Asking help with linking Child Trust Funds

sharefound.org/ctf

is the registered charity which runs the savings account (Child Trust Fund and Junior ISA) schemes for children and young people in care throughout the United Kingdom on behalf of the Department for Education.
are particularly concerned to ensure that all disadvantaged young people have the resources and life skills preparation to make the most of their opportunities in adult life.

There’s a great opportunity to do this with the Child Trust Fund, the account opened with Government contributions for almost all children born in the UK between 1 September 2002 and 2 January 2011
Over six million accounts were opened and are now valued at an average c. £1,500 each. They are all being administered safely with regulated account providers

one third – two million – of these accounts are lost to the young people concerned, largely because they had to be opened by HMRC because no action had been taken by parents within one year of birth

BUT ..

https://www.ctfambassadors.org.uk/

1.2 million accounts were opened by HMRC for children in families receiving Child Tax Credit – 85% of them are now either ‘Addressee Gone Away’ or were never registered. A further 1 million are also lost to disadvantaged families. See our leaflet for MPs.
The oldest Child Trust Fund recipients reach 18 – when they’re supposed to get access to their money – on 1 September 2020

We have a multi-layered recovery campaign for the Child Trust Fund scheme across the United Kingdom, and we’d like to work with schools and other organisations which can help us contact 16 and 17 year olds

SO ..

We’ve already located nearly all Child Trust Funds for young people in care without a Responsible Adult – less than 25% were linked when we took over that part of the scheme from the Official Solicitor* in 2017
We’ve introduced new arrangements for those with a Responsible Adult to ensure they can also benefit from financial education and potential extra donations

And now we want to help all other young people aged 16 or 17 with lost Child Trust Funds to find their account

*Official Solicitors for England and Wales and Northern Ireland and the Accountant of Court for Scotland

.. at all stages, and without fees or charges ..
.. ensuring that the account provider can liaise directly with 16/17 year olds, who are allowed to take control of their account from their 16th birthday, when they’re also given their National Insurance number
The search facility is included in DfE Statutory Guidance
And we can provide training in life skills with our ‘Managing My Money’ course and other resources

.. and with many approaching adulthood imminently with lost Child Trust Funds (we estimate over 400,000 16/17 year olds across the United Kingdom) ..
This is absolutely the time to ask them to find their account and build up their financial awareness – both of which can be done online. Here's more help to explain it to them ..

So .. please will you help us contact these young people to tell them the good news?

Please contact The Share Foundation on 01296-310400 or on email: CTF@sharefound.org

- also: for more detail, please listen to this radio programme with one of our Child Trust Fund Ambassadors, Fiona Ross of 'Work Out Your Money', Citizen’s Advice, Havant, interviewing our Chair Gavin Oldham

This is why we must take action!

Don't let young people's money end up in the red box!