Thousands of teenagers in the South West are set to benefit from money in Child Trust Funds (CTFs) that has been waiting for them since they were young children – and some may not even realise they have the cash.

Since 2002, around 6.3 million CTF accounts have been set up, roughly 4.5 million by parents or guardians and a further 1.8 million set up by HMRC where parents or guardians did not open an account. In the South West there are approximately 463,000 accounts.

From 1 September 2020, the oldest children will turn 18 and be able to access their money. Around 55,000 accounts will mature each month and HMRC has created a simple online tool to help young people find out where their account is held.

For those who do not have the identifying information required to access the tool, HMRC will provide alternative, non-digital routes to finding a CTF provider upon request.

Economic Secretary to the Treasury, John Glen, said: ’We want to make sure all young people can access the money which has been set aside for them, to invest in their future and continue a savings habit, as they turn 18.

’If you’re unsure if you have an account or where it may be, it’s easy to track down your provider online.’

The accounts were set up to encourage positive financial habits and a saving culture among the young account holders.

CTFs were originally set up for children born between 1st September 2002 and 2nd January 2011, with a live Child Benefit claim. Parents and guardians received a voucher to deposit in a Child Trust Fund (CTF) account on behalf of the child. At 18 years of age, the CTF account matures and the child is able to withdraw money from the fund or move it to a different savings account.