Young adults across the country are missing out on millions of pounds in unclaimed child trust funds, according to new figures.
An estimated 894,000 people have failed to claim their child trust fund, the HMRC data analysed by charity The Share Foundation shows.
In the north of England alone, 216,000 people are collectively owed £285m, according to the charity’s analysis. Of those, 94,000 accounts belong to people from low-income backgrounds.
The North East has the highest percentage of unclaimed accounts, at 23.1%, compared with around 19% in the South East and South West.
Scotland faces similar challenges, with 70,000 young adults unaware of their accounts.
Almost half are from low-income backgrounds, with 24,000 HMRC-allocated accounts worth £64m remaining untouched.
The average account amount varies across the country.
In the North, it’s £2,690, while in the South it’s £2,685. In Scotland, it’s £2,667 per young person.
Child trust funds were introduced for children born between 2002 and 2011, with the government depositing at least £250 into each account – or £500 for those from disadvantaged backgrounds.
If parents did not open an account, HMRC created one automatically.
But nearly two decades later, many young adults remain unaware that the money exists.
Gavin Oldham, chair of trustees at The Share Foundation, said the figures revealed “a troubling pattern of inequality”.
“Young people in the North, particularly those from low‑income families, are being left behind twice over – first when their families didn’t engage with the scheme, and now when they don’t even know this money exists,” he added.
Any child born between September 2002 and the start of 2011 can track their account down using an online tool.
You need to fill in a form using your national insurance number and date of birth.
