Almost a million youngsters owed a share of a huge £1.7billion pot - check your eligibility
MPs said many young adults either don't know their savings or have lost track of them, adding that officials "might as well have buried those billion pounds on a desert island'
Youngsters are entitled to an average of £1,900 each, which has been invested for them in children's trust funds, a report reveals today (
Image: Getty Images/Image source)
Nearly a million young adults owe a share of a massive £1.7 billion prize pool waiting to be claimed.
According to MPs, they are entitled to an average of £1,900 each, which has been invested for them in children's trust funds.
The long-term tax-free savings accounts were available to children born between September 1, 2002 and January 2, 2011. They can access the money, which has been topped up by the government, when they reach the age of 18.
However, the Public Accounts Committee has found that many account holders are either unaware of their savings or have lost track of them.
He blasted the inaccessibility of funds, saying officials 'might as well have buried those billions of pounds on a desert island'. Some 42% of 18-20 year olds have not claimed the savings on their overdue accounts.
Picture:
Getty Images/iStockphoto)MPs warned that as around 887,000 CTFs - or half of all accounts - were earmarked for children from low-income families, it is likely that much of the unclaimed money belongs to young people from backgrounds that need it most. They also said that CTFs are not easily accessible for families and carers of "mentally challenged" children and young people.
HM Revenue & Customs (HMRC) must do more to find and contact these young people, many of whom are from low-income backgrounds, MPs said.
Dame Meg Hillier, chair of the committee, said: "The aims of the Children's Trust Funds are laudable - for young people to enter a pot at the age of 18, with the promotion of literacy balance sheet and good saving habits.< /p>
"B...
MPs said many young adults either don't know their savings or have lost track of them, adding that officials "might as well have buried those billion pounds on a desert island'
Youngsters are entitled to an average of £1,900 each, which has been invested for them in children's trust funds, a report reveals today (
Image: Getty Images/Image source)
Nearly a million young adults owe a share of a massive £1.7 billion prize pool waiting to be claimed.
According to MPs, they are entitled to an average of £1,900 each, which has been invested for them in children's trust funds.
The long-term tax-free savings accounts were available to children born between September 1, 2002 and January 2, 2011. They can access the money, which has been topped up by the government, when they reach the age of 18.
However, the Public Accounts Committee has found that many account holders are either unaware of their savings or have lost track of them.
He blasted the inaccessibility of funds, saying officials 'might as well have buried those billions of pounds on a desert island'. Some 42% of 18-20 year olds have not claimed the savings on their overdue accounts.
Picture:
Getty Images/iStockphoto)MPs warned that as around 887,000 CTFs - or half of all accounts - were earmarked for children from low-income families, it is likely that much of the unclaimed money belongs to young people from backgrounds that need it most. They also said that CTFs are not easily accessible for families and carers of "mentally challenged" children and young people.
HM Revenue & Customs (HMRC) must do more to find and contact these young people, many of whom are from low-income backgrounds, MPs said.
Dame Meg Hillier, chair of the committee, said: "The aims of the Children's Trust Funds are laudable - for young people to enter a pot at the age of 18, with the promotion of literacy balance sheet and good saving habits.< /p>
"B...
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