695    Skipped: 871

Q7: Are you aware that the Stepladder Programme can be taken up by care leavers up to the age of 25?

Answered: 1,426    Skipped: 140

Q8: Do you think the savings scheme is a good idea?

Answered: 1,497    Skipped: 69

Q9: Please provide any further comments that you may have regarding the savings scheme?

"It's a good safety net and gives young people a good start."

"In my case these savings came very handy right when I am finishing university."

"A lot of children have parents that have savings for them for a rainy day. Most children in care don’t usually have this.  It’s wonderful to know we have a guardian we might not even know about for our rainy day."

"Helps young people to learn to save money."

"Make it more known to young people."

"It has helped massively due to starting my own tenancy."

"It is very good for setting up when leaving care."

"Good scheme for young people to use and understand."

"Very helpful for myself and others in care, especially for when we leave foster care and move on to a flat or house of our own."

"Thank you this money will help me."

"More funding and better direction."

"It’s good to have money when I leave care."

"Gives young people more option and support for their future."

Q9: Please provide any further comments that you may have regarding the savings scheme? (cont ..)

"It has come very handy as I’m learning to drive."

"Thank you for my saving account."

"Fantastic, really helpful surprise."

"It will help me greatly in the transition into my new home."

"Help in future with my studies."

"I am very happy and grateful for receiving this money and will be very helpful for me."

"It is the greatest way of saving our money until we become 18 years old."

"The saving scheme is awesome.  I’ve been struggling to find educational courses but now I can do whatever I want career-wise.."

"Because now I don’t have to worry as much about money."

"It’s a great way for a young person to be educated about money, as at school we aren’t."

"It helps young people when most types of financial supports are suspended as they turn 18, to help with their adult life."